Bob is 48.  He has exactly 22 years of service.  He works full-time at the LCBO.  He currently receives $3000 each pay.  Assuming he continues to work full-time with no breaks in service:

 

What will his Earliest Unreduced Retirement Date (EURD) be?

What will his Pension amount be at his EURD?

What will his pension be at age 65?

 

Note:

Year's Maximum Pensionable Earning (YMPE) is $58,700 for 2020. 

Assume his salary, pension and the YMPE all increase by 2% every year. 

 

OPTrust Pension Formula

Your OPTrust lifetime pension + bridge benefit to age 65 equals

2% x credited service (years) x "best five" earnings

 

Less OPTrust bridge benefit at age 65

0.655% x credited service (years) x lesser of "best five" earnings of Average YMPE*

 

Equals your OPTrust lifetime pension from age 65

*Five year average of the year's maximum pensionable earnings (YMPE)

 

EURD is attained when a member first meets any of the following:

Age 65

60/20 Factor (minimum age of 60 and minimum of 20 years of service)

90 Factor (member's age plus years of service totals 90.  EG. Age 55 + 35 years of service)

Reference: https://optrust.com/publications/booklets/default.asp