- May 30, 2011
- Principals, Deans, Academic Directors and Chairs; Professional / Managerial and Confidential Staff
- Angela Hildyard, Vice-President, Human Resources and Equity
- Retirement Incentive Program for Professional / Managerial and Confidential Staff
Following the announcement of the Special Retirement program for UTFA, many Professional, Managerial and Confidential staff members asked us to consider developing a program for them. I am very pleased to announce that on May 5, 2011 the Business Board approved a Temporary Retirement Incentive Program for Professional/Managerial and Confidential staff. The program is intended to stimulate renewal and facilitate human resource planning within all divisions.
The program provides for a lump sum retiring allowance of two weeks salary per year of completed service, to a maximum of 52 weeks. Eligible employees must apply by January 31, 2012 and the retirement date must fall between April 30, 2012 and June 30, 2014. This is a discretionary program, and applications, including the retirement date, are subject to approval of the Division Head. Once approved, the date of retirement is irrevocable. The cost of the retirement incentive is to be paid by the approving division.
The staff member must be eligible for an unreduced pension as of the date of retirement elected:
- aged 60 with age + service equal to at least 80 for Confidentials and P/M 1-5; OR,
- aged 60 or more plus 15 years pensionable service for P/M 6-9; OR,
- at or beyond Normal Retirement Date (NRD) for all groups.
· Eligible staff must apply prior to January 31, 2012
· The retirement date should be the end of any month from April 30, 2012 to June 30, 2014 inclusive.
Participation in the program is subject to discretionary approval by each Division Head.
In considering applications for approval, Division Heads have been advised to consider:
o Will the retirement provide career opportunities for other staff within the division?
o Will the retirement facilitate or enable organizational change that might otherwise not occur?
o Can the Division accept multiple applications by considering spreading the timing of the retirements over the entire period of April 30, 2012 to June 30, 2014.
Staff who are uncertain as to whether they would qualify to participate can approach their divisional HR office, or Pensions staff (firstname.lastname@example.org or email@example.com) to confirm their eligibility prior to filing a formal application.
Eligible staff can apply using the application form available on the HR Website at:http://www.hrandequity.utoronto.ca/groups/pm.htm
More information about the program, including information about how to obtain a pension estimate and financial counselling is available at: http://www.hrandequity.utoronto.ca/benefits/qapmcrip.htm
Staff who have any questions about the program should contact their divisional HR office.