OPTrust, officially the OPSEU Pension Trust,
is a legal
trust
Trust often refers to:
* Trust (social science), confidence in or dependence on a person or quality
It may also refer to:
Business and law
* Trust law, a body of law under which one person holds property for the benefit of another
* Trust (bus ...
formed by the contractual agreement between the two plan sponsors, Ontario Public Service Employees Union (
OPSEU
The Ontario Public Service Employees Union (OPSEU; french: Syndicat des employés de la fonction publique de l'Ontario EFPOlink=no) is a trade union representing public sector employees in the province of Ontario, Canada. It claims a membership ...
) and the
Government of Ontario
The government of Ontario (french: Gouvernement de l'Ontario) is the body responsible for the administration of the Canadian province of Ontario. A constitutional monarchy, the Crown—represented in the province by the lieutenant governor†...
.
It manages one of
Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by tot ...
's largest pension funds and administers the OPSEU Pension Plan.
It is responsible for investing the plan's assets to support the cost of members' and retirees' pension benefits. It manages the fund for OPSEU members who are employed by the Government of Ontario and certain agencies, boards and commissions.
OPSEU negotiated the creation of OPTrust, giving Ontario Public Service (OPS) members and pensioners a say in their pension plan through joint trusteeship.
It is subject to the rules and regulations governing pension plans in Ontario and Canada, including the Pension Benefits Act (Ontario) and the Income Tax Act (Canada).
History
OPTrust began operations on January 1, 1995, and is a separate organization from both of its sponsors. As sponsors, the Government of Ontario and OPSEU each appoint five trustees to the OPTrust board of trustees.
OPSEU Pension Plan
The OPSEU Pension Plan is a
defined benefit pension plan
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, ...
. It was established to provide pension benefits for employees of the province of Ontario in bargaining units represented by OPSEU and other eligible members. The trust administers the pension benefits for over 100,000 members and retirees.
When the plan was launched, the pension assets and the liability for members’ earned benefits were transferred from the Public Service Pension Plan (PSPP). Since that time the two plans have been administered separately, and there are differences in the benefits provided under the two plans.
The PSPP remains the pension plan for management and excluded staff and employees represented by other bargaining agents in the OPS and certain provincial government agencies. The PSPP is administered by the Ontario Pension Board (OPB).
See also
*
Canada Pension Plan
The Canada Pension Plan (CPP; french: Régime de pensions du Canada) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component being Old ...
*
Ontario Teachers' Pension Plan
The Ontario Teachers' Pension Plan Board (french: Régime de retraite des enseignantes et des enseignants de l'Ontario) is an independent organization responsible for administering defined-benefit pensions for school teachers of the Canadian pr ...
*
OMERS
The Ontario Municipal Employees Retirement System (OMERS) is a Canadian public pension fund, headquartered in Toronto, Ontario. OMERS is a defined benefit, jointly sponsored, multi-employer public pension plan created in 1962 by Ontario provinc ...
References
{{reflist
External links
Ontario Public Service Employees Union— OPSEU website
Government of Ontario— Government of Ontario website
OPTrust Annual Reports— Annual Reports
Public pension funds in Canada
Companies based in Ontario