Academic Retirement Incentive Program

General Provisions

A Retirement Incentive Program remains in place for eligible academic staff. As before, eligible staff members who make an irrevocable commitment to retire by the date associated with the relevant Window period shall receive, upon retirement, the percentage lump sum payment (retirement allowance”) associated with the Window period.

Academic staff members approaching and past the Normal Date of Retirement (as defined by the McGill Pension Plan) are encouraged to discuss their retirement plans with their Chairs and Deans well in advance of retirement to allow academic planning for courses and related matters, and where applicable, the opportunities in the Retirement Incentive Program. A summary of the program appears below.

Retirement Incentive Program

Eligibility

i. Academic Rank

The program is open to full-time academic staff in the following ranks:

tenured Associate Professors and Full Professors appointed in accordance with the Regulations Relating to the Employment of Tenure Track and Tenured Academic Staff;
tenured Associate Librarians and Full Librarians Regulations Relating to the Employment of Librarian Staff; or
ranked academic staff appointed as full-time Faculty Lecturer or Senior Faculty Lecturer in accordance with the Regulations Relating to the Employment of Contract Academic Staff.

ii. University Service

Eligible staff shall have accumulated a minimum of ten (10) years of continuous service at the University within one or more of the above classifications. For Librarian staff, the period of appointment, prior to 2009, as a non-tenure track full-time Library Professional shall be counted towards eligible service.

iii. Age

The eligible staff member’s date of birth must fall within one of the three Windows, and the staff member must make an irrevocable decision to retire at a date as set out by the relevant Window.

General Exclusions

In addition, the following exclusions apply:

Staff who have already elected a retirement date;
Staff on phased retirement;
Staff on reduced load with an agreed-upon date of retirement;
Staff on long term disability;
Staff on an approved secondment leave from the University;
Staff on sabbatical leave during the reference year may not apply for consideration, and may not retire the year following the sabbatical leave.

Procedure

A staff member may apply for consideration under one of the three Windows by written notification sent by email to his/her Chair and Dean, with a copy to the Provost. The notice shall include the staff member’s date of birth and his/her intended irrevocable date of retirement.

Approval is granted at the discretion of the University and confirmed in writing by letter of agreement signed by the Provost. Once approved, the date of retirement is irrevocable. All decisions are final, without appeal, and not subject to grievance.

Retirement Allowance

A retirement allowance shall be paid only as provided for, and in accordance with, the Retirement Incentive Program.

Reference Year

For the Retirement Incentive Program the reference year is defined as June 1^st to the following May 31^st. Consequently, for the upcoming reference year, a staff member’s application for consideration must be received between June 1^st 2013 and May 31^st 2014, with the staff member’s retirement date on or before 31 May 2015.

Attachments

A summary chart of the elements of Window One, Window Two and Window Three of the Retirement Incentive Program for the current Reference Year appears below.

Summary Chart

Summary of Retirement Incentive Program
for the
Reference Year June 1, 2013, to May 31, 2014

Window One: Retirement at age 65	Window Two: Retirement at age 66	Window Three: Retirement at age 67
*Application Date* Begins on June 1st coinciding with or immediately preceding the date on which the eligible staff member reaches the age of 64, and ends on May 31st immediately following.	*Application Date* Begins on June 1st coinciding with or immediately preceding the date on which the eligible staff member reaches the age of 65, and ends on May 31st immediately following.	*Application Date* Begins on June 1st coinciding with or immediately preceding the date on which the eligible staff member reaches the age of 66, and ends on May 31st immediately following.

*Retirement Date* A staff member shall indicate his/her irrevocable election to retire at a date within the Reference Year (June 1st to the following May 31st) during which he/she turns age 65.	*Retirement Date* A staff member shall indicate his/her irrevocable election to retire at a date within the Reference Year (June 1st to the following May 31st) during which he/she turns age 66.	*Retirement Date* A staff member shall indicate his/her irrevocable election to retire at a date within the Reference Year (June 1st to the following May 31st) during which he/she turns age 67.

*Retirement Allowance* If approved, the staff member shall receive a retirement allowance in one lump sum payment equal to one hundred percent (100%) of the staff member’s annual base University salary (professorial salary exclusive of stipends) as calculated on the retirement date.	*Retirement Allowance* If approved, the staff member shall receive a retirement allowance in one lump sum payment equal to sixty-seven percent (67%) of the staff member’s annual base University salary (professorial salary exclusive of stipends) as calculated on the retirement date.	*Retirement Allowance* If approved, the staff member shall receive a retirement allowance in one lump sum payment equal to thirty-three percent (33%) of the staff member’s annual base University salary (professorial salary exclusive of stipends) as calculated on the retirement date.

*Process* A staff member may apply for consideration under Window One by written notification sent by email to his/her Chair and Dean, with a copy to the Provost. The notice shall include the staff member’s date of birth and the intended irrevocable date of retirement which shall be no later than May 31st of the Reference Year in which he/she turns 65.	*Process* A staff member may apply for consideration under Window Two by written notification sent by email to his/her Chair and Dean, with a copy to the Provost. The notice shall include the staff member’s date of birth and the intended irrevocable date of retirement which shall be no later than May 31st of the Reference Year in which he/she turns 66.	*Process* A staff member may apply for consideration under Window Three by written notification sent by email to his/her Chair and Dean, with a copy to the Provost. The notice shall include the staff member’s date of birth and the intended irrevocable date of retirement which shall be no later than May 31st of the Reference Year in which he/she turns 67.

*Approval* Approval shall be at the discretion of the University and confirmed in writing by letter of agreement signed by the Provost. Once approved, the date of retirement is irrevocable. Decisions are final, without appeal and not subject to grievance.	*Approval* Approval shall be at the discretion of the University and confirmed in writing by letter of agreement signed by the Provost. Once approved, the date of retirement is irrevocable. Decisions are final, without appeal and not subject to grievance.	*Approval* Approval shall be at the discretion of the University and confirmed in writing by letter of agreement signed by the Provost. Once approved, the date of retirement is irrevocable. Decisions are final, without appeal and not subject to grievance.