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Optrust Employer Update #9

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Optrust Employer Update #9 Employer update Issue Number 09 || November 28, 2002 OPSEU Pension Plan Improvements Now in Effect Improvements to the OPSEU Pension Plan “Points off” for early reduced pensions selected by OPSEU earlier this fall are now in extended effect. In September, OPSEU’s Executive Board The “points off” program for active members and chose to allocate $467 million in plan gains to pay deferred pensioners who choose to retire early for a package of temporary and permanent benefit with a reduced pension at age 55 or older has improvements, an extended contribution reduction been extended to December 31, 2005. Points off for members and a fund to stabilize member was previously scheduled to expire on November contributions in the future. Both plan sponsors – 30, 2004. OPSEU and the Government of Ontario – have now signed the plan amendments needed to Under this program, the pension reduction is implement these changes. based on the number of years the member would need to reach one of the of Plan’s permanent The $467 million represents the members’ and unreduced retirement options – Factor 90, the pensioners’ unallocated share of funding gains 60/20 option or age 65 – if he or she continued realized by the Plan in 1999, 2000 and 2001. In working. Under the Plan’s normal rules, the total, the Plan experienced gains of $867 million reduction is based on the number of years the for the period, which were shared between the member is from age 65. members and pensioners and the Government of Ontario. The province is still considering its CPP offset reduced options for the employer share of the gains. Effective December 1, 2002, the reduction applied to retirees’ OPTrust pensions for CPP integration In deciding how to allocate its share of the gains, (the “CPP offset”) has been permanently reduced. OPSEU reviewed more than 15,000 responses to The CPP offset is now based on a factor of a survey sent this past summer to OPTrust 0.655%, down from 0.675%. The result is a higher members, divested members, deferred pension at age 65 and after, than under the old pensioners and current retirees. After considering formula. this input, OPSEU decided to use the gains as follows: Under the new formula, the CPP offset equals: Factor 80 extended 0.655% The Factor 80 early retirement option has been extended from November 1, 2002 to March 31, times the lesser of: 2005. Under Factor 80, active members may i) the member’s best five-year retire early with an unreduced pension if their age average annual salary, and plus credit in the Plan total exactly 80 years. ii) the members’ final five-year averageYMPE Members’ time limits for submitting their election notice to the employer and for retiring remain times the member’s years of credit after unchanged. 1965, to a maximum of 35 years … 2 Employer Update Issue Number 09 || Page 2 Post-retirement death & CPP integration of Member contribution reduction to be phased survivor pensions out over three years As of December 1, 2002, the CPP offset applied Since 1999, members’ contributions have been to survivor pensions in the event of a former reduced to 4% of earnings, integrated with CPP. member’s post-retirement death has been This reduction was scheduled to end on eliminated prior to the date the former member November 30, 2002. With the recent plan would have reached age 65. Before this change, improvements, the contribution reduction will be the CPP offset was applied immediately. These phased out gradually over the next three years. survivor pensions will now be reduced for CPP integration on the date the former member would Member contribution stabilization fund have reached age 65. increased Finally, $146 million has been set aside to Note: this change does not affect survivor stabilize members’ contributions in the future. This pensions in cases where the member dies before brings the total value of the members’ contribution starting to receive a pension from OPTrust. stabilization reserve to $149 million. This reserve will reduce the impact on members’ contribution rates should the Plan experience future losses. Member Contribution Rates: Dec. 1, 2002 – Nov. 30, 2005 With the changes to the OPSEU Pension Plan, member’s contribution rates are as follows: Starting from the pay Member Contribution Rates period that includes: Below YBE Between YBE & YMPE Above YMPE December 1, 2002 5% 3.2% 5% December 1, 2003 6% 4.2% 6% December 1, 2004 7% 5.2% 7% Member contribution rates are currently scheduled to return to the normal rate of 8%, 6.2% and 8% as of the pay period that includes December 1, 2005. Employer contributions are currently paid at the Plan’s normal contribution rate of 8%, 6.2% and 8%. * * * Plan Improvements -Who Is Covered? Active members survivors who were receiving an OPTrust pension The package of improvements selected by on November 30, 2002. These two improvements OPSEU applies to all active OPTrust members. – and the extension of the “points off” option for While most of the changes took effect on those who qualify for a reduced pension – are December 1, 2002, the extension of Factor 80 is also available to OPTrust’s regular deferred effective from November 1, 2002. pensioners. Current & deferred pensioners Changes do not apply to current divested The changes in the CPP integration formula and members survivor pensions apply to retirees and eligible The package of plan improvements does not apply to the current divested members who are … 3 Employer Update Issue Number 09 || Page 3 eligible for a “special deferred pension” from later will see their Factor 80 date listed on their OPTrust. This group includes members whose 2002 Annual Pension Statement, which will be jobs were transferred or divested to a non- mailed between late April and late June, 2003. OPTrust employer before December 1, 2002 and became members of a pension plan provided by Members who think that they may qualify for their new employer. The Factor 80 option expired Factor 80 within the next six months and who do for this group on October 31, 2002. not receive a personalized notice by January 31, 2003, are encouraged to contact OPTrust as soon Current divested members remain eligible for all as possible to confirm their eligibility. the OPTrust benefits that were in effect as of November 30, 2002. These include: … 4 • access to the “points off” program until November 30, 2004 • eligibility for “surplus Factor 80” (or “Factor 80 reopener”) and “bridging” to Factor 80, for OPSEU Pension Trust those who are laid off before January 1, 2005 • early retirement under OPTrust’s permanent Employer Update Factor 90 and 60/20 options This employer update is intended to provide Members who are divested on or after December participating employers with news and 1, 2002, will be eligible for the benefits in effect on information about the OPSEU Pension their divestment date – including the current Plan. It does not create any rights to benefit improvements. benefits not provided for in the actual terms of the Plan. In the event of any conflict or Notice to affected members omission, the legal documents of the OPTrust will mail written notices of the changes to OPSEU Pension Plan will govern in all the OPSEU Pension Plan to all active members cases. Members who have questions about and deferred pensioners, along with a special their pension benefits should contact issue of OPTrust’s member newsletter OPTions, OPTrust directly. containing extensive coverage of the Plan improvements. Divested members will receive For more information, please contact the copies of the newsletter. OPSEU Pension Trust. Notices will be sent to the Plan’s current General Inquiries: (416) 681-6161 or pensioners (including those receiving survivor 1-800-906-7738 pensions) along with a special issue of our pensioner newsletter The Pension Connection. Client Services: (416) 681-6100 or 1-800-637-0024 These mailings will take place in mid-December. In the meantime, the details of the Plan changes, Fax: (416) 681-6175 have been posted to the OPTrust Web site at www.optrust.com. E-mail: [email protected] OPTrust will send personalized notices and/or Web site: www.optrust.com pension estimates to members whose pension records indicate that they may qualify for Factor Mail: OPSEU Pension Trust 80 by June 30, 2003. Members who will qualify 1 Adelaide Street East Suite 1200 Toronto, ON M5C 3A7 Employer Update Issue Number 09 || Page 4 Changes to the CPP Offset and PAs for 2002 The change in the Plan’s CPP offset will affect the way employers calculate pension adjustments (PAs) for members who contributed to the OPSEU Pension Plan in 2002. The member’s PA for 2002 is calculated using the following formula: (Benefit Entitlement x 9) - $600* = PA The benefit entitlement is calculated according to the OPSEU Pension Plan’s benefit formula, which incorporates the CPP offset. In determining the benefit entitlement, employers should use the following CPP offset factors: 1) For employees who were members of the Plan as of December 1, 2002, employers should use the new CPP offset factor of 0.655%. As a result the benefit entitlement (BE) for these members should be calculated as follows: For salary rates up to the Year’s Maximum Pensionable Earnings (YMPE = $39,100 for 2002): (1.345% x Annual Salary Rate) x Credit* = BE For salary rates above the YMPE ( [1.345% x YMPE] + [2% x (Annual Salary Rate – YMPE)] ) x Credit* = BE 2) For employees who terminated membership in the OPSEU Pension Plan on or before November 30, 2002, employers should use the old CPP offset factor of 0.675%.
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