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Buyback contributions made through regular biweekly payroll deductions are
tracked and reported using one of two methods.
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Important! The buyback deduction method used is not at the discretion of individual Pay and
Benefits Representatives. Due to efficiency requirements, the
OPTrust-Administered option may not be available to all employers. For more
information, please see the related information in the Background Information
section or contact OPTrust’s Data Management Group.
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For employers that are part of the Ontario Public Service CORPAY system, buyback
deduction files are processed as follows:
- 3 working days prior to pay run: OPTrust submits test file to the employer.
- 2 working days prior to pay run: the employer provides a report to OPTrust
identifying any clients for whom buyback deductions cannot currently be made and
providing reasons. This allows OPTrust to correct the Buyback Deduction (DS)
File before the final run.
- 1 working day prior to pay run: OPTrust submits the final version of the DS
file. The employer loads this file into the CORPAY system at the Shared Services
Bureau.
- Pay run: Deductions are taken from the employees’ biweekly pay. Deductions are
identified as either OPT-B-MAT (employer matched buyback) or OPT-B-UNM
(unmatched buyback deduction) on the employees’ pay stubs.
- 1 Day after pay run: The employer submits the payroll data, together with a
report of any problems, to OPTrust.
Currently, all Agencies, Boards, and Commissions that are not part of the CORPAY
system must set up buyback deductions for their employees based on documents
provided by OPTrust.
- OPTrust sends the employer a copy of the OPTrust 1016 form, advising
the employer to set up a schedule of deductions for the employee. This form will
specify the start date, end date, employee deduction amount, employer deduction
amount and number of payments.
- The employer sets up the payroll deductions and remits the buyback
contributions and related data to OPTrust as part of the regular biweekly data
file.
- The funds for both employee and employer must be remitted at the correct rate.
- The employer must use the appropriate buyback deduction code. For a
list of the approved codes, please see:
Employee Deduction Codes
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Note! The employer and employee buyback deduction amounts may differ, depending on the
employer and member contribution rates in effect for the period of
service purchased.
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Revised March 31, 2004
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