This section provides background information on the retirement process and describes the procedures and forms employers must use when an eligible OPTrust member terminates employment and chooses to receive an immediate pension from the OPSEU Pension Plan.
Depending on their age and years of credit in the Plan, members may qualify to receive an immediate OPTrust pension under one of the following retirement options:
- retirement at age 65
- early unreduced pension
- early reduced pension
- phased-in retirement
- disability pension
The pension benefit accrued in the OPSEU Pension Plan:
- is based on the average of the member’s best 60 consecutive months salary rate and accrued pensionable credit
- is paid for the member’s lifetime
- is adjusted for inflation on an annual basis
- may be paid earlier than age 65 if the member qualifies for an early retirement option
- contains a survivor pension component for an eligible spouse or eligible child(ren).
Under the OPSEU Pension Plan, the former member’s pension payments start in the month following the month in which the member terminates employment and retires.