Retirement Workshop Moratorium on Mandatory Retirement

1
Retirement Workshop Moratorium on Mandatory
Retirement

• Faculty Relations
• June 2007

2
Whats New?

• Memorandum of Agreement effective May 15, 2007
• Temporary moratorium on application of Policy 52
  (Retirement of Faculty)
• Human Rights Legislation change effective Jan. 1,
  2008

3
What Hasnt Changed?

• Normal Retirement Date (NRD) concept (age 65)

4
What does it mean?

• An individual can
• Keep working past age 65
• Create their own retirement plan
• Choose to retire

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What else does it mean?

• You can hire faculty at any age
• This applies to new hires and retirees

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Working Post-65

• If a member continues to work or is hired
  post-65what you should be aware of
• Health Other Economic Benefits
• Leaves

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Health and Other Economic Benefits

• Some benefits will continue without change
• Other benefits will continue with change
• Others will end
• But they will almost all end when the member
  takes their pension, either voluntarily or as
  required by Income Tax Act (age 69 but moving to
  71)

8
Benefits that continue without change

• Faculty Pension
• MSP
• Extended Health Benefits
• Dental
• Optional Life Insurance for Members
• Employee and Family Assistance Plan
• Professional Development Reimbursement
• Dependent Benefits following Death

9
Benefits that continue with change

• Basic Group Life coverage is reduced to 1x basic
  earnings
• Change occurs on the Normal Retirement Date (NRD)

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Benefits that end on NRD

• Income Replacement Plan
• Spousal Optional Life Insurance

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Benefits that continue for life

• Tuition Fee Waivers
• Free for BC Residents
• Dependent children

12
Leaves

• All leave provisions remain in place except as
  modified for those entering a Retirement Option
• Sick leave considerations

13
Retirement Planning

• Information Sessions, Workshops Counselling
• Working to Retirement
• Pilot Project Retirement Options
• Reduced Appointments
• Options for Term Appointments

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Information Sessions, Workshops Counselling

• Individual information sessions on
  pension-related matters
• One-day sessions for members who are at least 60
  years old, and their spouses, coordinated by the
  Pension Administration Office, featuring guest
  speakers on wills and estates, the Faculty
  Pension Plan, retirement options, and other
  related topics (details to follow)

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Information Sessions, Workshops Counselling

• Customized 2-day retirement workshops for members
  who are at least 60 years old, and spouses, which
  provides a holistic approach with an external
  consultant (details to follow)
• Individual counselling with a University-approved
  financial consultant, up to three hours per
  member (details to follow)

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Conditions for Retirement Options

• Faculty Association Member
• At least 60 years old _at_ point of entry
• At least 10 years full-time continuous service _at_
  point of entry
• In a tenure-stream position or full-time 12-month
  Lecturer
• One year notice of election of Option (unless
  waived)
• Irrevocable notice of retirement

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What Counts as Service?

• Active appointment in an eligible rank in the
  bargaining unit
• Paid leaves including sabbaticals, maternity,
  parental and short term sick leaves
• Time spent in a reduced appointment per Agreement
  on Reduced Appointments
• DOESNT INCLUDE unpaid personal or disability
  leaves or secondments

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Retirement Options

• Phased-In Retirement Option
• Gradual decreased workload over 3 years
• At Members election without approval
• 75 to 50 to 33.33
• Different allocation negotiable between member
  and Head, but cannot be lower than 33.33
• Full scope of duties

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Retirement Options

• Part-time Appointment Option
• 50 to 80 for up to 4 years
• At Members election without approval if 50
• Head approval required if 51 to 80
• Full scope of duties
• Range of load options with Heads agreement
• Eg. 50 for full year
• Eg. 100 for 6 months, 0 for 6 months

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Retirement Options

• Reduced-Scope Appointment Option
• Full- or part-time for up to 4 years
• E.g. full-time teaching/service only
• E.g. full-time research/service only
• E.g. part-time teaching only
• Head Dean approval required

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Retirement Options
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Other Considerations

• Salary workload
• Benefits per Agreement on Reduced Appointments
• In Phased-in option, if working between
  33.33-50, benefits pension maintained as
  though working at 50
• Pension contributions are maintained as of
  receiving 100 salary by both Member and UBC if
  15 years of service
• CPI, Merit and PSA and other salary increases are
  applied to the full-time salary but assessed on
  actual assignments

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Study Leave Considerations

• Must be planned in advance (prior to entering
  into Retirement Option)
• Must be completed within 1 year of date of
  retirement
• Salary paid will be per Agreement on Reduced
  Appointments

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Reduced Appointment

• Agreement on Reduced Appointments
• No age limitations
• Only for tenured members in FA
• 50-99 part-time appointment
• On a continuing basis or for a specific period
• Full-scope of duties
• Head/Dean approval required

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A Comparison
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Options for Term Appointments

• Term appointees can work towards retirement by
  requesting/accepting a part-time appointment if
  available and meeting the needs of the academic
  unit
• Note that tenure track appointments cannot be
  part-time

27
Retirement

• June 30 or December 31
• Requires notice in writing

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Post-Retirement

• May be re-hired as a new hire
• Post-Retirement Appointments (Policy 27)
• 1 year at a time
• Teaching and collection duties
• Retirement and Survivor Benefits
• Emeritus Status
• Available Benefits

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For Assistance

• Our website www.hr.ubc.ca/faculty_relations/retir
  ement/
• The Memorandum of Agreement Re Mandatory
  Retirement
• The Collective Agreement, Agreement on Reduced
  Appointments
• Faculty Appointment Options spreadsheet
• Notice Requirements for Retirements, Options, and
  Resignations

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For Assistance

• Our website (contd) www.hr.ubc.ca/faculty_relati
  ons/retirement/
• Frequently Asked Questions
• For Heads
• For Faculty Association Members
• Template letters for the cohorts scheduled to
  retire in June 2007 and December 2007
• Call us!