Common use of Phased Retirement Program Clause in Contracts

Phased Retirement Program. 19.4.1 A program for phased retirement over one (1) to three (3) years will be instituted effective July 1, 2006. Members will give notice of their intention to participate in the one (1), two (2) or three (3)-year phased retirement program one (1) year in advance of the proposed commencement date for phased retirement (which shall be at July 1) so as to facilitate planning within Programs and Colleges. Such notice of intention will be irrevocable, but with sufficient notice the phased retirement period may be shortened. 19.4.2 Phased retirement will be available to full-time Members on June 30 following the Member’s sixtieth (60th) birthday (full-time is defined as those with greater than a seventy-five percent (75%) appointment) and Members will remain eligible until the year in which the Member attains age sixty- seven (67) (i.e., opting for the phased retirement program at age sixty-seven (67), with an actual retirement date at age sixty-eight (68), sixty-nine (69), or seventy (70) depending on whether the one (1), two (2), or three (3)-year phased retirement is selected by the Member). 19.4.3 Entering into the phased retirement program will set an irrevocable retirement date, but may be shortened with sufficient notice. Members in the phased retirement program (the Participant) will be expected to continue the full range of their normal pre-phased retirement program responsibilities as negotiated with the Chair of the Member’s Program or supervisor. The workload plan must be approved by the Xxxx and the Xxxxxxx. In order to maintain benefits, the appointment in any year must be at least fifty-one percent (51%) of a full-time appointment. 19.4.4 A Participant may choose to reduce workloads in increments of twenty-five percent (25%) (reduced workload increment) for each year of the phased retirement program. 19.4.5 The Participant's salary during the one (1), two (2) or three (3)-year phased retirement period will be pro-rated on the basis of the reduced workload appointment in each year. 19.4.6 The Participant will also be eligible to receive a retirement supplement. This supplement will be accumulated up to a maximum of seventy-five percent (75%) of the annual nominal salary in the year prior to the commencement of phased retirement. The amount accumulated annually toward the retirement supplement is equal to the lesser of: (a) the reduced workload increment times the salary prior to commencement of the phased retirement; or (b) the net salary savings. Net salary savings is the difference between the amount of salary and benefits saved by the University and the amount required to replace the reduced teaching workload at the per-course-rate. 19.4.7 There are two (2) options for payment of the retirement supplement: (a) payable at the end of the phased retirement period as a retiring allowance as defined by Canada Revenue Agency (CRA); or (b) payable as taxable income in equal installments at the end of each year of phased retirement. 19.4.8 The election of the form of payment has to be made at the time notice of intention to enter the phased retirement program is given. 19.4.9 In the event that a Participant dies prior to receiving his or her full entitlement under this section, the balance of the retirement supplement shall be paid to the Participant's estate. 19.4.10 Within sixty (60) days of the Participant’s declaration to opt for the phased retirement program the Participant and the Chair (or University Librarian in the case of Librarians or supervisor in the case of Senior Laboratory Instructors) shall agree upon a pro-rated workload schedule for the phased retirement program chosen, in accordance with the percentages agreed upon and a copy of the phased retirement program and workload schedule shall be provided by the Chair to the Xxxx (or Xxxxxxx in the case of Librarians and SLIs). This plan need not necessarily reduce workload equally in each of the three (3) areas. If the Member and Xxxx reach an agreement on the workload schedule within the initial sixty (60) day period, the Xxxx shall forward a copy of the workload schedule and phased retirement plan to the Xxxxxxx within the sixty (60) day period. 19.4.11 Planning for phased retirement shall take into account the usage of any sabbatical entitlement and the required time served after sabbatical. No sabbatical credit will accrue during the phased retirement period. 19.4.12 If the Participant and the Chair (or University Librarian or Supervisor) are unable to reach agreement on a workload schedule within the timelines provided in Article 19.4.10, the Xxxx of the appropriate College (or the Xxxxxxx in the case of Librarians and SLIs) shall be notified of this by the Chair within sixty (60) days of the initial declaration to opt for the phased retirement. Within a further five (5) days, the Xxxx shall schedule a meeting to discuss the workload schedule with the Participant, Chair and a designated representative of the Association. Within ninety (90) days of the Participant’s initial declaration to opt for the phased retirement, the parties shall meet as directed by the Xxxx (or Xxxxxxx in the case of the Librarians and SLIs) in an effort to reach an agreement. 19.4.13 If agreement has been reached on the workload schedule by the Parties and Xxxx, the Xxxx shall forward a copy of the phased retirement program and workload schedule to the Xxxxxxx within the one-hundred ten (110) days of the Participant’s initial declaration to opt for the phased retirement program. If no agreement has been reached by the Parties and the Xxxx on a workload schedule within the one-hundred ten (110) day period, that declaration shall be considered void and the Member will continue under the terms and conditions of employment that pertained prior to the declaration. 19.4.14 After receipt of the phased retirement plan and workload schedule from the Xxxx, the Xxxxxxx shall have ten (10) days to review and approve the plan and notify the Parties of his/her decision. Final approval of the plan rests with the Xxxxxxx. Approval of the plan will not be unreasonably denied.