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June 15, 2006, Number 26
In this issue
New Unclassified System Reaches Out to Potential members
OPTrust is taking new measures to reach all contract (or “unclassified”) employees who have the option to join the OPSEU Pension Plan through a new unclassified system.
The purpose of the system is twofold. The new system will satisfy a Pension Benefits Act compliance, which states that OPSEU bargaining unit employees must be notified of their option to join the OPSEU Pension Plan. Secondly, notifying potential members of their option to join the Plan will help increase OPTrust’s membership base.
Once unclassified employees join the Plan, these members earn the right to the same secure, lifetime pension as other members. And, as with all Plan members, their employers share the cost of their future pensions by contributing to the Plan.
E-blast campaign
A targeted e-blast was sent to more than 3,000 unclassified employees late May. Employees, who do not have an e-mail address on file, were sent a letter from OPTrust along with a copy of our unclassified brochure. Following the initial notification, the unclassified system will automatically generate another e-mail message or letter six months later reminding employees of their option to join the Plan.
Enrolling a member
Membership is optional for employees who are represented by OPSEU, and are employed on a non-permanent basis. However, unclassified employees can join the Plan at anytime.
So how can you play a role? First, it is important to notify unclassified employees of their option to join the OPSEU Pension Plan, ideally at the start of their employment. Secondly, as an employer you are required to complete an Enrolment form along with the employee which entitles him or her to join the Plan.
Through our outreach program, we have provided thousands of potential members with information on the Plan’s benefits and their option to join. In the program’s first year, more than 1,400 contract employees elected to join – and earn the same pension benefit as permanent employees, for whom membership is mandatory.
For more information or to download a copy of our brochure Consider Joining the OPSEU Pension Plan, visit the Join the Plan section on our website. Check out the Employer Manual for detailed information on Enrolling a member.
Employer Manual: Your Online Resource
Wondering how to complete a buyback application? Want to know how the retirement process works? OPTrust’s Employer Manual provides you with key tools to process number of pension transactions from buybacks to terminations to retirements and more.
Simply visit the OPTrust website and select the “Employer” section from the menu. The online manual is your key resource for all pension-related transactions.
Remember to bookmark the Employer Manual, and visit the OPTrust website regularly for new updates and features.
2005 Annual Pension Statements Distributed
More than 45,000 OPTrust members received their 2005 Annual Pension Statements online and in the mail during May and June.
Online Services
An increasing number of members have requested to receive their APS through OPTrust’s secure Online Services. 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. The service, launched in 2004, also allows members to view an archive of previous statements – from 2003 onwards.
Comprehensive information package
As with previous years, 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 2005 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, 2004
- changes in salary, credit and contributions which occurred during 2005, including normal credit accrual, adjustments resulting from data corrections, and buybacks or transfers taking place in 2005
- a statement of the member’s pension data as at December 31, 2005.
 The presentation of members’ pension data – and the accompanying explanatory notes – is personalized to each member’s individual circumstances. As well 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, also received a separate version of the statement. The statement includes the members’ anticipated pension eligibility date and an estimate of his or her pension amount, assuming continued employment with the successor employer.
The 2005 statement also lists members’ beneficiaries as identified in OPTrust’s records. The Your 2005 Annual Pension Statement Guide, which was included in the APS package, provides an explanation of the flow of survivor benefits for service up to December 31, 1986, service after December 31, 1986 and non-vested service.
Service Spotlight
OPTrust has introduced a new feature on our website which highlights our service standards and client satisfaction for various case types. The Service Spotlight illustrates the number of cases completed within our service standards in 2004 and 2005 including some of the more complex transactions such as transfers and terminations.
In an effort to keep members, pensioners and employers informed on how were doing – in providing timely service – OPTrust will continue to update this section of the website with current statistics.
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