TORONTO, July 6, 2017 /CNW/ - OPTrust today announced a strategic investment in James Evans & Associates (JEA) Ltd., a leading provider of pension administration services in Canada and the U.S., and one of the pension plan's long-standing service providers. JEA's pension engine, which OPTrust believes is the best product offering in its category, is a key component of the pension plan's administration system.
"JEA plays an essential role in the pension administration system at OPTrust," said OPTrust President and CEO Hugh O'Reilly. "Our investment in JEA represents a strategic investment with a valued provider that fits within the plan's approach to innovation, strategic relationships and serving our members."
"We are delighted to strengthen our long-standing relationship with OPTrust. This strategic partnership will support JEA as we continue to offer leading-edge pension solutions and help shape JEA's products to fulfill market needs, which will benefit all of our clients. For more than 38 years, JEA has provided software solutions to the pension industry and we look forward to the opportunities that will undoubtedly come about as a result of this agreement," said Jim Evans, President & CEO of JEA.
Given that OPTrust employs the JEA pension engine, a natural synergy exists between the two organizations. This investment represents a strengthening of the relationship between OPTrust and JEA, which has been ongoing for two decades.
With net assets of $19 billion as at December 31, 2016, OPTrust invests and manages one of Canada's largest pension funds and administers the OPSEU Pension Plan, a defined benefit plan with almost 90,000 members and retirees. OPTrust was established to give plan members and the Government of Ontario an equal voice in the administration of the Plan and the investment of its assets through joint trusteeship. OPTrust is governed by a 10-member Board of Trustees, five of whom are appointed by OPSEU and five by the Government of Ontario.
JEA, a Victoria, British Columbia-based company, is one of Canada's leading pension software firms. JEA's solutions are used to administer over 1.5 million individual member pensions across public and union plans in Canada and the United States. JEA provides solutions that enable organizations to operate their pension plans with great flexibility, using configurable rules-based solutions capable of managing the most complex, defined benefit pension plans. Offering solid, reputable and easy-to-use technology coupled with people who have extensive pension knowledge, JEA offers full-service pension software, solutions and consulting services.
SOURCE OPSEU Pension Trust (OPTrust)
For further information: Media Contacts: Claire Prashaw, Manager, Public Affairs, OPTrust, +1 (416) 681-3617, [email protected]; Sheree Johnson, Chief Operating Officer, JEA, 416-407-3312, [email protected].ca