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Frequently Asked Questions about Retirement

What is my Normal Retirement Date?

What notice do I need to give that I intend to retire?

Article 19.F says "Notice of retirement shall be provided to the University as far in advance as possible but in no case less than three months prior to the actual retirement date." However the university administration has taken a very firm position that a retirement notice cannot be undone, so our advice is unless you are absolutely certain, do not give more than the requisite 3 months - particularly as some early retirement proposals have precluded people who have already provided notice of retirement!

So Faculty Members should give notice at the end of May.

How do I give notice of intention to retire?

Article 19 of the Collective Agreement describes normal and early retirement. 19.G says "Notice of resignation or retirement must be in writing, addressed and delivered to the Dean, Chief Librarian or Vice Provost, Students with a copy to the Human Resources Department and the RFA".

Is there an Early Retirement Package for 2009?

One was proposed, but the RFA and OPSEU determined that it was unfair and underfunded and rejected it. As of this writing, we understand that CUPE233 accepted the proposal and that it will therefore apply to them and to non-unionized Ryerson employees, and there has been a small uptake on it.

Will there be an Early Retirement Package for 2010 or 2011?

There certainly isn't at the time of writing, and given the abortive attempt for 2009, it seems extremely unlikely that one will be offered in the near future.

Do I need to retire when I turn 65?

No. The Ontario government removed mandatory retirement in 2007.

Frequently Asked Questions about Pension

When can I start receiving my pension?

When you retire (assuming you are at least 55 and have been a member of the plan for at least 2 years), or the month following your 65th birthday - even if you continue in your position. Once you start receiving your pension you also stop contributing to the pension plan.

What is my Unreduced Pension date?

If you retire before this date, the amount of pension you will receive will be (permanently) reduced. From this date on, however, you will receive years-of-service*0.02*best-of-60-months-salary. We have an outstanding grievance that the administration wasn't calculating this quite correctly, but we are within days/weeks of resolving it. The best-of-60-months-salary is the 60 consecutive months with the largest sum, divided by 5. For most people this will be the last 60 months, but if someone was receiving a stipend for some reason, it may be otherwise.

What is my maximum pension?

The maximum pension credit you can get is for 35 years of service. This means years enrolled in the pension plan, so time as a part-time instructor wouldn't likely qualify, nor would certain leaves if you didn't buy the service time.

Can I start taking my pension after 35 years of service?

No, not until you reach age 65. If you continue to work after you attain 35 years of service, you cease contributing to the pension plan, and your best-of-60-months-salary is calculated at that time. While this pension amount is now inflation protected (this was brought in a couple of years ago), your pension will not benefit from any salary increases (ATB or CDI) that you may subsequently receive.

Where can I get more information?

See the Ryerson Pension page.