Retiree benefits

Eligibility

Regular employees who have 10 years of continuous regular employment service (with participation in the full benefits program during that time) at their date of retirement and commence receiving an immediate pension are eligible for retiree benefits. Eligibility for post-retirement benefits is under review by the Pension and Benefits Committee and it is strongly advised that employees discuss eligibility for post-retirement benefits with Human Resources before completing the retirement intention on Workday. Current coverage is as follows:
Life insurance Extended health
  • Flat benefit of $5,700 for those retiring on or after January 1, 2021
  • Amount is set at date of retirement
  • Within 31 days of retirement, conversion of group life insurance to an individual policy is available and may be of interest
  • Same coverage as for active employees with the exception of out of country coverage limited to 60 days per trip

Questions about coverage or claim assessments should be directed to Canada Life (formerly Great-West Life) at 1-800-957-9777.

For the extended health coverage, changes to marital status, coordination of benefits, registration of dependents or dependent student status should be directed to hrhelp@uwaterloo.ca or Human Resources reception at extension 45935.

The dental benefit ceases at retirement. To find out more about dental coverage for retirees (not affiliated with Waterloo), please visit the Retirement Management Services website. The University of Waterloo does not sponsor or pay the premium associated with this coverage.

Retiree benefit maxima

The Pension & Benefits Committee reviewed the maxima corresponding with the extended health benefit provisions and approved the following changes effective January 1, 2021:

Benefit

Those who retired after June 6, 2000

Those who retired between January 1, 1996 to Jun 5, 2000

Those who retired prior to January 1, 1996
Annual Benefit Maxima Effective January 1, 2021

Out-of-Pocket Max - Single

$130

$130

$57

Out-of-Pocket Max - Family

$262

$262

$113

Hearing Aids

$743

$743

$649

Massage

$743

$743

$543

Chiropractor

$743

$743

$543

Naturopath

$743

$743

$543

Osteopath

$743

$743

$543

Physiotherapist

$743

$743

$649

Podiatrist

$743

$743

$543

Private Duty Nurse

$22,517

$22,517

$10,834

Psychologist

$743

$743

$543

Speech Therapist

$743

$743

$649

Pensioner's benefits bulletin

In the bulletin you will find information relating to your benefit coverage and helpful tips. Please click on the link below, using your date of retirement to ensure you have the right benefit information.

Working beyond age 65

For Regular employees working beyond age 65, benefits will continue as highlighted below:

Age Change Pension plan Life insurance Sick leave Extended health Dental Long-term disability
Age 64.5 Same as active benefit Same as active benefit Same as active benefit Same as active benefit Same as active benefit No Coverage
Premiums cease 1st of the month 6 months prior to 65th birthday
Age 65 Same as active benefit Basic life (1x annual salary) continues at no cost to employee 

Additional life (2-6x's salary) is fully paid by the employee (optional premium rates apply)		 Same as active benefit Same as active benefit Same as active benefit No coverage 
Age 69 Same as active benefit Basic life (1x annual salary) continues at no cost to employee 

Additional life (2-6x's salary) is fully paid by the employee (optional premium rates apply)		 Maximum entitlement is 120 cumulative days.  

Staff USG 1-4 and CUPE: 90 cumulative days of sick leave up to maximum credited sick leave of 120 days		 Same as active benefit, except out-of-country coverage is limited to 60 days per trip Same as active benefit No coverage 
Age 70 Same as active benefit Retiree life benefit applies Maximum entitlement is 120 cumulative days.  

Staff USG 1-4 and CUPE: 90 cumulative days of sick leave up to maximum credited sick leave of 120 days		 Same as active benefit, except out-of-country coverage is limited to 60 days per trip Same as active benefit No coverage 
Age 71 Contributions stop and pension must be put in pay December 1st of the year you turn 71 Retiree life benefit applies Maximum entitlement is 120 cumulative days.  

Staff USG 1-4 and CUPE: 90 cumulative days of sick leave up to maximum credited sick leave of 120 days		 Same as active benefit, except out-of-country coverage is limited to 60 days per trip Same as active benefit No coverage