• APS Available Online
• Buying Back Credit Online
• Retirement Calculator New Enhancements
• New Form for Divestments
• Check Out OPTrust’s Employer Manual

APS Available Online
OPTrust has just released the online version of the Annual Pension Statement (APS) for members. Members can view the electronic version of their APS through OPTrust’s secure Online Services, once they have registered for this service.

An e-blast will be sent to all OPTrust members, informing them that their APS is available in advance of the printed version. The messages will be distributed in four stages, a week apart, from April 11 to May 2.

Once registered for Online Services members have immediate access to their APS in a secure environment, and they have the option to view and print their APS in advance of when the printed versions are available. This service, which was launched last year, also allows member to view an archive of previous statements – from 2003 onwards.

APS package
Of course, OPTrust will also mail the statements to the homes of members starting in late April through to late June. Members who have requested an online only version of the APS will not receive a mailed statement package. The statements provide a snapshot of each member’s earned credit and pension contributions, their future pension entitlements and eligibility dates, their beneficiaries and other personal information.

The 2004 Annual Pension Statement provides a clear table format to present each member’s personal pension data, including:

• the member’s best average annual salary, earned credit and contributions plus interest as of December 31, 2003
• changes in salary, credit and contributions which occurred during 2004, including normal credit accrual, adjustments resulting from data corrections, and buybacks or transfers taking place in 2004
• a statement of the member’s pension data as at December 31, 2004.

The presentation of members’ pension data – and the accompanying explanatory notes – is tailored to each member’s individual circumstances. And the statement format varies depending on whether the member is a regular (full-time or regular part-time) employee or a contract/seasonal/casual employee and whether the member is vested or not.

Divested members, who retain credit in the Plan, will receive a separate version of the statement. The statements includes the members’ anticipated pension eligibility date and an estimate of his or her pension amount, assuming continued employment with the successor employer.

The 2004 statement also lists members’ beneficiaries as identified in OPTrust’s records. The Guide to Your 2004 Annual Pension Statement, which is included in the APS package, provides an explanation of the flow of survivor benefits for service before December 31, 1986, service after December 31, 1986 and non-vested service.

The APS package, which will be mailed to all OPTrust members, includes:

• a personalized 2004 Annual Pension Statement
• our Guide to Your 2004 Annual Pension Statement, and
• a postage-paid reply envelope, which members can use to order OPTrust publications or to update their home mailing address.

Mailing Schedule
To provide optimum service when our members call, OPTrust will be mailing the statements in four stages between late-April and late-June. Staging the mailing will help us reduce peaks in our telephone call volume and respond to members’ questions more promptly. Our mailing schedule lists the ministries or agencies covered in each mailing.

For more information
Members who have questions regarding their statements or who want more information are encouraged to call OPTrust’s Member and Pensioner Services staff. Those who wish to update beneficiary information have one of two options to change their records, through our secure Online Services or by completing an Identifying Benefit Recipients form. OPTrust cannot accept beneficiary changes through other channels.

Buying Back Credit Online

OPTrust members now have new options when buying back credit – to request a quote and complete the transaction online. OPTrust recently introduced this new feature to give members immediate access to their buyback information.

The new interactive function, available through OPTrust's Online Services, is for members who:

• are eligible to buy back pension credit
• are in the process of paying for a buyback
• have received a cost quote for a buyback within the last 10 years

Qualifying members have access to:

• create a cost quote for a leave of absence
• check the current balance on a buyback in progress
• choose a payment option for an ongoing buyback
• view and print the 2004 Annual Buyback Statement.

OPTrust will process members’ requests within 24 hours and send a secure e-mail informing them of when the information is ready.

Buyback quotations will only be generated for members who meet the eligibility requirements for a buyback. More information on eligibility can be found in the Employer Manual or OPTrust’s booklet Your Pension and Buying Back Credit.

2004 Annual Buyback Statements
The 2004 Annual Buyback Statement for members is in the mail and available online. The statement is unchanged from previous years. It gives members a report on the status of their buyback as of December 31, 2004. But for the first time this year, members have access to their statement through OPTrust Online Services (see above). The statement helps members track the costs - and the benefits - of their buyback as it progresses.

Note: The Annual Buyback Statement is not intended for income tax reporting purposes.

Retirement Calculator New Enhancements

OPTrust’s has added several new features to its powerful retirement income calculator to help members and existing retirees plan for retirement. The calculator was designed to help members and retirees estimate their OPTrust pension and project their total retirement income, including Canada Pension Plan, Old Age Security and income from personal savings/investments.

New enhancements
Earlier this year, OPTrust updated the system by adding several new enhancements, giving members and retirees even more information to estimate their retirement income. The calculator now includes:

• the option to enter other pension income
• an estimated annual retirement income at various dates
• descriptive graphs to illustrate retirement income before and after age 65
• a detailed chart to show how an OPTrust pension varies depending on the age at retirement
• a comparison of employment income to projected retirement income

Members also have the option to enter their Canada Pension Plan amount listed on the Statement of Contributions from the Canada Pension Plan to give a more accurate figure for their post-retirement income.

For members, the place to start is our Pension Estimator.  After the member enters their age, credit and salary information, the Pension Estimator projects his or her future OPTrust pension, based on the retirement date selected. It will also generate a table showing the estimated OPTrust pension for different retirement dates, up to age 65.

New Form for Divestments

OPTrust has introduced a new form specifically for divestment transactions, where a member leaves the OPSEU Pension Plan as a result of a divestment of membership. The new Divestment of Membership form (OPTrust 1041) is available online.

The form replaces OPTrust’s Termination of Membership form (OPTrust 1012) but for divestments only. And it was designed to eliminate any confusion in completing the 1012 form for divestment transactions, when in fact a termination has not occurred. Members and employers will continue to complete the 1012 form for all other terminations from the Plan.

Please ensure that you complete this form along with your employees for all divestment transactions. All OPTrust forms are available online under the Member, Pensioner and Employer sections.

Check Out OPTrust’s Employer Manual

Want to know how to enroll a member? Need more information on tax reporting and pension adjustments? OPTrust’s online Employer Manual provides you with key tools to process a number of pension transactions from buybacks to terminations to retirements and more.

Don’t forget to bookmark the Employer Manual and visit the website regularly for new updates.
 

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