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Retirement

Academic staff have the right to continue employment beyond the standard retirement age under the same terms and conditions of employment as their younger colleagues including full tenure rights and protection of academic freedom. No one should be subject to periodic review based on age.

Fundamental to any retirement policy is the provision of an adequate pension plan, indexed at minimum to the cost of living. Pensions are a form of deferred income for which academic staff pay during their employment. As such, they are an entitlement, and the decision to receive a pension should be at the discretion of the member, subject only to the collective agreement, the pension plan and the requirements of the law and pension regulations.

Academic staff who continue their employment past the standard retirement age should receive their full salary and benefits and all negotiated increases in compensation regardless of when they choose to receive their pension income; academic staff who choose to postpone receipt of pension income should have the right to continue accruing full pension credits on an actuarially equivalent basis until they reach the age when they are required by law to start receiving their pension.

Retirement provisions for all academic staff should include, but not be limited to:

(a)    pensions that provide adequate pension income, indexed to cost of living;

(b)    eligibility for membership in the pension plan on the same terms for all academic staff including contract academic staff;

(c)    reasonable options for retirement that include, at a minimum, early retirement incentives to phase in the transition to retirement without impairment of pension and benefit entitlements. Such options should be available to all eligible applicants, including those who wish to retire early, and not awarded on a discretionary basis by the employer;

(d)    continued post-retirement benefits coverage;
 
(e)    institutional support to facilitate continued research and scholarly work. Without limiting the generality of this statement, such support should include access to office space, computers, and email; a mailing address; parking and library privileges; the opportunity to supervise graduate students; provision of research facilities; access to discounted software and other research materials, and the administration of grants. Retirees should be adequately compensated for any work they undertake at the request of the employer; and

(f)    free individualized financial planning services.
 
Approved by the CAUT Council, April 2016.