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This section provides background information on the retirement process
and describes the procedures and forms employers must use when an eligible
OPTrust member terminates employment and chooses to receive an immediate pension
from the OPSEU Pension Plan.
Depending on their age and years of credit in the Plan, members may qualify to
receive an immediate OPTrust pension under one of the following retirement
options:
The pension benefit accrued in the OPSEU Pension Plan:
- is based on the average of the member’s best 60 consecutive months salary
rate and accrued pensionable credit
- is paid for the member’s lifetime
- is adjusted for inflation on an annual basis
- may be paid earlier than age 65 if the member qualifies for an early
retirement option
- contains a survivor pension component for an eligible spouse and/or
child(ren).
Under the OPSEU Pension Plan, the former member’s pension payments start in
the month following the month in which the member terminates employment and
retires.
Revised November 26, 2004
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Information
for members on their retirement options under the
OPSEU Pension Plan is available in OPTrust’s booklet
