Correcting Misallocated Contributions
Effective January 1, 2002
Correcting Misallocated Contributions - OPSEU Pension Plan and PSPP Transfers
In the past, when members transferred between the OPSEU and the Public Service Pension Plans, the administrator of the importing plan corrected any contributions that were misallocated. This procedure helped to expedite transfers, but it is not allowed under provincial pension legislation - plan administrators do not have the authority to process these types of transactions.
Because of this limitation, the Ontario Pension Board and the OPSEU Pension Trust agreed to a change in procedure. As mentioned in the Benefits Coordinator's session of May 16, 2002, the Plan administrators will correct any contributions that were remitted in error up to December 31, 2001. However, any misallocated contributions that were received from January 1, 2002 onwards will be returned to the employer, who will then be responsible for settling the matter between the Plans.
If you have any questions, please contact us.