Retirement

Introduction

On March 14, 2005, the University of Toronto and the University of Toronto Faculty Association reached an Agreement on Retirement Matters that ended mandatory retirement for faculty members and librarians and provided for a range of retirement options.

Relevant Policy

The information in this manual provides guidance on implementing policy but in all instances, the policies are binding and take precedence over the information provided in this manual.

Retirement Options

Notice of Intention to Retire

Those faculty and librarians who opt to retire on or after the age of 65 (which remains the normal retirement date under the Pension Plan) should complete and submit the above form to their Chair or Dean.  This will be provided for information to the Provost's Office.

Unreduced Early Retirement

Notice of Intention: Unreduced Early Retirement

The Pension Plan has been amended to allow actuarially unreduced early retirement for faculty and librarians who are age 60 or more and have ten years of pensionable service.  Faculty and librarians are expected to indicate their intention to take unreduced early retirement one year in advance of the retirement date by submitting the above form.  The date of retirement can be either June 30 or December 31.

Phased Retirement

Phased Retirement Program Form

The Phased Retirement Program allows full-time faculty members and librarians, who are between the age of 57 and 681, to scale down their responsibilities over a three-year period.  Notice of intention to participate in the PRP must be given one year before the start date for phased retirement (which must be a July 1) by submitting the above form. 

During phased retirement, participants will continue to accrue pension based on their full salary and will receive an incentive premium in the form of a retiring allowance of 75% of their salary as of the June 30th before entering the PRP.  There are various options for receiving the retiring allowance that are set out in the above form.  Over the three year period, the participant's cumulative appointment must be at least 150% but not greater than 200% of a full-time appointment, with a minimum appointment in any one year of 25% FTE.  Faculty members and librarians in phased retirement are expected to continue the full range of their normal pre-program duties on a pro-rated basis as agreed with the unit head.  See below for further details on Research and Study Leave provisions.

1Please note that the earliest start date for the program is the July 1st which is three years prior to the June 30th coincident with or next following attainment of age 60 and completion of 10 years of pensionable service.  The latest start date is the July 1st which is three years prior to the June 30th of the calendar year of the 71st birthday. 

Postponed Retirement

Notice of Intention to Retire

Those faculty members and librarians who choose to postpone their retirement beyond 65 continue to participate in the Pension Plan and continue to accrue benefits.  They can choose to retire in any year with one year's notice and by completing and submitting the above form.

Revocation of Notice to Retire

Revocation of Notice of Intent to Retire

A one month 'cooling off' period is now provided for faculty members or librarians who have submitted a notice of intention to retire under any of the above options at least one year in advance of their retirement date. 

Notices of intention to retire under any of the above options are irrevocable unless a signed revocation of notice of intent to retire form is received by the Unit Head within one month of the date at which the original notification was provided. 

Notices of intention to retire which are accepted with less than 12-months notice are irrevocable.

Notice of Retirement and Annual Reporting

Faculty members and librarians must give notice of their intention to retire by completing the appropriate form one year in advance of the proposed retirement date in order to facilitate planning within academic units.  After the one-month 'cooling off' period, such notice becomes irrevocable.  Forms that have been approved by the unit head/dean should be submitted as follows:

  • Notice of Intention: Unreduced Early Retirement - following approval by the unit head this form should be submitted to the Dean's Office for information.  Once signed by the Dean's Office it should be forwarded to the Provost's Office (academic.hr@utoronto.ca) for information.  This information will then be provided to Mr. Richard Ashmore, Pensions Specialist, in the Central Human Resources Department.
  • Notice of Intention to Retire: following approval by the unit head this form should be submitted to the Dean's Office for information.  Once signed by the Dean's Office it should be forwarded to the Provost's Office (academic.hr@utoronto.ca) for information.  This information will then be provided to Mr. Richard Ashmore, Pensions Specialist, in the Central Human Resources Department.
  • Phased Retirement Program Applications: following approval by the unit head this form should be submitted to the Dean's Office for approval.  Entry into the PRP must be approved by the Provost's Office.  Forms should be submitted to academic.hr@utoronto.ca for approval.  A confirmation of the approval will be sent to the Dean's Office and to the applicant.  This information will then be provided to Mr. Richard Ashmore, Pensions Specialist, in the Central Human Resources Department.

All retirements must be reported  in a timely fashion by the division to the Provost's Office to ensure that pension payments begin on time and that accurate reporting of retirements can occur on an annual basis.

Forms requesting revocation of the notice of intent to retire must be approved by the unit head and sent to the Dean's Office for information.  These forms should be submitted to the Provost's Office for information no less than 12 months before the intended retirement date.  The Provost's Office will transmit this information to Mr. Ashmore.

Research and Study Leave

Under the Agreement on Retirement Matters, research and study leave for faculty members continues in accordance with Article 4 of the Memorandum of Agreement and existing policies and procedures, with the exception that Article 4(c) has been amended to permit the six month leave after three years of service at 82.5% of salary to be taken with seven years of retirement.  This is not the case for those who have entered Phased Retirement.

Research and Study Leave in Phased Retirement

Faculty members who wish to apply to take an earned research and study leave during the PRP must apply at the time of giving notice of intention to enter the program, so that the leave can be considered and approved in the context of the planning process for the phased retirement period.  Faculty members in the PRP continue to earn service credit towards a research and study leave as set out in Article 4(a) or (b), provided that the annual appointment is not less than 50% FTE.  Full details and examples of leave arrangements in the PRP are set out in the Research and Study Leave Arrangements in relation to the new Agreement on Retirement Matters.

Retirement Counselling and Information

To assist faculty members and librarians to assess their retirement options, the University will pay for up to three hours of independent retirement counselling. This service is provided by the following:

William D. Jack, Independent Advisor on Finances, Lifestyle, and Aging: 416.815.7200

T.E. Wealth: 1.888.366.1451

Faculty members and librarians can obtain a pension estimate online at:

http://resources.hewitt.com/utps

Or by calling U of T Pension Service at:

888.852.2559 (toll free for calls within Canada and US)

416.226.8278 (for calls outside Canada and US)

Retirement Information Sessions

Each year in April the Provost's Office and Human Resource hold a Retirement Information Session on the various retirement options available to faculty members and librarians.  All faculty members and librarians who—as of June 30th of that year—are within ten years of normal retirement are invited to attend.  A copy of the presentation from last year is available here.

Teaching and Research

Those retired faculty who are eligible will be able to submit internal and external grant applications (subject to approval).  Retired faculty with ongoing research programs are eligible to supervise graduate and undergraduate students' research in accordance with the School of Graduate Studies' and departmental policies.  In accordance with academic needs, there may also be access to stipendiary teaching opportunities.

Staying Connected

In addition to continuing to teach or supervising students, there are a number of ways that faculty members and librarians can stay connected to the University.  These include:

Retirees as an Academic Resources

The Academic Retiree Centre (ARC) suggests that retirees should be seen as an academic resource.  After retiring, many faculty continue to contribute to the academic work of the University.  These contributions include teaching on a stipend basis, graduate supervision, research and publishing, and chairing PhD oral exams.  Retirees also contribute to the academic life of the University through the programs of Senior College, including weekly meetings to discuss new research and public issues, an annual symposium on a major theme, and the building of an encyclopedia of the University.  Retired faculty continue to be involved in the outreach work of the University through their participation in University-in-the-Community and the ARC Speakers Bureau.

ARC suggests a number of best practices which would allow units and divisions to take full advantage of the contributions retired faculty could make.  A more systematic and creative approach to drawing upon the knowledge, experience and energy of retirees could be beneficial to both the academic units of the University and to the retirees.  Better use of retirees would augment the University's severely stretched resources while at the same time providing interesting opportunities for retirees to continue their association with the University and engagement in their scholarly and professional activities.

Some of the ways in which retired faculty might contribute to academic units beyond carrying on with teaching their courses on a stipend basis and continuing their research activities, include the following:-

  • guest lectures and seminars in courses
  • filling in for sick or absent faculty
  • offering 199, 299 courses and reading courses
  • participating in team research
  • consulting on applications for research grants
  • helping with fundraising
  • doing academic administration
  • archival work for the unit
  • assisting in organizing conferences and events

As part of the retirement process unit and division heads should conduct an 'exit interview' with retiring faculty to ascertain the level of ongoing involvement they wish to have with the unit or division.  A pool of retirees who are interested in contributing their time and energy in a variety of ways could be maintained by each unit.

Forms, Key Documents, and Other Resources

Forms

Key Documents

Other Resources

Frequently Asked Questions on Retirement Matters

Retirement Information Session Presentation (2013)

Human Resources provides extensive information for faculty members and librarians who are planning to retire.  These can be accessed here.