The University of Ottawa pension plan is detailed in article 40.4 and Appendix A of the collective agreement and on the University of Ottawa website.
The plan is compulsory for all employees aged 30 or older. Employees under the age of 30 may choose to wait until they are 30 to participate in the pension plan. The University of Ottawa website provides information on contribution levels, future benefits, early retirement, etc. The University also offered a “New Pension Plan Member” presentation in 2008 that contains useful information.
Health Care Spending Account On Retirement
The health care spending account on retirement (HCSA) benefit is detailed in article 40.10 of the collective agreement and on the University of Ottawa website.
For the 2017 calendar year, each retired member has access to $1,350 funded by the Employer. As per Income Tax Act rules, this amount can only be carried over for one year, after which it is no longer available. The HCSA can help with costs relating to vision care, physiotherapy, massage therapy, psychological services, etc.
To find out more information about your HCSA balance, deadlines for use, or to find out more information on how to submit a reimbursement claim, log onto your Manulife account.
Severance Pay and Transition to Retirement
The severance pay and transition to a retirement benefit are detailed in article 40.3 of the collective agreement and on the University of Ottawa website.
Severance Pay: A member who has attained the age of 60, or whose age plus actual credited service is equal to 90 or more, and retires prior to the regular retirement date set out in the University of Ottawa Pension Plan (65), provided they do not retire prior to the completion of their scheduled teaching duties in a given term, is entitled to severance pay, equal to $800 multiplied by the number of years (or parts thereof) of regular full-time service, multiplied by the number of years (or portions thereof) remaining between the actual date of retirement and the regular retirement date for the member, this last number not to exceed 5.
Transition to Retirement: A member who is eligible to retire and to receive severance pay may opt for the transition to a retirement benefit. This program allows APUO members to have a reduced workload in the last years before their regular retirement date. The program will enable members to bring their regular salary up to their nominal salary using portions of the severance payment. During the transition period, members accumulate full vacation time and, more importantly, pension credits as per the provision of the Pension Plan by contributing up to the level of their nominal salary.
This commitment to retire is irrevocable at the termination of the transition period once the agreement has been signed. The start of the transition period shall not be prior to the completion of the member’s scheduled teaching duties in a given term. If you are interested in the transition to the retirement program, please contact the APUO.