The timelines and requirements for each participating plan are the same, regardless of the pension plan in which the member enters or settles. This section describes the transfer agreements that allow the transfer of funds between pension plans: if you are affected by a transfer situation, if you are an employee of the successor employer and a member of the pension plan of the successor employer, you can possibly transfer your OPTrust pension credit. For more information, please contact OPTrust. Unlike the MOPPs agreement, the deadlines for each ATR depend on the terms of this specific agreement. If you started your OPTrust pension payments before being reinstated as a contributing member to the OPSEU pension plan and opting out of the plan, please contact OPTrust to discuss your situation. Keep in mind that, as part of the corresponding plan, your pension will be calculated based on the terms and conditions of that plan. Under no circumstances can you credit yourself with more than one year of vesting service or more than one pension credit between the two plans accumulated in a calendar year. Their combined pension credits do not exceed the maximum credits allowed by both plans. This is usually a maximum of 25 credits. (H.E.R.E.I.U Local 89 currently authorizes only 20 credits.) If you feel you are entitled to a reciprocal pension, please contact the pension fund. Your reciprocal pension for this plan (The New York Hotel Trades Council – Hotel Association of NYC, Inc. Pension Fund) is calculated using the pension rate applicable later by (a) when you last worked under this covered employment plan, or (b) when you last worked in a job that falls under the corresponding plan , multiplied by the share of all of your “combined” pension credits that you have acquired under this plan.
All applicable deductions are taken into account, as outlined in this brochure. The combination of your pension can maximize the value of your pension income for the following reasons: Once you have received your offer and opt for the transfer, the value of your OPTrust pension will be transferred from the OPSEU pension plan to your new plan. You will then receive credits in the new plan based on the provisions of your new plan. In some cases, the pension credit in the new plan may not be equal to the credit you purchased with OPTrust. You may be allowed to make an additional payment for the purchase of the “defect” in the new plan. Deficits generally occur when benefits under the new pension plan are more expensive than those of the OPSEU pension plan. Your new pension plan gives you the options available. You are responsible for initiating the transfer under the OPSEU pension plan. You should contact your new pension plan or employer to get an Appendix A form.
You must sign the form before the deadline and return it to your new retirement plan. OPTrust participates in transfer contracts with a number of public sector pension plans. Under a transfer contract, OPTrust members who terminate their affiliation with the OPSEU retirement plan can transfer their pension credit to another employer`s pension plan. If you work for a new employer, it is important to determine if you have this option.
