Employer Update: May 2011, Number 40
In this issue:
OPTrust's Annual Pension Statement sports new look
More than 48,000 members will receive a newly redesigned Annual Pension Statement this spring. OPTrust has launched the new format – both online and in print – to give members the information they need in a clear, concise manner.
The new statement is based on feedback we received from members in focus groups where they told us that the statement is an important retirement planning tool and it should be easy-to-read, informative and well organized. In turn, we’ve changed the statement to deliver what members have asked for.
All the information from the previous statement is featured, including the members’:
- pension estimates
- beneficiary information
- best average annual salary
- contributions and interest.
The new statement shows the member’s pension data on the left-hand side with a description of the content on the right side. We’ve personalized each statement to show the information that is relevant to each member and removed sections that do not apply.
The statement shows the member’s pension estimates at December 31, 2010 in a highlighted box and what he or she will receive if they:
- stopped contributing to the Plan at the statement year-end
- contribute to the Plan up to his or her earliest retirement date
- continue to contribute to the Plan up to age 65.
The statement also shows OPTrust’s pension formula and how we calculated the member’s lifetime pension using his or her personal pension data.
Divested members, who retain credit in the Plan, will receive a separate version of the statement. The statements include the member’s anticipated pension eligibility date and an estimate of his or her pension amount, assuming continued employment with the successor employer.
The divested statement lists the member’s earned credit with OPTrust and his or her projected credit with the successor employer. At the same time, it includes Plan’s annual inflation adjustment figure.
To date, over 15,000 members have made the switch to receive an electronic statement only through OPTrust’s secure Online Services.
An e-blast will be sent to this group, informing them that their APS is available online. The messages will be distributed in stages, a day apart, beginning May 12th.
Once registered for secure Online Services, members have immediate access to their APS in a secure environment, and they have the option to view and print their APS in advance of when the printed versions are available. The three most recent statements are listed in the member’s account. This service is not available for deferred and divested members.
To provide optimum service when our members call, OPTrust will be mailing the statements in four stages between mid-May and late-June. Staging the mailing will help us reduce peaks in our telephone call volume and respond to members’ questions more promptly. Our mailing schedule lists the ministries or agencies covered in each mailing.
For more information
Members who have questions regarding their new statement or who want more information are encouraged to contact our Member and Pensioner Services staff through OPTrust’s secure Online Services or by telephone. A list of questions and answers is available on the OPTrust website covering a range of topics along with detailed information about the statement, too.
For members who want to update beneficiary information have one of two options to change their records, through our secure Online Services or by completing a Pension Beneficiaries form. OPTrust cannot accept beneficiary changes through other channels.