Changes coming to LTIP for OPS members
Under the new OPS collective agreement, if employees on Long Term Income Protection (LTIP) have both a minimum of 30 years of pension credit and are eligible to retire to an unreduced pension – but they do not retire – they will have to pay the employee portion of pension contributions while receiving LTIP benefits. Other provisions require employees to provide the employer with written information to confirm the amount of their pension credit amount and their earliest eligibility date for an unreduced pension.
These changes were to have been effective January 1, 2016. However, the processes for implementing them are being developed by OPSEU, the employer and OPSEU Pension Trust. At this time, LTIP recipients are NOT required to provide the employer with their pension information. The employer has informed the union that if this information is provided, no action will be taken until the process is finalized. You will receive further information once the implementation process has been finalized.
Nevertheless, LTIP recipients should take this opportunity to weigh their options. If you are on LTIP, and you have both a minimum of 30 years of pension credit and are eligible to retire to an unreduced pension, you may want to begin thinking about what you want to do in this situation – and to start planning for it.
For example, if you decide to retire, you should begin collecting the documents needed to start your pension, including:
- proof of birth
- spouse’s proof of birth
- marriage certificate OR proof of common-law relationship
- separation agreement if you were married or in a common-law relationship during your career
For further information, please contact the OPSEU Pensions and Benefits Unit at 416‑443‑8888, extension 5568, or by email at PensionsandBenefits@opseu.org.