Voluntary Factor 80Posted: May 22, 2002
Wednesday, May 22, 2002
Voluntary Factor 80: Time Limits
The chart below sets out the strict time limits that apply to members who qualify for the voluntary Factor 80 option between April 1 and October 31, 2002.
If you think you may qualify for Factor 80, please contact OPTrust as soon as possible to confirm your own Factor 80-eligibility date. You should confirm your eligibility for Factor 80 with OPTrust before you notify your employer that you plan to retire.
|If you reach Factor 80 in:||You must submit your notice no later than:||And resign no later than:|
|April 2002||August 31, 2002||December 1, 2002|
|May 2002||August 31, 2002||December 1, 2002|
|June 2002||September 30, 2002||December 31, 2002|
|July 2002||October 31, 2002||January 31, 2003|
|August 2002||December 1, 2002||March 3, 2003|
|September 2002||December 31, 2002||April 2, 2003|
|October 2002||January 31, 2003||May 3, 2003|
Note: OPTrust pensions are effective starting the first day of the month following the members termination date, and are paid on the 26th day of each month. As a result, most members choose a termination date near the end of the month. This allows them to avoid a period of several weeks between when their employment income ends and their pension starts.
Example: Lets assume Sandra is an OPTrust member who reaches Factor 80 on September 14, 2002. To retire under the Factor 80 option, Sandra must submit her resignation notice by December 31, 2002, and resign by April 2, 2003.
- If Sandra elects to resign on March 31, 2003, her pension will be
effective as of
April 1. She will receive her first payment from OPTrust on April 26.
- If she does not terminate until April 2, however, her pension will not be effective until May 1. In this case, she will not receive her first payment until May 26.