The following news release was published by OPTrust on October 27.
TORONTO, October 27, 2021 – Since enrolment began in 2019, 50 organizations from communities across Ontario have joined OPTrust Select – a defined benefit pension offering designed to enhance retirement security for employees who work at charitable, nonprofit and broader public sector organizations in Ontario.
“Workers in the nonprofit, charitable and broader public sectors play an important role serving our communities but have traditionally not had access to the security and stability of a defined benefit pension,” said Audrey Forbes, Senior Vice-President of Member Experience at OPTrust. “We now have over 1,700 members in OPTrust Select that have the peace of mind of a more secure retirement.”
Organizations that have joined OPTrust Select provide a range of critically important services including healthcare, community supports and senior services in communities across the province. Growth in OPTrust Select has continued throughout the COVID-19 pandemic with 19 of the 50 new employers joining since March 2020.
“OPTrust Select was established in a collaborative effort to provide more Ontarians with the predictable retirement income of a pension, rather than being susceptible to the day-to-day fluctuations of markets,” said Peter Lindley, President and CEO of OPTrust.
“Amidst the market volatility of the pandemic, we continue to be focused on the long term, and it is encouraging to see so many employers seeking stability and security for their employees through OPTrust Select.”
OPTrust Select is the recommended pension plan of choice for the Ontario Nonprofit Network (ONN), the independent network of the nearly 58,000 organizations and one million nonprofit workers in Ontario. A list of employers that have joined OPTrust Select is available at optrustselect.com.
“ONN is thrilled to see that 50 employers in Ontario representing over 1,700 members have enroled in OPTrust Select,” said ONN Executive Director, Cathy Taylor. “We know that having a pension plan for Ontario’s nonprofit workers, a majority of whom are women, is a game changer for our sector. A defined benefit pension plan is an effective and efficient way to support the retirement security for nonprofit workers and is a key decent work practice. Congratulations to all those who have enroled!”
With net assets of over $23 billion, OPTrust invests and manages one of Canada’s largest pension funds and administers the OPSEU Pension Plan (including OPTrust Select), a defined benefit plan with over 98,000 members. 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/SEFPO and five by the Government of Ontario.
Director, Public Affairs