Employer Update Issue 47 | May 2016
In this issue:
2016 Retirements – Members advised to start the process six months’ ahead
Notice period changed
In the past, OPTrust has asked for three to six months’ notice for new retirements. However, due to the anticipated increased volume of retirements in 2016 we are asking all members and employers for six months’ advance notice. OPTrust needs the longer notice period to ensure that we start each member’s pension on time which ensures that members’ income flows are not disrupted and insured benefits coverage is set up on time.
For your information, we are reminding members that should a pension be paid late, no entitlement will be lost as we will make retroactive payments to account for the missing months (typically up to a few months).
If you have any concerns about the longer notice period, please contact us through the Employer Service mailbox.
Documents required at retirement
Please note that the only document we need from you is the Termination of Membership form (OPTrust 1012), to start the retirement process. Once we receive the form, OPTrust will contact the member directly to gather the other documents needed to pay the pension. This streamlines the employer’s obligations.
To help members assemble the necessary paperwork, we kindly ask that you direct members to the most recent issue of OPTions, the member newsletter. The story on the front page outlines the process and the documents we need to process a retirement. You can also refer members to a new Retirement Package page on our website dedicated to the retirement documents we need.
If retiring members are registered for OPTrust’s Online Services, please alert them that their account will be temporarily deactivated during the time they transition from an active member to a retiree. Once we receive all their retirement documents, we will reactive the account reflecting their new retiree status.
If members need assistance they are encouraged to contact our office through the secure Contact Us page on our website or call (416) 681-6100 or toll free at 1-800-637-0024.
Information sessions for members
Planning for retirement:
For members within 10 years of retirement, we offer in-person pension information sessions throughout the province as well as web sessions. The dates are listed on our website with handy links to register.
Employers can arrange onsite sessions for new employees who are enrolled in or who are considering joining OPTrust. These sessions help new members become familiar with the benefits of the Plan and appreciate this employment benefit. If you want to arrange a lunch and learn session for a group of members, please contact us at email@example.com or by calling (416) 681-6214 or toll free 1-800-637-0024, extension 6214.
Our service standards
Our service goal is to respond to all electronic messages from both members and employers, within a 24-hour period (business hours). We will make every effort to maintain this service standard throughout the anticipated 2016 increased retirement applications. We are proud of our 9.2 /10 satisfaction rating and will work hard to maintain it.
To serve our members better, this year we released the 2015 Annual Pension Statements up to
three months earlier than in past years. This service improvement provided all our members with more timely information, particularly anyone thinking of retiring this year.