Bulletin #4
Members of OPS Unified are part of the OPTrust Pension Plan. This plan allows members to retire with an unreduced pension at specific times which are defined under certain ‘Factors’.
What are my current options to retire with an unreduced pension?
OPS Unified members are currently covered by the following permanent and unreduced options for retirement.
- Age 65: The standard retirement age under the OPSEU Pension Plan is 65. This is the age when you can retire with an unreduced pension if you do not qualify for unreduced early retirement options.
- Factor 90: A member can retire with an unreduced pension if their age plus pension service total at least 90 years. For example, if your age is 59 and you have 31 years of service under the OPTrust Pension Plan, you qualify for Factor 90.
- Factor 60/20: A member can retire with an unreduced pension if they are at least 60 years old and have a minimum of 20 years of service in the Plan. Both must be attained while still a member of the plan.
What additional early retirement factors can we bargain for?
The following Factors are options for early retirement that would have to be successfully negotiated for during issues bargaining and would require an increase in pension premiums from what is currently deducted from each paycheck. The Employer would also have their contributions increased to match.
- Factor 80: A member could retire with an unreduced pension if their age plus pension service total at least 80 years. For example, if your age is 57 and you have 23 years of service under the OPTrust Pension Plan, you would qualify for Factor 80.
- Factor 85: A member could retire with an unreduced pension if their age plus pension service total at least 85 years. For example, if your age is 61 and you have 24 years of service under the OPTrust Pension Plan, you would qualify for Factor 85.
- Surplus Factor 80: A member could retire with an unreduced pension if they receive Surplus Notice and if their age plus pension service total at least 80 years. For example, if your age is 57 and you have 23 years of service under the OPTrust Pension Plan and you have received a Surplus (or layoff) Notice, you would qualify for surplus Factor 80.
The Pension Calculator and see what these additional pension premiums for Factor 80, Factor 85 and Surplus Factor 80 would look like on your paycheck.
This calculator provides rough estimates only. No tax implications have been considered. Estimates are not guaranteed. Your pension contributions are governed by OPTrust, provincial law, The Canada Pension Plan (CPP), and federal law.
Additional information on your OPTrust Pension Plan and options for retirement can be found online here: https://optrust.com/