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Members whose pension is not vested at termination do not have the right to
receive a pension from OPTrust.
Because non-vested members do not meet the criteria for “locking-in”, OPTrust
will refund their contributions, plus interest.
- Members who are under age 65 on the date of termination receive a refund of
their own OPTrust contributions, plus interest.
- Members who are 65 or older on the date of termination will receive two times
their own OPTrust contributions, plus interest.
Members are not entitled to a refund of contributions paid by their employers.
Members who are not vested at termination may choose to receive their
contribution refund in one of the following ways.
- a cash refund (paid via cheque). In this case, OPTrust is required to withhold
applicable taxes.
- a transfer to another registered retirement savings arrangement such as an RRSP (not locked-in), with no income tax withheld.
- a transfer of the entitlement to another employer’s registered pension plan,
if there is a transfer agreement in effect. Please see Transfers to Another
Pension Plan for more information.
Revised November 26, 2004
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