OPSEU President Warren (Smokey) Thomas says he is pleased to see OPTrust Select, Ontario’s newest defined benefit pension plan in a generation, has hit the 1,000-member milestone.
The offspring of OPTrust – OPSEU’s existing public sector plan established in 1995 – is OPTrust Select, which expands coverage to OPSEU members in the broader public sector (BPS) who previously did not have access to a defined benefit pension. Almost one million Ontario non-profit staff also have access.
“We are delighted that our efforts to ensure more Ontarians have a secure retirement is taking hold,” says Thomas. “We welcome and congratulate these pioneering members and look forward to providing the same security to more than 25,000 additional OPSEU members from the BPS who after years of dedicated hard work also deserve a financially strong retirement.”
OPTrust Select officially began onboarding employers in March of 2019. The 1,000 member-milestone represents 38 employers including the Parkdale Activity Recreation Centre, Community Legal Education Ontario, Community Living Atikokan, and Cota Health.
“We at OPSEU are incredibly proud of the 25-year track record of success from OPTrust,” says OPSEU First Vice President/Treasurer, Eduardo (Eddy) Almeida. “Certainly, with the creation of OPTrust Select, and the impressive enrollment numbers we have seen so far, the future remains incredibly bright for both OPTrust and its members.”
In the sponsorship agreement that helped to create OPTrust in 1995, OPSEU fought hard to include language that would pave the way for expanding the Plan to serve more of our members and Ontarians. In April of 2018, OPSEU and the Ontario government reached an agreement. This was the creation of OPTrust Select. Bargaining teams at numerous other OPSEU employers continue to negotiate to join this plan.