OPSEU Pension Trust: January 26, 2010 change to the OPSEU Pension Trust buyback rules
Attention OPSEU Pension Trust Members:
January 26, 2010
OPSEU and the Government of Ontario have approved a change to the OPSEU Pension Trust buyback rules. The change creates a new “open option” for eligible members to buy back credit after the plan’s normal 24-month application deadline has expired.
As a result, members who missed OPTrust’s 24-month deadline to buy back past service credit can now obtain a cost quote from OPTrust and complete their purchase. Effective February 1, 2010, eligible OPT members have an opportunity to boost their pension in retirement and possibly retire sooner if they elect this option.
More information on the new buyback option is available from OPTrust.
OPSEU Pension Trust
OPSEU Pension Trust manages one of Canada’s largest pension funds and administers the OPSEU Pension Plan. The OPSEU Pension Plan is a defined benefit plan covering approximately 78,000 plan members and pensioners. The plan is jointly sponsored by OPSEU and the Government of Ontario.
If you are in a contract, unclassified or casual staff position represented by OPSEU, you have the option to join the OPSEU Pension Plan.
You can join at any time and when you join, you can also buy back any service where you did not contribute to the Plan. When you join, your employer also contributes to your pension and if you leave your job, your pension contributions are portable so you can transfer them, if you wish.