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.
Possible Pension Options
Terminating members whose pension is vested and who are age 55 or older may
qualify for one or more of the following pension options:
retiring with an immediate reduced or unreduced pension from OPTrust (see
Retirement section for more information.)
choosing a deferred pension. In this case the
member leaves his or her pension entitlement with OPTrust and retains the right
to collect a pension in the future.
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 Case: Mandatory Transfers to the PSPP
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
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.