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Academic Retirement Incentive Program

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Reference Period | Eligibility | Procedures | Approval | Retirement Allowance | Windows | Other Relevant Links | Fact Sheet ||


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.


Reference Period
  • For the current Reference Period, a staff member’s application for consideration must be received no later than 31 May 2014 with a retirement date between 1 June 2014 and 31 May 2015.
  • For the next Reference Period, a staff member’s application for consideration must received between 1 June 2014 and 31 May 31 2015 with a retirement date between 1 June 2015 and 31 May 2016.

Eligibility

The staff member must meet all of the eligibility criteria listed below at the time of application for consideration.

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 appointed in accordance with the Regulations Relating to the Employment of Librarian Staff;
  • Faculty Lecturers or Senior Faculty Lecturers appointed in accordance with the Regulations Relating to the Employment of Contract Academic Staff.

University Service

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.

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 may not apply for consideration until they have returned from leave, and may not retire until service following the sabbatical leave is completed.

Procedures

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

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.


Retirement Allowance

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.


Windows

A summary of the elements of the Retirement Incentive Program is contained in the following table.

Summmary of Retirement Incentive Program

Window One:

Window Two:

Window Three:


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

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

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

The eligible staff member shall indicate his/her irrevocable election to retire at a date within the Reference Year (1 June to the following 31 May) during which he/she turns age 67.

Retirement Allowance

If approved, the staff member shall receive a retirement allowance equal to 100% of the staff member’s annual base University salary (i.e. academic salary exclusive of stipends and awards).
Retirement Allowance

If approved, the staff member shall receive a retirement allowance equal to 67% of the staff member’s annual base University salary (i.e. academic salary exclusive of stipends and awards).
Retirement Allowance

If approved, the staff member shall receive a retirement allowance equal to 33% of the staff member’s annual base University salary (i.e. academic salary exclusive of stipends and awards).

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. The Dean shall indicate support by email sent to the Provost, with a copy to the Chair and staff member.
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. The Dean shall indicate support by email sent to the Provost, with a copy to the Chair and staff member.
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. The Dean shall indicate support by email sent to the Provost, with a copy to the Chair and staff member.

Approval

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.
Approval

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.
Approval

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.

Other Relevant Links

Fact Sheet

Retiring Allowances Fact Sheet