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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 as follows:
- For service after 1986, the pension is vested when the member has two years of
credit or continuous membership in the Plan.
- For service before 1987, the pension is vested after 10 years of continuous
membership or credit, or if the member is age 45 or older and has 10 years of
continuous employment.
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 as follows:
- For service after 1986, the pension is locked in when the member has two years
of credit or continuous membership in the Plan.
- For service before 1987, the pension is locked in if the member is 45 years of
age or older at termination and has 10 years of credit, continuous membership or
employment.
Revised November 26, 2004
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