NONPROFITS ENROLL IN OPTRUST SELECT DEFINED BENEFIT PLAN TAILORED TO THE NONPROFIT SECTOR WELCOMES FIRST MEMBERSPosted: April 25, 2019
TORONTO, April 25, 2019 – OPTrust announced today that it has enrolled the first nonprofit organizations to OPTrust Select, the new defined benefit pension offering. In total, seven employers and 215 members are joining OPTrust Select. An additional seventy organizations from across Ontario have applied and are in the process of joining those already enrolled in the Plan.
Employees of the following organizations are joining OPTrust Select:
- Ontario Nonprofit Network (Toronto, ON)
- Barry’s Bay and Area Senior Citizens Home Support Services (Barry’s Bay, ON)
- Community Food Centres Canada (Toronto, ON)
- Contact Brant (Brantford, ON)
- LiveWorkPlay (Ottawa, ON)
- Newcomer Centre of Peel (Peel Region, ON)
- People for Education (Toronto, ON)
The organizations joining OPTrust Select provide a range of essential services within the nonprofit sector, including disability supports, settlement services and care for seniors. In September, OPTrust Select became the first and only sector-wide pension plan recommended by the Ontario Nonprofit Network (ONN). Employees of the ONN are the first members to officially join OPTrust Select.
OPTrust Select, which offers a defined benefit pension at a moderate cost, will provide members with a steady stream of secure, reliable retirement income for life. The plan is targeted to Ontario workplaces in the broader public sector, charitable and nonprofit groups that do not have a workplace defined benefit pension plan but may have a defined contribution plan, a group RRSP or no retirement savings arrangement at all.
Nonprofit workers do incredibly important work and they should be able to retire with a source of secure, predictable income in retirement. OPTrust Select was designed specifically to meet the needs of employers and employees in the nonprofit sector.”
- Doug Michael, Interim President and CEO, OPTrust
We're thrilled to be in such good company. Signing on to this pension reflects our ongoing commitment to decent work. And joining with a group of other nonprofits helps the broader sector attract and retain high-calibre staff. We see it as a commitment not just to our organization, but to the future of the nonprofit sector.”
- Cathy Taylor, Executive Director, Ontario Nonprofit Network
This isn’t just a victory for the new members of OPTrust Select, it’s a victory for nearly a million workers across Ontario who don’t have the security of a defined benefit pension plan, including 25,000 OPSEU members working in the broader public service. When OPSEU first proposed this idea more than a decade ago, we wanted to extend to every worker the same dignified retirement prospects that many of our members have. Now, they have that chance. Congratulations to the Ontario Nonprofit Network for being the first employer to sign on. I’m confident that by this time next year, hundreds more employers and thousands more workers will have joined OPTrust Select, too.”
- Warren (Smokey) Thomas, President, OPSEU
Our organization has spent years looking for a retirement solution that is both affordable and provides retirement security for our staff. We have found our answer with OPTrust Select.”
- Joanne King, Executive Director, Barry’s Bay and Area Senior Citizens Home Support Services
With OPTrust Select, nonprofit employees can continue to pursue their passions in the sector while contributing to a stable and secure retirement. This plan will be a great tool for staff recruitment and retention for our organization and all participating nonprofits, helping us to attract talented people to contribute to building a stronger and more equitable country.”
- Nick Saul, President and CEO, Community Food Centres Canada
Having worked in the nonprofit sector for more than 20 years we have always been concerned about attracting, retaining, and properly supporting dedicated and qualified staff. With the support of our board of directors, we commend OPTrust for creating a plan that makes sense for the nonprofit sector and congratulate the Ontario Nonprofit Network for this very concrete result in championing decent pay for decent work.”
- Keenan Wellar and Julie Kingstone, Co-Leaders, LiveWorkPlay
Our staff are extremely dedicated and deserve the best possible retirement security – something that has for too long, been out of reach for the nonprofit sector. By joining OPTrust Select, we are ensuring that our staff have access to a defined benefit pension at an affordable cost.”
- Effat Ghassemi, Executive Director, Newcomer Centre of Peel
With net assets of almost $20 billion, OPTrust invests and manages one of Canada's largest pension funds and administers the OPSEU Pension Plan, a defined benefit plan with almost 95,000 members and retirees. OPTrust was established to give plan members and the Government of Ontario an equal voice in the administration of the Plan and the investment of its assets through joint trusteeship. OPTrust is governed by a 10-member Board of Trustees, five of whom are appointed by OPSEU and five by the Government of Ontario.
ONN is the independent nonprofit network for the 58,000 nonprofits in Ontario, focused on policy, advocacy and services to strengthen Ontario's nonprofit sector as a key pillar of our society and economy. ONN works to create a public policy environment that allows nonprofits to thrive. We engage our network of diverse nonprofit organization across Ontario to work together on issues affecting the sector and channel the voices of our network to government, funders, and other stakeholders.
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Ontario Nonprofit Network
1-416-642-5786 ext. 509
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