Payments

Timing

Member Contributions

For administration and reconciliation purposes, member contributions are required to be remitted to OPTrust within five business days from the date of deduction.

Employer Contributions

For administration and reconciliation purposes, all employer contributions are required to be remitted to OPTrust with the related member contributions (i.e. within five business days from the date the member contributions were deducted from pay).

Late Remittance (all types)

In addition to the administrative requirements, contribution collection is subject to timelines under pension law. Employer regular and special contributions are deemed to be held in trust from the date the related member contributions were deducted from pay, until they are remitted to OPTrust. If contributions are delinquent (i.e. missing or late) under the terms of the Plan, OPTrust will invoice you for principal and interest amounts.

Interest on late contributions will be charged at the higher of the fund’s earning rate or the pre-judgement interest rate under the Courts of Justice Act for the period of the delinquency.

  • For member contributions, the period of delinquency begins 15 days following the deduction of contributions from pay.
  • For employer contributions, the period of delinquency begins the end of the month following the month in which member contributions were deducted from pay, or in the case of LTIP contributions, deemed to be deducted from pay.

Interest will be applied until the date the contributions are received by OPTrust. You must pay the full amount of the invoice within 10 business days of the invoice date. If applicable, the fees and expenses related to the cost of recovering contributions will also be invoiced to you.

Note: To avoid incurring interest charges, ensure contributions are remitted on time. Recovery of late principal and/or interest from a member is the sole responsibility of the employer.

Notice to Regulator

If contributions are not paid when due, OPTrust is required to notify the provincial regulator, the Financial Services Commission of Ontario (FSCO) in accordance with the Pension Benefits Act. The regulator has the authority to apply administrative monetary penalties (AMP) to you for delinquent contributions.

Reconciliation / Audit

You will be notified of any discrepancies between contribution payment amounts and related pension data within 60 days of OPTrust’s receipt of the contributions. You will have 30 days to reconcile the discrepancy.

You may also be required to participate in our formal audit process.

Remittance Process

Remittance Advice

Each payroll contribution payment must be accompanied by a remittance advice.

This remittance advice allocates the lump-sum payment according to specified categories, as well as indicating which period the remittance is linked to. The remittance breaks down the aggregate payment into categories:

  • Member Contributions
  • Employer Regular Contributions
  • Employer Special Contributions
  • LTIP
  • Employer – Leave Invoice
  • Other (specified)

Electronic Funds Transfer (EFT)

Contributions will be paid by EFT. Your Pension Partner will provide you with the account details.