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Reporting Pension Data
Reporting Pension Data
Procedures-Buyback Deductions
Buyback contributions made through regular biweekly payroll deductions are tracked and reported using one of two methods.

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.


1) OPTrust-Administered Deductions

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.
2) Employer-Administered Deductions

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

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.

 

Revised March 31, 2004
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