SECTION I

RETIREMENT


Retiree Benefit Plans

 
Age of Retirement
Effective July 1, 2006 the mandatory retirement age of 65 is eliminated.  Faculty members attaining age 65 after July 1, 2006 who choose to remain on active employment shall continue to enjoy all of the rights, privileges and benefits of an active faculty member with some exceptions:
Parking for Retirees
    1. Faculty and staff who have retired but have a post-retirement appointment for which they receive remuneration from the University shall pay for parking. (effective July 1, 1992).
    1. Faculty and staff who have retired on or before June 30, 1992 shall continue to receive free parking; in the case of those who are under 65 the free parking shall be provided on West Campus. Any who have already reached 65 and are parking on West Campus should receive a Central Campus sticker immediately.

      2.  
    2. Faculty and staff who retire after June 30, 1992 may obtain a permit which allows (i) free parking on West Campus at all times and (ii) free parking on Central Campus for the period May to August and after 12:30 p.m. on days when classes are held between September and April; alternatively such individuals may purchase, at the Central Campus rate for eight months, a permit for Central Campus.
Approved by Joint Committee
December 3, 1991
       

      HOURLY PARKING: There  are 1, 2 and 3 hour blocks of parking for retirees holding restricted retiree permits that become valid at 12:30 p.m. Retirees who wish to park on central campus prior to 12:30 p.m. may purchase parking for the duration of time prior to 12:30 p.m. only.

      The following deposit [subject to change] is required when entering the University between the given times below:


     
    11:30-12:30 1 hour $ 3.75
    10:30-12:30 2 hours $ 7.50
    09:30-12:30 3 hours $11.25
    Prior to 09:30 $15.00
      The above issued permits must be displayed with a restricted retiree permit, which takes effect at 12:30 p.m.
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      Policy on Electronic Mail Accounts for Retired Faculty
      It is agreed that provision of e-mail computer accounts for retired faculty members is to be treated similarly to the provision of mail boxes or library cards. All retired faculty should have access to an e-mail account on the same terms as active faculty and shall comply with University policies in this regard.1  Like the mail box or library card, the e-mail account is to be used for University or academic business. The account may be accessed from University computers or by modem. In the latter case, if the retired faculty member wishes a fee modem account, this is also available and can be arranged (for example, through the purchase of vouchers at the Bookstore or by provision of a research account number).

      Given past experience with illegitimate use of computer accounts by "hackers", it is recognized that for management purposes it might be necessary to require retired faculty to renew the e-mail computer account from time to time, or for University Technology Services to remove accounts that are inactive over a long period of time.

      This policy shall be reviewed no later than five years after its implementation.

      1See Terms & Conditions of UTS Managed Email www.mcmaster.ca/uts/policy/emailpol.htmand Code of Conduct for Computer & Network Users www.mcmaster.ca/uts/policy/netcond.htm, which may be updated from time to time.
       

      Approved by the Joint Committee,  December 9, 1996
      Reviewed and Endorsed by Joint Committee, May 29, 2001, October 23, 2007
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    General Information for Faculty Who are Retiring or Leaving the University


    1. MONEY MATTERS

      2.  

       

      Final Pay
      If you are normally paid by means of a bank deposit on the fifteenth of each month, your final pay will be deposited in the bank on the fifteenth of the month in which the termination date occurs, subject to receipt by Human Resources of authorization prior to the appropriate payroll cut-off date.

      Income Tax
      If you are leaving Canada, you may prefer to file an advance income tax return with the local Revenue Canada Office. A statement of earnings may be obtained from the Payroll Department (Ext. 22534). To facilitate the speedy return of your T4 Income Tax form, please keep Human Resources informed, in writing, of any change of address.

      Canada Savings Bond
      The three options concerning payments still outstanding are: cancellation, pre-payment in full, or payment by post-dated cheques.

      Personal Pledges
      Deductions from salary for United Way, the McMaster Development Fund, and the McMaster Campus Ministries Council will cease upon your departure.
       
       

    2. BENEFITS

      3.  

       

      McMaster University Contributory Pension Plan

      Retiring Faculty. When official notification of retirement has been received by Retirement Support Services (Department of Human Resources), the retiring faculty member is advised by letter to initiate the documentation required for payment of University pension benefits. [TERMINATION BENEFIT: During the fall of 1996, the Joint Committee recommended and the President agreed that those faculty who at the time of retirement elect the Pension Plan's Termination Option, should continue to qualify for the normal retirement benefits.] For further information, please call Ext. 24570 or 23692 or e-mail the Pension HelpDesk: pension@mcmaster.ca.

      Other Faculty. When official notification of resignation or termination has been received by Retirement Support Services (Department of Human Resources), a faculty member who is enrolled in the Pension Plan will be advised by letter of his/her pension options.
       

      Other Benefits
      Retiring Faculty. Retiring faculty members who are enrolled in the group benefit plan immediately prior to retirement will continue to have coverage. To be eligible for coverage under the Extended Health plan with Sun Life, the retiree must be covered under a provincial health plan.  Employees hired on or after July 1, 2006 must have a minimum of 10 years of employment service at retirement to be eligible for post-retirement benefits.  Employees who at the time of retirement elect the Pension Plan's Termination Option will continue to qualify for normal retirement benefits.

      Members will be issued a $5,000 Life Insurance Certificate paid by the University.

      Whether retired or not, faculty members are entitled at the age of 65 to Canada Pension Plan payments and Old Age Security Benefits.

      During the 1996/97 remuneration negotiations, the Faculty Association and the administration agreed that faculty who retire early shall be permitted to continue to participate in the University's life insurance programme until the end of the month in which they attain the age of 65 by paying the premium defined within the programme on an age-related, smoker/non-smoker basis up to the maximums specified. The guiding principle is that a member may pay for coverage of less than or equal to the current lump-sum coverage without inclusion of the Survivor Insurance Benefit (SIB). More specifically the maxima are:
       

      1. 1.75 times annual salary at the time of retirement for those with coverage under the programme introduced in 1993;

        2.  
      2. One, two or three times annual salary at the time of retirement as currently specified by the member, excluding SIB coverage, for those with coverage under the old programme. [The current maximum annual salary for insurance purposes is $100,000.]

        3.  
      Other Faculty. When employment with the University terminates, benefits arranged through the University also terminate. However, within 31 days after such termination, Life Insurance coverage may be converted (subject to a maximum of $200,000) to an individual policy without evidence of insurability. For further information, please call the Retirement Support Services Administrators (Ext. 24570 or 23692).
      Employment Insurance Record of Employment
      The University is required to issue a Record of Employment for Employment Insurance purposes to each person leaving the University.. Please call the Payroll Department (Ext. 22534) to arrange for the Record of Employment to be mailed to you.

      Identity Cards

      Retiring Faculty. Please retain your ID card; as a retiree you are entitled to full privileges, including the use of Libraries.

      Other Faculty. Please return your ID card to the Manager, Human Resources Planning, Staffing & Development, Gilmour Hall Room 304.
       

      Recreational Facilities
      Anyone who retired prior to 1999 will continue to receive free membership at the Ivor Wynne Centre. Those retiring in 1999 may apply for membership at one-half price. Future retirees are eligible for membership in the Ivor Wynne Centre at a rate that will be prescribed annually and approved by the Board of Governors [Joint Committee, June 21, 1999].
       
       
    3. UNIVERSITY PROPERTY

      4.  

       

      Keys
      Please return keys to the appropriate place of issue. Books and McMaster materials should be returned to the appropriate places. Fines must be cleared with Financial Services (Gilmour Hall, Room 208).

      Travel and Miscellaneous Advances
      Please clear any outstanding travel advances or expense floats with Financial Services (Gilmour Hall, Room 208).

      Petty Cash
      If you hold a petty cash fund, either return the fund to Financial Services or advise Financial Services of the name of the new holder of the fund (ext. 24332)
       
       

    4. PARKING

      5.  

       

      Retiring Faculty
      See Parking for Retirees

      Other Faculty
      Please return your parking sticker to Parking & Transit Services for cancellation.
       
       

    5. MISCELLANEOUS

      6. If appropriate, please contact these organizations regarding leaving McMaster: University Club, Faculty Association, and/or McMaster Credit Union.

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      MUFA - pdk
      January 2011