In accordance with the Compensation and Benefits articles section 51 and the Retirement and Resignation article 7.3.3 (c), of the Collective agreement between UWOFA and the University, an active Faculty Member who continues to hold a Full-Time appointment beyond their Normal Retirement Date, has group insurance coverage and pension contribution accrual as follows:
Basic, Optional, Dependent Life and the Voluntary Personal Accident Insurance benefits end at a Member’s Normal Retirement Date (NRD). An Employer paid life insurance, with the value of $15,000, is provided to Members.
Long Term Disability benefits and coverage end at a Member’s Normal Retirement Date.
Extended Health & Dental benefits continue. Members who continue to hold a Full-Time appointment past the end of the year in which he or she turns 69, and who meet the service criteria, are entitled to all benefits provided by the University Retired Group Benefit Plan.
The University Retired Group Plan include the Extended Health and Dental plans, as well as a Retirement Death Benefit equal to the lesser of 50% of your Basic Life Insurance in place prior to your retirement, or $15,000.
Annual flex credits continue as long as Members continue to hold a Full Time appointment. Each November, Members allocate these flex credits to the Health Care Spending Account and/or the Professional Expense Reimbursement Account for the next calendar year. For Members who continue to hold a Full-Time appointment past the end of the year in which he or she turns 69, the annual flex credits must be allocated to the Professional Expense Reimbursement Account, as the Member participating in the University Retired Group Benefit Plan does not have a Health Care Spending Account.
Health Care Spending Account benefit continues until the end of the year in which he or she turns 69.
Professional Expense Reimbursement benefit continues. Any unused amounts allocated may be carried over each year to be used in subsequent years, until March 31 of the last year of the Collective Agreement.
Dependent Tuition Scholarship benefit continues for Members who continue to hold a Full-Time appointment.
Pension contributions to the Pension Plan for Academic Staff by the Member and the University continue. Pension Plan contributions cease for Members who continue to hold a Full-Time appointment past the end of the year in which he or she turns 69. Pension assets may be withdrawn at this point or may remain invested in the plan, as the Member has directed. In accordance with the Income Tax Act (Canada) regulations, a retirement income must be established with invested pension by the end of the year in which the Member attains age 71.
Should you have any further questions concerning this summary document, please contact our office at (519) 661-2194 or email@example.com.