Ontario Nonprofit Network, Toronto, recommended OPTrust Select as the pension fund for non-profit organizations, according to a news release from OPTrust.
ONN is a network of 50,000 non-profit organizations in Ontario. Cathy Taylor, ONN executive director, in the news release called OPTrust Select "a game-changer, not just for the million employees in Ontario's non-profit sector, and their families, but for the sector as a whole."
OPTrust Select was created in April by OPTrust, which manages the assets of the C$20.3 billion ($15.6 billion) Ontario Public Service Employees Union Pension Plan, Toronto. The defined benefit plan targets public-sector, charitable and not-for-profit employers that do not offer a DB plan. Participants need not be members of OPSEU.
Employers and participants each are required to contribute 3% of earnings, with an annual pension accrual rate of 0.6% of earnings, according to OPTrust's website. The shared-risk plan will have earnings upgrades and cost-of-living increases dependent on OPTrust Select's annual funded status.