New Funding Framework AgreementPosted: October 24, 2012
The sponsors of the OPSEU Pension Plan have negotiated an agreement that establishes a funding framework for the next five years while maintaining stability, sustainability and autonomy for the Plan.
This agreement freezes contribution rate increases for the next five years, except in exceptional circumstances. In the event of a funding shortfall during this time, the Plan would be required to reduce future benefits. All benefits being paid to current retirees and those that have been already earned by active members are, and will remain, unchanged.
In return, the government has agreed that the OPSEU Pension Plan will be exempt from the proposals to pool broader public service pension plans. The agreement also allows for an extension of the regular funding valuation period so long as at least one valuation is filed during the term of the agreement.Read more about the specifics of the agreement here.