The OPSEU Pension Trust is launching a new defined benefit plan for employers in the broader public sector, charitable and not-for-profit industries.
OPTrust Select will target employers that currently don’t have a defined benefit plan but may provide a capital accumulation program. With employers and employees contributing three per cent each, the plan will provide for an annual pension accrual rate of 0.6 per cent of earnings. Earnings upgrades and cost-of-living increases will be dependent on the plan’s funded status and annual board approval.
“We believe that there is a retirement income crisis in Canada and it is growing,” says Hugh […]
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