Retroactive salary adjustment FAQ (including Bill 124)

OPB is working with your employer to ensure that we receive updated salary information and pension contributions for all members of the Public Service Pension Plan (PSPP) who are impacted by a retroactive salary adjustment. If you have left your employer (terminated) or have begun receiving your pension (retired), the process will include reviewing and adjusting your benefit including processing any retroactive payments.

Due to the high volume of updated salary information being exchanged between your employer and your pension plan, we ask for your patience as we process these adjustments, update your client record and assess any impact on your benefit(s).

If your contact information has changed, especially if you have retired, please update your information through your e-services account(opens in a new tab) as soon as possible. If you need assistance in setting up your online account, please contact OPB’s Client Care Centre by telephone or email:

E-mail: clientservice@opb.ca

Telephone: 416-364-5035, toll-free at 1-800-668-6203

Client Service Associates are available Monday through Friday from 8AM to 5PM, EST.

If you have terminated or transferred your membership from the PSPP, please contact OPB’s Client Care Centre by telephone or email to update your information.

No. There is nothing you need to do if you are still working. Your records will be updated once we receive and process the updated salary information and contributions from your employer.

You will have the ability to run pension estimates and see updated information, including your current and adjusted salary information, once your updated salary information has been received from your employer and processed by OPB. Your new information will be available as soon as your record has been updated. We recommend members check their e-services account prior to contacting us.

Please contact your employer pay and benefits representative with any questions regarding your retroactive salary payment.

We do not recommend delaying your retirement while waiting for your adjustment to be processed. If we have not received updated salary information from your employer, we will continue to process your request and will reach out to you directly if your pension benefit has changed due to the retroactive salary increases.

No. Your 2023 APS only reflects salary information (increases and adjustments) that were reported by your employer before March 2024.

Depending on the timely receipt of all your salary information and associated contributions from your employer as well as our ability to process the updated salary information and update our records, your retroactive salary increases and changes to your benefit entitlements may be displayed in your 2024 APS that will be delivered in 2025. Our current plan is to clarify in your statement whether your estimates include any reported salary adjustments or not.

Your LTIP salary adjustments and contributions may or may not be impacted depending on whether your LTIP benefit began before or after the retroactive salary adjustment. For questions about your salary adjustment and contributions, contact your employer. If you have any questions about your pension, please contact OPB’s Client Care Centre by telephone or email:

E-mail: clientservice@opb.ca

Telephone: 416-364-5035, toll-free at 1-800-668-6203

Client Service Associates are available Monday through Friday from 8AM to 5PM, EST.

OPB will complete any adjustments to your termination benefit upon receipt of all updated salaries and corresponding contributions from your employer.

If OPB receives these updated salaries and corresponding contributions from your employer after you have made your election but before your benefit is paid out of the PSPP, the adjustment will be included with your payment.

If OPB receives your updated salaries and corresponding contributions from your employer after your benefit is paid out of the Plan, OPB staff will notify you via phone call, email, or regular mail to advise you of the next steps required.

OPB will complete any adjustments to your benefit entitlement upon receipt of all updated salaries and corresponding contributions from your employer.

If OPB receives these updated salaries and corresponding contributions from your employer after you have made your election but before your benefit is transferred out of the PSPP, the adjustment will be included with your payment.

If OPB receives your updated salaries and corresponding contributions from your employer after your benefit has been transferred out of the Plan, OPB staff will notify you via phone call, email, or regular mail to advise of the next steps required.

For retired members who received retroactive salary adjustments and payments from their employer after they started receiving their pension, we expect to recalculate your pension starting in 2025. Once all the information is reported by your employer and your benefit recalculated you will receive information regarding your updated monthly pension amount, as well as any retroactive lump sum amount payable. You do not need to reach out to us: we will notify you as soon as the process has completed – thank you for your patience.

If you became re-employed with a PSPP employer after retirement, the salary adjustment and retroactive payment may impact the amount of your quarterly reemployment earnings limit. If your limit is impacted, OPB will contact you by mail to advise.

Note: If your limit requires an adjustment, it will become effective in the quarter after you have been notified by OPB. The current quarter in which you receive notification will not be impacted. OPB will continue to work with employers for the timely receipt of your quarterly re-employment earnings report following the reporting and update of any salary adjustments.