OPSEU/SEFPO Retroactive Salary Awards

posting date Posted: April 24, 2024

 

Retroactive wage increases have been confirmed affecting various bargaining unit employees including Ontario Public Service Unified, Correctional Services, and LCBO among others.

What to expect

OPTrust is working closely with employers to receive updated salary information and pension contributions for all members of the OPSEU Pension Plan impacted by the award. The timing of when OPTrust receives this information may differ by employer, resulting in varying timelines for members to see adjustments to their pension benefits.

Over 61,000 members and former members are currently impacted with up to three years of retroactive earnings/salary data to be updated. We kindly ask for your patience as we recalculate and process the volume of adjustments to pension benefits. 

Next steps
1. Employers and OPSEU/SEFPO come to an agreement on retroactive salary increase amounts.
2. Employers make retroactive salary payments to impacted employees and deduct applicable pension contributions.
3. Employers provide retroactive salary information and pension contributions to OPTrust.
4. OPTrust updates member records with retroactive salary increases and contributions, and recalculates pension benefits, where applicable.

Members who are still working
There is nothing you need to do if you are still working. Your records will be updated once we receive and process the data and contributions from your employer. 

Members getting ready to retire or leave the Plan 
If we have not received updated data from your employer, we will continue to process your request without delay, and will reach out to you directly if your pension benefit has changed due to the retroactive salary increases. 

Members who have left the Plan 
For impacted members who have terminated their membership in the Plan, including those who have transferred their entitlements out of the Plan, we expect to recalculate your pension benefit starting in fall 2024. We will reach out to you directly to inform you of any resulting changes to your pension benefit. Due to the timing of when data is expected from each employer and the high volume of recalculations, we anticipate this process will extend into 2025.

Retired members
For retired members who are impacted, we expect to recalculate your pension starting in fall 2024 and you will receive information regarding your updated monthly pension amount, as well as any retroactive lump sum amount payable. Due to the timing of when data is expected from each employer and the high volume of recalculations, we anticipate this process may extend into 2025.

2023 Annual Pension Statement (APS) 
Your 2023 APS will not reflect retroactive salary increases, as the necessary data was not received prior to preparing these statements. If you are eligible for retroactive salary increases, changes are expected to be reflected in your 2024 Annual Pension Statement, which will be issued in 2025.

Questions about your retroactive salary payment? 
Please contact your pay and benefits representative for questions regarding your retroactive salary payment.

Keep us updated
If your contact information has changed since you retired or left the Plan, please reach out to OPTrust to ensure your information is up to date. We will be contacting impacted members.