A GUIDE To Your 2010 Annual Pension Statement
Your 2010 statement is a snapshot of your OPTrust pension at December 31, 2010. We have redesigned your statement to show your pension data on the left-hand side with a description of the content on the right side. Your new statement is personalized and features the information that is relevant to you, including your:
- pension estimates
- best average annual salary
- credit
- beneficiary information
- contributions and interest
Your Annual Pension Statement Explained
Your new statement also shows OPTrust's pension formula and how we calculated your lifetime pension at age 65 using your personal data.
- Your personal information
This section includes your name, address, date of birth, OPTrust ID number, plan membership date and whether or not you are vested.
- A snapshot of your pension benefits
This section of your statement shows your pension estimates at December 31, 2010 in a highlighted box and what you will receive if you:
• had stopped contributing to the Plan at year-end
• contribute to the Plan up to your earliest retirement date
• continue to contribute to the Plan up to age 65.
- Best average annual salary
Your OPTrust pension is calculated using your highest consecutive five-year annual salary rates during your membership. The best average annual salary as of December 31, 2010 is shown on your statement.
- Credit
Your credit is the total period of time during which you contribute to the Plan or have contributions made on your behalf. Your credit at December 31, 2010 shows all the credit you have accumulated in the Plan, including buybacks, transfers and adjustments.
New Feature
You may notice that you will have a small positive or negative adjustment amount of up to 0.04 years in the 2010 Adjustments line. In most cases, this is because OPTrust rounds your credit to the nearest month. Any adjustments greater than 0.04 years are a result of corrections made to your credit for service prior to 2010. This adjustment was previously incorporated into your pension calculations, but is now displayed for you.
- OPTrust pension formula
Your OPTrust pension is calculated using a formula that takes into account your best five-year average annual salary and credit in the Plan. The formula on your statement shows the calculation for your pension at age 65.
- Beneficiary information
This section shows your beneficiaries on record at OPTrust. If the information is incorrect or needs to be updated, visit our website to make changes through your secure Online Services account or complete a Pension Beneficiaries form.
- Contributions and interest
This section shows your regular contributions for the year as well as contributions made on your behalf. Your employer's regular contributions are not included in this figure.
Go paperless with Online Services
When you register for OPTrust's secure Online Services site, you can change your communications preferences to receive an electronic statement only. The electronic version is available weeks in advance of the paper statement. We list the three most recent statements in your account. Please note, this service is not available for deferred and divested members.
