Definitions

Commuted value is the calculated present value of future pension benefits.

Guardian of Property is a person appointed by court order, who has charge of and is responsible for, the care and management of the property of a minor child.

Residual balance is the remaining difference between the contributions a member made to the Plan, plus interest, minus the total pension payments received from the Plan.

Trustee is the person or organization named in a trust agreement as a trustee to both receive and administer any survivor benefits paid to a minor child in the event of your death.

Vested means you have more than two years of continuous membership or credit in the Plan and earned the right to receive a pension.

Waiver form is a document, used by you and your spouse, to give up an ’automatic’ survivor entitlement under the Plan.

FORMS:

Identifying Benefit Recipients – OPTRUST 1015

Identifying Benefit Recipients (Retirement) – OPTRUST 1015R

Spousal Waiver Pre-Retirement Death Benefit – OPTRUST 1023

Application for Increased Survivor Pension – OPTRUST 1006

Certificate of Health – OPTRUST 1011

Every year OPTrust sends members a personalized annual pension statement. It shows you what we have in our records regarding your eligible spouse and designated beneficiaries. It’s important that you review the information to make sure it is up to date. Changes and updates to this information can be made by completing a new Identifying Benefit Recipients form, or you can use OPTrust’s Online Services to update your beneficiary information.