Retirement

Updated: March 2024

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 Policies

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.

The Division of People Strategy, Equity & Culture (PSEC) provides extensive information for faculty members and librarians who are planning to retire.

Retirement Options

Faculty and librarians can access all documents and forms related to retirement through the
HR Service Centre and the links below. Staff members may access the links to forms on the VPFAL communications site.

Regular Retirement

Please refer to the University Pension Plan (UPP) website and/or plan booklet to understand the different retirement dates (i.e. Normal Retirement Date, Early Retirement Date, Early Unreduced Retirement Date and Postponed Retirement Date) defined in the pension plan. Note, if an individual has not retired from the University by December 1st of the calendar year in which they turn age 71, pension payments must start by this date in accordance with the Income Tax Act.  Refer to the HR Service Centre for further information.

Faculty are expected to indicate their intention to retire one year in advance of their retirement date (which can be either June 30 or December 31) by submitting the Notice of Intention to Retire Form . 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. Approved retirements are submitted to the People Strategy, Equity & Culture (PSEC) Benefits & Pension Team. Librarians should indicate their intention to retire three months in advance of their retirement date (last day of any month) by submitting the Notice of Intention to Retire Form. Following approval by the Department Head/Supervisor/Academic Administrative Head, this form should be submitted to the University Chief Librarian. Once signed by the University Chief Librarian, it should be forwarded to the Provost’s Office (academic.hr@utoronto.ca) for information. Approved retirements are submitted to the People Strategy, Equity & Culture (PSEC) Benefits & Pension Team. 

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.

Phased Retirement

The Phased Retirement Program (PRP) allows full-time faculty and librarians to scale down their responsibilities over a three-year period.  The earliest start date for the program is the July 1 upon a person attaining age 57 (i.e. three years prior to the June 30 coincident with or next following attainment of age 60 and completion of 10 years of pensionable service).  The latest start date is the July 1 upon a person attaining age 68 (i.e. three years prior to the June 30 of the calendar year in which the employee attains age 71).

Notice of intention to participate in the PRP must be given one year before the start date of the PRP (which must be a July 1) by submitting the Three-Year Phased Retirement Program Notice of Intention Form. 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. Approved retirements are submitted to the People Strategy, Equity & Culture (PSEC) Benefits & Pension Team by the Office of the Vice-Provost, Faculty & Academic Life.

Revocation of Notice to Retire

A one-month “cooling off” period is 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 of such intention are irrevocable.

Revocation of Notice of Intent to Retire Forms 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 People Strategy, Equity & Culture (PSEC) Benefits & Pension Team.

Research and Study Leave

The document Research & Study Leave Arrangements in relation to the Agreement on Retirement Matters, contains details about Research and Study Leaves during phased retirement. It is important to note that in accordance with 4c of that document, faculty members who have entered phased retirement may not take a six month leave at 87.5% salary.

Research and Study Leave in Phased Retirement

Faculty members who wish to apply to take an earned Research and Study Leave during phased retirement 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 Phased Retirement Program 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 Phased Retirement Program are set out in the Research and Study Leave Arrangements in Relation to the New Agreement on Retirement Matters.

Retirement Counselling and Information

For information about how to assess retirement options and information on retirement counselling, go to the HR Service Centre .

Retirement Information Sessions

Each year in April the Provost’s Office and Division of People Strategy, Equity & Culture 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 30 of that year — are within ten years of normal retirement are invited to attend.

Research and Teaching

Retired faculty and librarians who are eligible will be able to submit internal and external grant applications (subject to approval in normal course from the unit head or supervisor). 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 Post Retirement

Faculty members and librarians can stay connected to the University through Senior College.

Retirees as an Academic Resource

After retiring, many faculty continue to contribute to the academic work of the University.  These contributions may include teaching on a stipend basis, graduate supervision, research and publishing, and chairing PhD oral exams. Retirees may 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 and librarians may continue to be involved in the outreach work of the University through their participation in University in the Community.

A systematic and creative approach to drawing upon the knowledge, experience and energy of retirees could be beneficial to the academic units of the University while at the same time providing interesting opportunities for retirees.

Some of the ways in which retired faculty and librarians 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
  • administrative duties related to academic programs
  • archival work for the unit
  • assisting in organizing conferences and events

As part of the retirement process, unit and division heads should meet with retiring faculty  and librarians 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.