Plan changes

The latest Plan text changes make it possible for non-college employers to join the Plan, where they provide a college service, and make it easier for active members to take their pension with them from job to job.

New employers

Under the Plan’s “new employer” strategy, we support initiatives in the college community which may lead to new or reconfigured employers in the system. We want to ensure that those working on college-related functions with a recognized employer have an opportunity to be part of the Plan. It is not a strategy to expand outside the college system.

Along with long-standing employer Ontario College Application Service, the Plan’s non-college employers now include the Ontario Colleges Library System, the College Employer Council, and a closed group of employees from the Northern Centre for Advanced Technology. Although no further non-college employers have come forward, the Plan will consider applications from other employers who meet the requirements for participation.

Expanding portability

Portability of pensions is the ability for active members to take their pension entitlement with them from job to job. This allows members to consolidate their retirement savings.

The Plan has discontinued a number of reciprocal transfer agreements. These are formal agreements that dictate specific terms for pension transfers. In many situations, the less complex transfers permitted under the Pension Benefits Act work more equitably. Some of the commonly used, cost effective reciprocal transfer agreements, such as the MOPPs (major Ontario pension plans) agreement, will be maintained.

A new policy, referred to as “open buybacks,” will give active members the opportunity to purchase any service previously credited with another Canadian registered pension plan. This would include defined contribution pension plans. Also, members with part time “pre-enrolment” service – service earned by members before they enrolled in the Plan – will be able to purchase it. The goal is to provide better options for portability and consolidation of pension entitlements for both current and future members.