| Life Stage |
Retirement Planning Tasks |
| Less than 2
years' credit |
|
| 2 years' credit |
- you are vested and have earned the right to receive a
pension at retirement
- check your Annual Pension Statement for accuracy of service
credit and beneficiary information
- attend a Direct Contact session to understand your benefits
as a new plan member
|
| 5 years' credit |
- use the pension estimator to estimate
your annual pension
- attend a Direct Contact session for more information on your
pension benefits
- develop a financial plan
|
| 10 years' credit |
- you are eligible to receive insured benefits after retirement. These include coverage for dental, supplementary health and hospital, and basic life insurance.
- use the pension estimator to project
your future retirement income
|
A leave of
absence due to:
- pregnancy,
parental and adoption
- family medical
leaves
|
|
Retirement options:
You are age 60
or older with at
least 20 years
of credit
Your age plus
years of credit
total at least 90
Age 65* |
- you are eligible to retire under the OPSEU Pension Plan and
begin receiving an OPTrust pension
- contact OPTrust about your retirement options and attend a Direct Contact session in your area
- when you decide to retire:
- complete a Termination of Membership (OPTrust 1012) form available from your human resources representative. It confirms your
intention to retire and your employer will provide a copy to OPTrust.
- you should notify OPTrust and your employer at least three months in advance of your expected retirement date
|
Age 55 |
- you are eligible for early retirement with a reduced pension if you have at least two years of credit or continuous membership in the Plan. With this type of early retirement, your pension is calculated using the basic pension formula (and does not include the CPP reduction until age 65). Your pension is then reduced by 5% for each year you are under age 65, if you do not qualify for other forms of early retirement. The reduction is prorated for partial years.
|
*Note: The normal retirement age in the Plan is 65. If you continue to work past the age of 65, you may choose to continue to contribute to the Plan and defer your pension. However, by the end of the year you reach the age of 71, the Income Tax Act requires that you stop making contributions to a registered pension plan. So, your membership in and contributions to the Plan must end at this time and pension payments must begin. |
