Pension and benefits information for retirees is well documented in the University’s benefits guide (PDF). But there’s a lot else about retiring that isn’t captured in Human Resources’ documentation. We’ve tried to cover as much as we can here.
Human Resources website
Retirement (covers procedures and pension calculation)
Pension (also covers pre-retirement programs)
Retiree benefits – also see the benefits guide (PDF).
You might be able to reduce your workload by up to 50% in the lead-up to retirement, provided you set a firm date. Your pension might still be based on your full salary.
You can exchange one week of vacation (PDF) for an increase in salary (a 2% increase if you give three years’ notice).
You get your full professional expense amount (FPER) for the fiscal year in which you retire, even if you are only working for part of it. Remember: You can use this for expenses carried forward from previous years.
What you get to keep. To maintain your library access, parking pass, and athletics membership, update your information with each service before you retire. (Provided that you tell Parking Services in advance, you’ll stay in the same lot and your fee drops considerably.) You also keep your medical benefits.
What you don’t get to keep. You do not retain your dental benefits (so get your dental work done first!), but you do qualify for the Retired Teachers of Ontario dental plan. Your N: drive will be deactivated shortly after you retire.
What you might get to keep. If you make arrangements, you can probably keep your email address (it’s usually not a problem but requires your department to tell IST) and your faculty web page.
If you continue to hold research grants, you might be able to continue accessing your office and lab space, as well as your computer, software licenses, and other equipment.
Otherwise, you have to return equipment provided by the University, such as the computer in your office. Items paid for by the professional expense allotment might be requested back, although this is unlikely for journals, books, and depreciated computer equipment.
Your chair, preferably one-to-two terms in advance of your planned retirement date.
Sue McGrath at Human Resources (extension 32046), four-to-six weeks before your retirement date, to make your pension choices.
Ask your chair if you will be owing or owed any teaching credits at the time of your planned retirement date.
If you have continuing research grants, talk to your chair about what privileges you might be able to maintain post-retirement.
Many people find that setting a firm date well in advance helps them plan and adjust. It is also common to want the flexibility of being able to retire when the time feels right. Do what works for you. (Note that a firm date is required for the reduced workload and vacation exchange programs.)
Retire on the last day of a month, not the first. UW pension payments are made on the first day of the month, so, for example, if you retire on June 30, you get your first pension payment the next day, July 1. If you retire on July 1, your first pension payment comes a full month later, on August 1.
Inform granting agencies well in advance of a switch to emeritus/emerita status, so your accounts don’t get frozen.
Visit the myPENSIONinfo site to:
Main office: Math & Computer Building, Room 4002
Phone: Ext. 33787
Email: fauw@uwaterloo.ca
More: Staff directory
Bryan Tolson holds office hours most Mondays
from 2:00 to 3:00 p.m. in room MC 4001.
Faculty Association of the University of Waterloo
200 University Avenue West
Waterloo, Ontario, Canada N2L 3G1