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Pension Transfer Agreement Signed for Past Divestments

We the North
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On May 20, 2014 the Healthcare of Ontario Pension Plan (HOOPP), the Ontario Municipal Employees Retirement System (OMERS) and the OPSEU Pension Trust (OPTrust) entered into an agreement that will allow members who were previously divested and who saw their pensions split between two of the above plans, to transfer their credited service.

Due to restrictions in the Pension Benefits Act, only current active members who are still employed with the employer will be eligible to transfer under this agreement. Those who terminate(d) and/or receive(d) their pension prior to electing to transfer will not be eligible under the transfer agreement.  In December 2013 the Government of Ontario introduced a bill that would remove these restrictions, however, because of the dissolution of government, the bill is no longer active and cannot be carried over into the new legislature.  It is possible that a similar bill will be introduced. OPSEU and the plans will monitor the situation for developments.

It should be noted that members will only be able to transfer from the prior plan to their current plan. There will not be an option to return to the original plan.

Eligible members should receive an "advance notice" by the end of June advising that they are eligible.  Please ensure your mailing address is up to date with both of your plans to ensure you receive this notice.  If you have not received this notice by the end of June and believe you should be eligible, please contact both of your plans for clarification.

Members will then receive calculation of their particular transfer options between August and October.  They will have 90 days from the date the package was mailed to make their election.

For more information please see your plans' websites:

HOOPP_Transfer_Agreement_Announcement

OMERS_Transfer_Agreement_Announcement

OPTrust_Transfer_Agreement_Announcement

If you have any questions about the transfer agreement, the timeline or your eligibility or if you would like to update your mailing address, please contact your plans.

HOOPP    1-877-434-6677
OMERS    1-800-387-0813
OPTrust   1-800-637-0024