CTA - Coverage while working beyond your Normal Retirement Date

This information is for those Clinical Faculty members holding a full-time appointment at 深夜福利站 who work beyond their Normal Retirement Date. The following benefits coverage, insurance and pension contribution accruals are provided as outlined in the Collective Agreement between your employment group and 深夜福利站.

  • Optional Life, Dependent Life and Voluntary Personal Accident Insurance benefits end at your Normal Retirement Date. You may convert your coverage to a private policy fully paid by you (coverage to a maximum $200,000) within 31 days from your normal retirement date. Your coverage will continue during that time.
  • Employer paid Basic Life Insurance coverage of $15,000 begins.
  • Long Term Disability coverage, premiums and benefit payments end on your Normal Retirement Date.
  • Health Care Spending Account, if applicable, continues until your retirement date.
  • Dependent Tuition Scholarship Plan continues until your retirement date.
  • Pension contributions to the Academic Staff Pension plan (yours and the University’s contribution) continue as long as you remain actively employed and until the earlier of your retirement date or the end of the year in which you attain age 69. Pension assets may be withdrawn at this point (in accordance with legislation) or may remain invested in the plan, as you direct. In accordance with Income Tax Act (Canada) regulations, a retirement income must be established with the invested pension funds by the end of the year in which you attain age 71.

All other benefits and allowances continue in accordance with your employment contract until your retirement date, at which point you may become eligible for Post Retirement Benefits.

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