Workplaces represented by the Ontario Public Service Employees Union are among the latest employers to join the OPSEU Pension Trust’s defined benefit plan, OPTrust Select.
“This isn’t just a victory for the new members of OPTrust Select, it’s a victory for nearly a million workers across Ontario who don’t yet have the security of a defined benefit pension plan, including 25,000 OPSEU members working in the broader public service,” said Warren Thomas, president of OPSEU, in a press release.
“When OPSEU first proposed this idea more than a decade ago, it was because we believed then, as we do now, that all workers deserve to have access to a secure and dignified retirement and OPTrust Select is making that a reality.”
An additional 50 organizations from across Ontario are in the process of applying to join the plan, which has welcomed 38 organizations and more than 1,000 new members since enrolment began in early 2019.
“Nonprofit workers are essential to the well-being of our province, which means that their well-being is essential too,” said Peter Lindley, president of the OPTrust. “The need for security and predictability has never been greater and, by joining OPTrust Select, the vast majority of these workers will have access to the income security of a defined benefit pension for the first time.”