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Depending on their age and credit in the OPSEU Pension Plan, OPTrust members may
be eligible to retire before age 65 with an immediate unreduced pension under
one of the following provisions.
Factor 90 – Allows members to retire with an immediate unreduced pension if
their age plus pensionable credit total at least 90 years.
60/20 – Allows members to retire with an immediate unreduced pension if they are
at least 60 years old, and have 20 or more years of pensionable credit in the
Plan.
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 Note!
In order to qualify for this unreduced pension, the retiree
must attain the age of 60 and 20 years of credit while still a member of the
Plan.
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Bridging to an Unreduced Pension – Members who receive a notice of layoff may
also be able to “bridge” to an unreduced pension. This requires special
provisions within their collective agreement allowing the use of leaves of
absence, the surplus notice period, and the period represented by severance
payments to reach the date on which the member would be eligible for an
unreduced retirement option. Bridging is currently available to:
- members who are declared surplus and are covered by the Central Collective
Agreement between OPSEU and Management Board of Cabinet
- members who are declared surplus as a result of privatization, and are covered
by the collective agreement between the Ontario Liquor Boards Employees’ Union
and the LCBO.
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 Important!
Members who are receiving LTIP benefits and are
considering taking an early retirement option should be advised to contact
OPTrust directly to ensure that they are informed of all available options and
the potential consequences associated with each alternative.
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Factor 80 – This temporary early retirement option allows a member to retire
with an immediate unreduced pension if his or her age plus pensionable credit
total exactly 80 years by March 31, 2005.To retire under Factor 80, the member must submit an election notice to his/her
employer (intent to take Factor 80), within 92 calendar days after the end of
the month in which Factor 80 was attained. The notice must specify a resignation
date. This resignation date must be no later than 92 calendar days after the
latest date to submit the election notice.
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Important!
OPTrust will provide employers with confirmation
of a member’s retirement eligibility date only in cases where the member will
qualify under the temporary Factor 80 provision or in confirmed surplus
situations. Members who wish to confirm their eligibility and estimated pension
amount should contact OPTrust directly.
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Revised November 26, 2004
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Example:
A member attains Factor 80 on March 31, 2005. To
retire under Factor 80, he or she must:
