Academic Retirement Incentive Program
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The Regulations on Retirement of Academic Staff allow for the possibility of a Retirement Incentive Program. A Retirement Incentive Program remains in effect for eligible full-time academic staff. Eligible staff members who make an irrevocable commitment to retire by the date associated with the relevant Window shall, upon retirement, receive the payment associated with the Window period as a retirement allowance.
The program is open to full-time academic staff in the following ranks:
Eligible staff shall have accumulated a minimum of ten (10) years of continuous full-time service at the University within one or more of the above ranked 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.
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.
In addition, the following exclusions apply:
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. The Dean shall indicate his/her written support by email sent to the Provost, with a copy to the Chair and staff member.
Approval is granted at the discretion of the University and confirmed in writing by letter of agreement signed by the Provost. Once executed, the date of retirement is irrevocable. All decisions are final, without appeal, and not subject to grievance.
Upon retirement, the sum associated with the Window period will be paid to the staff member as a retirement allowance, provided the staff member is still on active employment with the University at the date of retirement. For details on payment distribution options for the retirement allowance as well as eligibility for transferring part of it into an RRSP, please contact Maria Ollague in HR Shared Services at 398-2491.
A retirement allowance shall be paid only as provided for, and in accordance with, the Retirement Incentive Program.
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