On November 16, 2016 OPSEU issued a memo that announced a victory regarding changes to Post Retirement Benefits.
To further clarify:
OPTrust members who are currently working, had 10 years of service prior to January 1, 2017 and retire on or after January 1, 2017 will be able to choose between:
- paying half the cost of their benefit premiums under the existing benefit plan (“Plan A”) OR
- receiving a modified benefits package (“Plan B”) at no charge.
For those who didn’t have 10 years of service prior 2017, they could also choose between these two options as long as they retired on an immediate unreduced pension based on at least 20 years of pension credit.
On December 21, 2016 a subsequent notice detailed a further enhanced settlement for individuals who did not meet the requirements above. See Dec 21 announcement at the following link : settlement
If you have questions that are not covered here, or in the other materials listed above, please send an email to the OPSEU Pension and Benefits Unit at [email protected].