Wednesday, March 27, 2002
OPTrust has been notified that both the Ontario Public Service
Employees Union (OPSEU) and the Government of Ontario have agreed in principle to extend
the OPSEU Pension Plans Factor 80 early retirement window.
The current Factor 80 provision expires on March 31, 2002.
Before the extension of Factor 80 can come into effect, both plan
sponsors OPSEU and the Government of Ontario must approve an amendment to
the OPSEU Pension Plan. The amendment must then be filed with the Financial Securities
Commission of Ontario.
Factor 80 is a time-limited option that allows qualifying members to
retire early with an unreduced pension from OPTrust.
Under the current plan provisions, to qualify for Factor 80, a
members age plus years of credit in the Plan must total exactly 80 on or before
March 31, 2002. Qualifying members must also meet strict deadlines for submitting their
notice to the employer and for retiring and starting to collect a pension. Information
provided to OPTrust by the sponsors to date indicates that the same provisions would apply
to any extension of the Factor 80 option.
Once a plan amendment extending Factor 80 comes into effect, we will
send a letter to all members whose OPTrust records indicate that they may qualify for
Factor 80 before any new deadline.
Until a plan amendment is signed by the sponsors, OPTrust staff will
not be able to:
- confirm members eligibility for any extended Factor 80
- provide pension estimates or retirement calculations based on an
extension of the Factor 80 option.
As more information on the extension of OPTrusts Factor 80
option becomes available, we will post the details on this site.