|
Voluntary Factor 80: Time Limits
The chart below sets out the strict time limits that apply to
members who qualify for the voluntary Factor 80 option between April 1 and October 31,
2002.
If you think you may qualify for Factor 80, please contact OPTrust
as soon as possible to confirm your own Factor 80-eligibility date. You should confirm
your eligibility for Factor 80 with OPTrust before you notify your employer that
you plan to retire.
| If you reach Factor
80 in: |
You must submit your
notice no later than: |
And resign no later
than: |
| April 2002 |
August 31, 2002 |
December 1, 2002 |
| May 2002 |
August 31, 2002 |
December 1, 2002 |
| June 2002 |
September 30, 2002 |
December 31, 2002 |
| July 2002 |
October 31, 2002 |
January 31, 2003 |
| August 2002 |
December 1, 2002 |
March 3, 2003 |
| September 2002 |
December 31, 2002 |
April 2, 2003 |
| October 2002 |
January 31, 2003 |
May 3, 2003 |
Note: OPTrust pensions are effective starting the first day of the
month following the member’s termination date, and are paid on the 26th
day of each month. As a result, most members choose a termination date near the end of the
month. This allows them to avoid a period of several weeks between when their employment
income ends and their pension starts.
Example: Let’s assume Sandra is an OPTrust member who reaches
Factor 80 on September 14, 2002. To retire under the Factor 80 option, Sandra must submit
her resignation notice by December 31, 2002, and resign by April 2, 2003.
- If Sandra elects to resign on March 31, 2003, her pension will be
effective as of
April 1. She will receive her first payment from OPTrust on April 26.
- If she does not terminate until April 2, however, her pension will
not be effective until May 1. In this case, she will not receive her first payment until
May 26.
|
