OPTrust launches "People for Pensions" programPosted: April 10, 2017
Connected and informed community to raise awareness of defined benefit pensions as part of reliable retirement income
TORONTO, April 10, 2017 – OPTrust launched the People for Pensions program last week to raise awareness about the overall value of defined benefit (DB) pension plans. Research has shown OPTrust members and retirees place a high value on their pensions and would like to know more about all the benefits of their pension plan.
The People for Pensions program shares information with members and encourages them to share it with their peers, friends and families. This information highlights the benefits of a defined benefit plan versus other kinds of retirement savings vehicles and how the defined benefit model supports the economy. In just three days, the community signed up more than 200 new members.
Members of a defined benefit pension plan can rely on a stable amount of pension income in retirement because payments are based on a formula using years of service, and are paid for life. Unlike retirement savings in a Defined Contribution plan that are directly impacted by ups and downs in the stock market, DB plans use a set formula to calculate pensions. DB plans make investment decisions over a long-term horizon and are structured to weather market volatility.
Any active member of the OPSEU Pension Plan can be a People for Pensions member. Retirees who are drawing a pension from the OPSEU plan and members who are entitled to a future pension can also become a member of the program. Interested people can sign up at www.peopleforpensions.com or call the community lead at 1-800-906-7738 ext 3052.
OPTrust will send information about the defined benefit pension model which program members can, in turn, discuss with their co-workers and others as they see fit. Some people may want to use the information in casual conversations while others may choose to share the information through their own social media channels.
“In addition to providing great service to our members, we are creating conversations that are intended to lead to better retirement incomes for all. Workplace pensions are an integral part of the retirement landscape in Canada but they must be nurtured and sustained,” said Hugh O’Reilly, President and CEO of OPTrust. “This is part of our work of being a Pension Citizen.”
With net assets of $19 billion, OPTrust invests and manages one of Canada's largest pension funds and administers the OPSEU Pension Plan, a defined benefit plan with almost 90,000 members and retirees. OPTrust was established to give plan members and the Government of Ontario an equal voice in the administration of the Plan and the investment of its assets through joint trusteeship. OPTrust is governed by a 10-member Board of Trustees, five of whom are appointed by OPSEU and five by the Government of Ontario.
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