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.
