Article 35 : pension plan and early retirement allowance

35.1 Barring any agreement to the contrary between the Parties, the University maintains in force the University of Ottawa Retirement Pension Plan and the benefits included therein for the duration of the Agreement.

35.2 The nominee to the Pension Plan Committee will represent the Bargaining Unit of this Agreement and the Bargaining Unit pursuant to the Agreement between the University and the Union representing the employees of the Trades, Grounds and Transportation, Local 772-B of the International Union of Operating Engineers.

Early Retirement Allowance:

35.3 Employees attaining the age of 55 who wish to take early retirement from the University shall be entitled to receive on retirement an allowance calculated as follows:

For those who have reached the age 60 or factor 90 at the time of retirement, the formula will be $215.00 x number of years of continuous service at the University x number of years before the normal retirement date (the maximum multiplication factor is 5*);

For those who have not reached the age 60 or factor 90 at the time of retirement, but are between the ages 55 to 59, the formula will be $180.00 x number of years of continuous service at the University x number of years before the normal retirement date (the maximum multiplication factor is 5*).

The Multiplier factor shall be determined according to the age of the employee at the date of retirement. This Multiplication factor will be balanced by the number of completed months of employment divided by 12 for a year that is not completed as follows:

Employees of the Bargaining Unit who will take early retirement as of May 1, 2003 will be able to choose, if they wish, to continue to participate in the dental and supplementary health programs, until age 65, at their own cost. They may also choose instead, if they wish, to continue to participate to the other insurance programs to which the University is associated, still at their own cost.

A Health Care Spending account will be created for regular employees of the bargaining unit who will become new reties as of May 1, 2003, and who have at least ten (10) years of continuous service. The annual amount available for each retiree will be 96.00$ for each calendar year (January to December), calculated on a pro-rata basis according to the date of retirement.

35.4  Salary determination for pension plan purposes

a) All active employees employed as of May 24, 2011 will be subject to the following grandfather clause. It has been agreed that the following premiums will be deemed pensionable:

• Article 6.2: Lead Hand Premium;
• Article 6.3: Weekends Premium;
• Article 6.4: Shift Premium;
• Article 6.8: Seniority Premium;
• Article 9.2: Statutory Holidays Premium; and
• Article 15.16: Vacation Pay Premium.

b) For all employees hired after May 24, 2011, the predetermined pensionable premiums will be limited to the following premiums set below:

• Article 6.3: Weekends Premium;
• Article 6.4: Shift Premium;
• Article 9.2: Statutory Holidays Premium; and
• Article 15.16: Vacation Pay Premium.