Welcome to OPTrust Select, a defined benefit pension plan designed to provide you with secure, predictable income in retirement – for life.
To join OPTrust Select, you must first be eligible under your employer’s participation agreement. If you are eligible, your membership will be mandatory or optional, depending on your age and employment status. In certain cases, you may not be eligible to join OPTrust Select.
Nonprofits enroll in OPTrust Select
OPTrust announced on April 25, 2019 that it has enrolled the first nonprofit organizations to OPTrust Select, the new defined benefit pension offering. In total, seven employers and 215 members are joining OPTrust Select.
Your Guide to OPTrust Select
This booklet provides a summary of the features of your OPTrust Select pension. Please read it carefully as it contains important information that will be helpful at all stages of your career. Our Member Experience team is available to assist you if you have questions.
Forms for Members
Membership in OPTrust Select is mandatory for eligible employees if you are:
- less than age 65, and
- working on a full-time, continuous basis.
Membership in OPTrust Select is optional for eligible employees if you are:
- less than age 65 and working on a less than full-time continuous basis (e.g., part-time), or
- between the ages of 65 and 71 when you enrol.
Membership in OPTrust Select is prohibited if you are:
- participating in the primary schedule of benefits under the Plan
- receiving a pension from OPTrust
- over age 71, or
- not part of an eligible group under your employer’s participation agreement.
Once you join OPTrust Select, you and your employer both contribute toward your pension. Your contributions will be deducted from each pay at a rate of three per cent of your pensionable pay. Your employer will match the contributions you make.
Your pensionable pay equals the regular salary or hourly wages you earn during each pay period. Pensionable pay does not include overtime pay, bonuses or other lump sum payments in lieu of benefits, or any payment determined by OPTrust not to be pensionable.
Your lifetime OPTrust Select pension is based on a formula which takes into account a set percentage (0.6%) of your annualized pensionable pay and the pension service you earn in each year of employment. For each year of OPTrust Select membership, the pension amount you earn is calculated as follows:
As long as your employer participates in OPTrust Select, your membership in the Plan will continue until you reach the earliest of the following:
- termination of your employment
- November 30 of the year you turn age 71, which is the Income Tax Act limit for accruing a pension, or
What you need to know
OPTrust Select’s features:
About the Plan
OPTrust Select is a schedule of benefits under the OPSEU Pension Plan, one of the top 10 public sector pension funds in Canada.
The fund has about $20 billion in assets. This is large enough to access investment opportunities that single employer plans like group RRSPs typically cannot. These investment opportunities allow OPTrust to diversify, and lower the risk associated with day-to-day market fluctuations.
In-house investment experts take the guesswork out of managing retirement savings.
As an institutional investor, the fund uses its size to bring about positive change in the world, on issues such as climate change and gender diversity in corporate leadership.
The Plan is fully funded, which means that we can deliver on the retirement promise made to all members: secure, predictable retirement income – for life.