Category: Pensions and Benefits
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OPTrust Retroactive Salary award
OPTrust Retroactive Salary award OPTrust has published information related to Bill 124, retroactive wage increases and the impact on your pension benefit. This communication is intended for OPSEU/SEFPO members who participate in the OPSEU Pension Plan (OPTrust). Please find a link to the communication below: OPSEU/SEFPO Retroactive Salary Awards (optrust.com)
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OPTrust’s 2023 Annual Funded Status Report
TORONTO, March 12, 2024 – OPTrust today released its 2023 Funded Status Report, People. Purpose. Pensions., which details the Plan’s financial results and funded status. In 2023, OPTrust remained fully funded for the 15th consecutive year and achieved a net investment return of 5.3 per cent. Over the past 10 years, the Plan’s average net investment…
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Pension primer: any pension is great, but a defined-benefit pension is the gold standard
Workers need pensions! It’s important to understand the types of pensions for organizing, bargaining, and arranging your personal financial health. This post is a quick intro to Defined Benefit and Defined Contribution pension plans from the Pension & Benefits Unit. A pension is a form of retirement plan designed to provide financial support and income…
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LBED Sick Credit Pool Information Application
LBED Sick Credit Pool General Information and Guidelines As a Permanent Full Time (PFT) or Seasonal (Logistics) member of OPSEU/SEFPO’s Liquor Board Employees Division, you can apply for the Sick Credit Pool if: You have used all other credits, both attendance/sick and vacation; AND If you have previously borrowed days from the Sick Credit Pool,…
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The CAAT Pension Plan’s continued success leads to incredible gains for its members
With 2023 starting off strong, the CAAT Pension Plan has announced updates that showcase the strength of their investment portfolio and some amazing news for plan members. As a result of the plan’s continued success, members will see improvements to their benefits. As of January 1, 2025: DBprime plan members’ contribution rates will decrease: Contributions…
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OPTrust Plan changes improve survivor benefits for dependent children
Effective April 1, 2023, two significant changes were enacted to the OPSEU Pension Plan that provide improved survivor benefits for dependent children. These changes are substantial improvements to survivor benefits and provide members with peace of mind knowing that their loved ones are financially secure in the event of their untimely passing. The first change…
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Benefits Fact Sheet #4
LCBO Benefit Claim Denials What type of insured benefits does the LCBO provide? Depending on your employment status with the LCBO, the following benefits may be available to you: Supplementary Health and Hospital Dental Long Term Income Protection (LTIP) Life Insurance (including Basic, Supplementary and Dependent Life Insurance) Accidental Death & Dismemberment (AD&D) The LCBO…
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CPP Fact Sheet #4
Canada Pension Plan and Old Age Security payment rates (January – March 2025) See a break down of the 2025 Maximum and Average payment values for the following Government Sponsored programs: CPP (age 65 and post Retirement Benefit), CPP Disability, CPP Survivor benefit, Death benefit, Old Age Security (OAS) and Guaranteed Income Supplement (GIS). If…
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Benefit Fact Sheet #3
Life Insurance Most employers offer some type of group life insurance benefits. Dependent on the insurance policy, the life insurance can allow for separate coverage for the member, spouse and dependents. Life insurance benefits can be paid as a lump sum amount or have a formula (i.e., one, two- or three-times salary). At the time…
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CPP Fact Sheet #3
Canadian Pension Plan Retirement Pension What is the Canadian Pension Plan (CPP) Retirement Pension? A CPP lifetime retirement pension is a monthly benefit paid to individuals who contributed to the Canada Pension Plan. The CPP pension was initially designed to replace approximately 25% of a person’s earnings from employment, up to a maximum amount. In…
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CPP Fact Sheet #2
Canada Pension Plan Disability Benefit What is the CPP Disability Benefit? Canada Pension Plan (CPP) Disability Benefit provides a monthly taxable benefit to CPP contributors who are disabled, and their dependent children. You should apply for CPP Disability Benefits if you develop a severe and prolonged illness or a disability that prevents you from working…
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CPP Fact Sheet #1
Canada Pension Plan Enhancement Since 2019, the Canada Pension Plan (CPP) is being gradually enhanced. This means you will receive higher benefits in exchange for making higher contributions. The CPP enhancement will only impact you if, as of 2019, you work and make contributions to the CPP. Payment increase If you apply for CPP and…
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EI Fact Sheet #6
Employment Insurance Sickness Benefits Who is eligible for Employment Insurance Sickness Benefits? EI sickness benefits can provide you with up to 26 weeks of financial assistance if you can’t work for medical reasons. You could receive 55% of your earnings up to the yearly maximum: Service Canada. What are the eligibility requirements? You are required…
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EI Fact Sheet #4
Employment Insurance Parental Leave Benefits What are Employment Insurance (EI) Parental Leave Benefits? Parental benefits are payable either to parents who are caring for a newborn or newly adopted child or children, up to a maximum of 35 weeks for standard benefits or 61 weeks of extended benefits. What are the eligibility criteria for EI…
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EI Fact Sheet #3
Employment Insurance Maternity Benefits What is Employment Insurance (EI) Maternity Benefits? EI Maternity Benefits are benefits that are payable to the biological mothers (including surrogate mothers) who cannot work because they are pregnant or have recently given birth to a child. What are the eligibility criteria for EI Maternity Benefits? To be entitled to maternity or…
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EI Fact Sheet #2
Employment Insurance Regular Benefits Am I eligible for Employment Insurance Regular Benefits? You are encouraged to apply for benefits and allow the EI processing agents to determine your eligibility. But in general, you may be entitled to receive Employment Insurance (EI) regular benefits if you: have paid premiums into EI. lost your employment through no…
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Benefits Fact Sheet #2
Dental Benefits Dental benefits that are provided through the employer and under a group insurance program, are usually reimbursed according to the Ontario Dental Association’s (ODA) suggested fee guide for general practitioners. Some dental benefit plans may have a lag in the year of the ODA Fee Guide on which they will pay. For instance,…
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Appealing OPS Denied Benefits Claim – Fact Sheet #1
Appealing OPS Denied Benefit Claims What insured benefits can I appeal? Supplementary Health and Hospital Insurance (SH&H) Dental Long Term Income Protection (LTIP) Group Life Insurance (including Basic, Supplementary and Dependent Life Insurance) Out of Country claims under the optional “upgrade” offered All benefits negotiated by the Union under the Group Insurance Should you have…