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Two key factors in determining a member’s pension options at termination is
whether his or her pension benefit is “vested” and whether it is “locked in.”
If a member’s pension is “vested” he or she is entitled to receive a pension
from the Plan. Under the OPSEU Pension Plan, a pension is vested when the member has two years of credit or continuous membership in the Plan.
A member is entitled to a refund of his or her contributions, plus interest, if
his or her pension is not “locked-in” at termination. If the pension is
“locked-in,” the member may receive an immediate or deferred pension from
OPTrust or transfer the value of the pension to another pension plan or a
locked-in retirement savings arrangement.
A member’s OPTrust pension is locked in when the member has two years of credit or continuous membership in the Plan.
Revised June 2009
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