Pre-Retirement Information Session March 10, 2016

Thinking of Retiring? Consider the following: When to retire – this is a personal decision; no one time is best for everyone Ask your Pay and Benefits Specialist for an estimate of your vacation/severance pay (have a tentative date in mind) Start thinking of how you are going to handle your vacation/severance pay Retiree Benefits on our new Microsite at Meet with CSSB

Thinking of Retiring? Severance As per the collective agreement: Employees that retire with nine (9) or more years of continuous employment shall be paid severance pay in the amount of one (1) weeks’ pay for each complete year of continuous employment or portion thereof, but the total amount of severance pay shall not exceed fifteen (15) weeks. Will also receive 2 additional weeks:  20 or more years of service, which would equal 17 weeks pay  25 or more years of service, which would equal 19 weeks pay  30 or more years of service, which would equal 21 weeks pay  35 or more years of service, which would equal 23 weeks pay  40 or more years of service, which would equal 25 weeks pay Example: employee retiring with 27 years of continuous employment will be awarded 15 weeks pay plus 2 additional weeks for 20 years of service and 2 more weeks for 25 years of service for a total of 19 weeks pay.

Severance, things to consider: Transfer funds to RRSP or Cash out? If you are transferring to an RRSP, you will require a Notice of Assessment (NOA) from current Income Tax filed (can be obtained from Canada Revenue Agency (CRA) Employee must Terminate from all positions at the college in order to transfer funds to RRSP **It is the responsibility of the employee to advise all other departments that they currently work under of their official retirement date** e.g. Continuing & Distance Education Thinking of Retiring?

Severance, things to consider: Transfer funds to RRSP or Cash out? If you are transferring to an RRSP, you will require a Notice of Assessment (NOA) from current Income Tax filed (can be obtained from Canada Revenue Agency (CRA) Employee must Terminate from all positions at the college in order to transfer funds to RRSP **It is the responsibility of the employee to advise all other departments that they currently work under of their official retirement date** e.g. Continuing & Distance Education Thinking of Retiring?

If you wish to cash out all or a portion of your severance payment, these are the applicable tax rates: Under $5, = tax 10% $5, $15, 000 = tax 20% Over $15, 000 = tax 30% Thinking of Retiring?

Vacation Carry Over for Retirement (Policy H7) Main points to remember:  Carry Over amount can not exceed annual entitlement  Employee can request to carryover a max of 15 days prior to providing a confirmed retirement date  If employee requests more than 15 days, they are required to provide written notice of retirement date  Combined total of carryover and earned vacation credits cashed out at retirement should not exceed fifty (50) days

Webadvisor Go to ‘Employee Profile’ RRC Leave Plan Summary – review balances (always in hours)

Thinking of Retiring? Vacation, things to consider: Transfer funds to RRSP or Cash out? If you are transferring to an RRSP, you will require a Notice of Assessment (NOA) from current Income Tax filed (can be obtained from Canada Revenue Agency (CRA) Amount being transferred will be the balance after Pension contributions (max of 50 days) and applicable statutory deductions are deducted Employee must Terminate from all positions at the college in order to transfer funds to RRSP **It is the responsibility of the employee to advise the other departments that they currently work under of their official retirement date**

Sample of Complete Estimate

Thinking of Retiring? Retiree Benefits On the RRC Microsite please go to for Retiree Benefits details 3 Great West Life (GWL) options to choose from:  1. Ambulance/Hospital coverage  2. Ambulance/Hospital & Extended Health coverage  3. Ambulance/Hospital & Extended Health & Dental coverage Your personal circumstances (number of dependents) will determine the cost Pay & Benefits will provide you with a copy of the GWL Application form within your Retirement Package. You may also see the MARGE Retiree Benefits available at

Retiree Health Benefits Submit application to HUB STRATA  Standard Application – whether or not enrolling  Payments are done through Pre-authorized Debit Retiree Health Plan Account (NEW Policy# ); please destroy all other benefits cards Current RRC Health Benefits will cease Contact HUB STRATA: ext# 453 or

Decision made Contact CSSB/ TRAF Employee Submit in writing to Manager/ Director/Chair/ Dean Human Resource Consultant (HRC) Pay & Benefits Specialist (PBS) Employee Retirement Package EXIT CASE LOG OVERTIME BALANCES Follow these steps:

Meeting with Pay & Benefits You will be provided with your retirement package and an explanation of its contents: Official Retirement confirmation letter  Specific to your needs  Outlines your payouts Calculated breakdown of your final Severance and/or Vacation pay Forms:  Transfer of funds to RRSP (Severance & Vacation Pay)  Retiree Health Benefit Options & Information & Application  CSSB Group Life Insurance Change  ‘Acknowledgement upon Retiring from RRC’ legal document

Your Pay and Benefits Specialist may also discuss with you: Parking Canada Savings Bonds (CSB) All Charities Other College Donations Remaining VRWW deduction balances Meeting with Pay & Benefits Specialist

The big day! RRC staff ID card – return to HR Ensure all Retirement Package forms/documents are turned into Payroll Final payment of Severance/Vacation will be made upon receipt of final attendance T4’s – ‘Withhold Consent’? Be sure to unconsent, if you have consented to online T4’s. Your T4 will be mailed to you

Other tips & Information Ensure SIN card is updated with current surname Retiring after expiry of current Collective Agreement Advise service providers of Plan# change i.e. pharmacy once new benefits cards have been received Address, phone or changes should be communicated to Payroll to ensure your T4 is sent to the correct address if you have a move

Pension Funds - differences Registered Pension Plans (RPP): Civil Service Superannuation Board Fund (CSSB) Teachers Retirement Allowances Fund (TRAF) Government plans: Canadian Pension Plan (CPP) Old Age Security (OAS) Personal plans: Registered Retirement Savings Plan(RRSP)

Thank You for your time Questions? Comments? If you have any questions, contact Human Resource Services