Article 35 : retirement allowances

35.1 Eligible employees: Regular employees who are not currently and who have not been on long-term disability for a minimum period of three (3) months and who are not on leave without pay at the time of their retirement receive a retirement allowance in accordance with the terms and conditions set out in this article.

All employees hired after May 1st 2018 will not be considered eligible for the retirement allowance identified in Article 35.

35.2  Definitions:

• Standard salary for position

• Salary corresponding to the standard of the pay grade for the position held by the retiring employee, in accordance with the salary scale in effect as of May 1, 2003.

• Multiplier factor
  • equal to 0.004 for employees who are less than 60 years of age or who have not reached "factor 90".
  • equal to 0.006 for employees who are at least 60 years of age or who have reached "factor 90" between the ages of 55 and 60.
• Factor 90

• The calculation for the final allocation will use the sum of the employee's age (expressed in years, months and days) plus his years of participation in the pension plan up to the retirement date (expressed in years and half-months [0,5]) which is at least 90.

• Number of years of service at the University

• Total number of years of active service at the University of Ottawa (expressed in years, months and days). This excludes years with other employers credited for pension purposes, years of leave without pay and years of service prior to continuous service at the University.

• Number of years of service remaining before normal retirement age

• Number of years of service an employee still needs to work before reaching the normal retirement date, i.e. age 65 (expressed in years and months). This figure must never exceed five (5) (i.e. it corresponds to five (5) for all employees between the ages of 55 and 60). It progressively decreases between age 60 and 65 to reach zero (0) at age 65.

35.3  Calculation formula

Eligible employees who take their retirement between the ages of 55 and 65 are entitled to a retirement allowance calculated using the following formula:

[standard for position] x [multiplier factor] x [number of years of service at the University] x [number of years of service remaining before normal retirement age]]

35.4 In accordance with the Income Tax Act, certain amounts may not be subject to taxation.

35.5 Employees must give three (3) months notice that they are retiring in order to receive the retirement allowance. Such notice is irrevocable. Employees are encouraged to give as much notice as possible in order to help the faculty or service with its budget and succession planning.

35.6 Retirement allowances are payable in the month following the employee's retirement.

35.7 

SALARY STRUCTURE 2003-2004, 35 HOURS /WEEK