Responsible Service:
Human Resources
Instance and Date of Approval
Vice-President, Finance and Administration
June 6, 2022
1. PURPOSE
This administrative procedure sets out the current practices and procedures for retirement allowance eligibility, calculation and payment options under Policy 53.
2. PROCESS
2.1 Payment methods: Eligible employees can choose to receive the amount of their retirement allowance through the following:
- A cash payment (less the tax applicable at the source) on the last business day of the retirement month,
- A payment in the form of an RRSP contribution on the last business day of the retirement month (RRSP contribution room required),
- An eligible payment on the last business day of the retirement month (RRSP contribution room not required) transferred directly into an RRSP under the Income Tax Act, if the hiring date (for continuous service) is prior to January 1, 1996,
- A cash payment (less the tax applicable at the source) deferred to January 31 of the year following the retirement date, or
- A combination of the above.
2.2 Administration
2.2.1 If an employee is on a temporary assignment at the time of retirement, the retirement allowance and eligibility are based on the salary grade of the employee’s regular position on the retirement date.
2.2.2 For eligible employees who have not worked a 35-hour a week schedule in the five years preceding retirement, the standard salary on May 1, 2003, is calculated proportionally based on average weekly hours worked during the five years preceding the retirement date.
2.2.3 Calculation of the retirement allowance is done during the three months preceding the retirement date, but not prior to the employee signing the official documents confirming the retirement date.
2.2.4 For the payment to be made on the last day of the retirement month, employees must decide on the payment method prior to the retirement date.
2.2.5 Retirement allowance payments are reported on the T4 slip for the year in which the payment is made.
APPENDIX A:
Standard salaries as of May 1, 2003
REGULAR NON-UNION SUPPORT STAFF - CONFIDENTIAL (NC):
|
SALARY GRADE |
STANDARD SALARY |
|---|---|
|
NC1 |
$30,595 |
|
NC2 |
$33,380 |
|
NC3 |
$36,435 |
|
NC4 |
$39,847 |
|
NC5 |
$43,891 |
|
NC6 |
$49,013 |
|
NC7 |
$54,768 |
|
NC8 |
$61,566 |
REGULAR NON-UNION SUPPORT STAFF - MANAGERS AND SPECIALISTS (NM):
|
SALARY GRADE |
STANDARD SALARY |
|---|---|
|
NM1 |
$69,305 |
|
NM2 |
$78,009 |
|
NM3 |
$87,099 |
|
NM4 |
$96,236 |
|
NM5 |
$105,157 |