Employees shall be entitled to retire on any June 30 coincident with or following their 55th birthday, provided that those who choose to retire prior to their 60th birthday shall have completed a minimum of 10 years of service at the University.
Employees who have met the requirements of Article 24.1 shall give the Employer notice before the effective date of retirement. It is desirable to give the Employer twelve months notice; however, the Employee shall give at least 90 days notice before the effective date of retirement.
24.3 Retirement Benefits
The pension benefits of a retiring employee shall be governed by the University Pension Plan for Academic Employees, or by such other approved pension plan covering a particular employee.
Effective July 1, 2010, all eligible employees who retire after age 55 with a minimum of 10 years of service shall be entitled to a post retirement spending account in the amount of $2,000 per year for a two-year period following retirement.
Subject to agreement between the Employer and the Association on behalf of the employee, an employee may have assigned duties reduced before retirement.
The Employer agrees that any employee who has retired according to this article and who is hired, following retirement on a full-time or part-time basis shall be appointed as a Special Lecturer in scope of the Association, provided that the individual performs more than teaching duties. Whether the individual will perform additional duties shall be determined by the Department Head (or Dean of a non-departmentalized College) and may include research or scholarly or artistic work, practice of professional skills or outreach work, extra University work or public service, or administrative work. Such appointments made within one year of retirement shall not be subject to Articles 13.4 and 13.5, but must be recommended by the search committee of the Department or College.
24.5 Reduced Appointment Retirement Plan
A Reduced Appointment Retirement Plan shall be made available to employees who are 55 years of age or older.
Employees who wish to participate in the Reduced Appointment Retirement Plan shall notify their Department Head, Dean and USFA no less than three months prior to the date on which the reduced appointment is to begin, except by mutual agreement between the Employer and the employee.
The term of the reduced appointment retirement plan shall be for minimum of 12 months and a maximum of 36 months.
Employees shall be considered retired at the end of the term of the reduced appointment.
The Employer may postpone the start date of a Reduced Appointment Retirement Plan for up to one year only, if:
- The number of applications in any Department or College exceeds 1/4 of the number of tenured faculty.
- Program requirements cannot be fulfilled.
- An adequate replacement cannot be found after consultation by the Dean of Medicine with a representative of the board of the health region, for an employee who requires hospital privileges to perform the employee’s assigned duties.
Duties for reduced appointments will range from 50% to 80% of full-time duties in any given year. Part-time duties shall be based on a proportional reduction of previously assigned full-time duties unless mutually agreed to by the Employer and the Employee. Changes to the assignment of duties shall be approved according to Article 11.
In the event of a dispute over assigned part-time duties between the Employee and Employer, an Appointments Forum shall be convened to determine the appropriate assignment of duties.
The conditions of each reduced appointment shall be reviewed by the Joint Committee for the Management of the Agreement. Once a Reduced Appointment Retirement Plan has been reviewed by the Joint Committee for the Management of the Agreement, the reduced appointment and end date are [ ] irrevocable and constitute notice under Article 24.2. Employees shall retain the right to retire during the reduced appointment.
Employees shall retain status and rank throughout the reduced appointment.
Employees shall retain entitlement to negotiate a further reduction of duties, subject to six months written notice with review by the Joint Committee for the Management of the Agreement.
For each employee on reduced appointment, a Nominal Salary rate will be established annually. This is the salary that would be paid to the employee if on a full-time basis, excluding all supplements. All relevant salary adjustments will be applied to the Nominal Salary. The Actual Salary shall be prorated from the Nominal Salary in direct relation to the approved reduction of duties for the reduced appointment plus an amount of salary equivalent to the difference between the Employer contribution to the Pension Plan based on the Actual Salary and the employee’s contribution based on the Nominal Salary.
Contributions to the Pension Plan will continue to be made on the Nominal Salary. The employee and the University will each contribute on the basis of the Nominal Salary. The employee will be credited with pensionable service as if on full-time, subject to the rules and regulations of legislation governing pension plans. The salary used in computing the average salary for pension purposes will be the Nominal Salary.
Contributions and benefits under the Academic Long Term Disability Plan will be based on the employee’s Actual Salary.
Compulsory Group Life Insurance will be provided on the basis of Nominal Salary as if the employee were on full-time.
All other benefits not tied to salary will be provided as if the employee were on full-time.
Article 20 shall not apply to employees on the Reduced Appointment Retirement Plan.
Vacation entitlement will be prorated on the basis of the reduced duties.
Employees on the Reduced Appointment Retirement Plan will continue as members of the Association Bargaining Unit.
Employees on the Reduced Appointment Retirement Plan will receive $3,500 per year over the period of their reduced appointment for research expenditures that meet the following criteria:
- Are allowable expenditures according to University guidelines;
- Are incurred to assist with the completion of ongoing research activities.
Any unused funds may be carried forward during the course of the Reduced Appointment Retirement Plan.
Employees are entitled to receive a portion of their reduction to salary in the form of a top-up to actual salary or as a payment to a research account as follows:
- (i) 50% of the reduction to salary with a commitment to retire after one year, or
- 20% of the reduction to salary for each of two years with a commitment to retire after two years.