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Members whose pension is vested at termination have earned the right to an
unreduced OPTrust pension when they reach age 65. Terminating members may also
qualify for an immediate pension before age 65 under one of the Plan’s unreduced
early retirement options (e.g. Factor 90 or 60/20).
In addition, vested members who are age 55 or older may choose to take an
immediate reduced pension.
Terminating members whose pension is vested and who are age 55 or older may
qualify for one or more of the following pension options:
Under the Pension Benefits Act, members who are eligible for an immediate
reduced or unreduced pension from the Plan do not have the option of
transferring the commuted value of their pension to a LIRA or similar locked-in
retirement savings arrangement.
Special rules apply in cases where:
- the employee moves from a position that contributes to the OPSEU Pension Plan
to a non-OPSEU bargaining unit or excluded position, with no break in
employment, and
- the employee becomes a member of the Public Service Pension Plan (PSPP).
In these cases, a transfer of the employee’s pension credit from OPTrust to the
PSPP is mandatory. See Transfers to the PSPP
for more information.
Revised June 2009
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 For
more information on OPTrust’s retirement options and
eligibility criteria – including retirement with a
reduced pension – please see the
Retirement
section of this manual. |
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