The OPSEU Pension Trust was established to give plan members and the Government of Ontario an equal voice in the administration of the OPSEU Pension Plan through joint trusteeship. As sponsors, the Government of Ontario and the Ontario Public Service Employees Union (OPSEU) each appoint five Trustees to the OPTrust Board. One Government appointee and one OPSEU appointee fill the positions of Chair and Vice-Chair, with the roles alternating between Government and OPSEU appointees every two years.
The Trustees are responsible for all aspects of the Plan's operation. They review OPTrust's investment policies and performance to see to it that money is available to pay members' and pensioners' benefits. They take appropriate steps to make sure that pension liabilities are properly evaluated and that the Plan's financial statements accurately reflect OPTrust's financial position. The Trustees also monitor the Plan's administration to ensure that members and pensioners receive the benefits to which they are entitled, along with timely and effective information and services.
To fulfill these responsibilities, new Trustees receive an intensive orientation to the Plan and ongoing training in pension plan governance and administration. The Board retains independent legal, actuarial, investment and accounting professionals and an independent custodian. The Trustees also set policy and strategic priorities and monitor the performance of the OPSEU Pension Trust through its senior management team.
Standing Committees of the Board
The Trustees have established five standing committees reporting to the Board:
- The Administration Committee oversees the Plan's operations including its organizational plans, and operating and capital budgets. It monitors and makes recommendations on administrative policies, plan amendments and legislative changes, and oversees the preparation of actuarial valuations.
- The Audit Committee ensures that OPTrust's financial statements are complete and objective, reviews the Plan's accounting and financial policies and ensures OPTrust's systems and processes comply with legal and professional standards. The committee also oversees OPTrust's risk management program and the selection and monitoring of our professional advisors and agents.
- The Governance and Compensation Committee is responsible for reviewing OPTrust's internal governance practices, establishing performance criteria and objectives for OPTrust's Chief Administrative Officer and Plan Manager and Chief Investment Officer, and evaluating their performance and compensation.
- The Investment Committee monitors the performance of the OPSEU Pension Trust Fund and its investment managers, and reviews their compliance with OPTrust's investment policies and related legal and regulatory requirements. It also researches and recommends changes to the Plan's investment policies, asset mix and investment managers.
- The Adjudication Panel gives plan members and pensioners access to a review process in the event of disputes concerning OPTrust's decisions on eligibility, benefit entitlements or other pension-related rights under the OPSEU Pension Plan.