Enhanced Early Retirement
Date July 1, 1997
Number A 21.06
GeneralThe enhanced early retirement program is intended to provide an opportunity for Simon Fraser University Faculty Association bargaining unit members to retire early, contingent upon approval by the University.Policy
- All SFUFA bargaining unit members 55 years of age or older may apply to the Chair1 or Dean for enhanced early retirement.
- Applications are subject to the approval of the Dean, the Vice- President, Academic, the President and the Board of Governors after consultation with the Department.University approval will be granted only to those applications which are deemed to be in the best interests of the University. This approval may require that a position not be re-authorized for a period of time.
- The early retirement enhancement for bargaining unit members retiring under this Policy at least five years prior to normal date of retirement shall be a minimum of 14 months salary2This enhancement shall be reduced by 20% per year3 for each year less than five years prior to normal date of retirement, as follows:
- retirement 4 years prior to normal date of retirement receives 80% of enhancement
- retirement 3 years prior to normal date of retirement receives 60% of enhancement
- retirement 2 years prior to normal date of retirement receives 40% of enhancement
- retirement 1 year prior to normal date of retirement receives 20% of enhancement
- The manner of the payment of the enhancement must be mutually agreeable to the University and the bargaining unit member. It may be in the form of a lump sum payment or a number of payments. Enhancement amounts may, within limits prescribed by Revenue Canada, be transferred to the Academic Pension Plan Voluntary Contribution Account or to a Registered Retirement Savings Plan or equivalent. Any amount not so transferred will normally be paid as regular income.
- Bargaining unit members considering early retirement should discuss Academic Pension Plan retirement income options and other benefit plans with the Pension Plan administrator.Eligible bargaining unit members are urged to seek independent tax, financial or related advice in order that the consequences of the retirement decision are adequately assessed.
- Retirees under this policy who were hired prior to September 1, 2001 shall be entitled to participate in the Retirees Benefits Plan. (see Appendix 1)
1 Director of a School, Division Head or University Librarian/Archivist.2 Academic salary as of retirement date plus cash in lieu of the individual’s benefits.
3 The enhancement for retirements fewer than 5 years prior to normal date of retirement shall be prorated for parts of years prior to the normal date of retirement.
|Medical Services Plan||Yes||Employee will be reimbursed 50% of their medical premiums on a yearly basis.|
|Extended Health Care Plan (including vision and hearing)||Yes||Retiree with 10 years service or more pays 50%, otherwise Employee pays 100%.|
|Dental Plan (70/50)||Yes||Retiree with 10 years service or more pays 50%, otherwise Employee pays 100%.|
|Optional Life Insurance||Yes||Employee pays 100%.|
|Tuition waiver for family||Yes|
|Homeowners Insurance||Yes||Employee pays 100%|
|Gym membership||Yes||SFU pays 100%|
July 1, 1997