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Introducing a Voluntary Retirement Incentive Program

From the Office of the Provost and Vice-President, Academic and the Office of the Vice-President, Administration and Operations

To: All employees in CUPE 233, OPSEU, MAC, Senior Administration and their leaders

As we began preparations for the 2019-20 budget, we turned to the entire Ryerson community seeking creative, constructive, suggestions on how we could work together to protect the university’s priorities in light of significant reductions in funding announced by the provincial government.

One idea that surfaced was the creation of a voluntary retirement incentive program. While the budget process continues, we are introducing a one-time only Voluntary Retirement Incentive Program for staff in response to the suggestions provided and interest expressed at town halls.

The program will be administered by Human Resources.

What is the Voluntary Retirement Incentive Program

The Voluntary Retirement Incentive Program offers incentives to eligible employees who may wish to retire earlier than they had otherwise planned. The program creates opportunities for both cost savings and to reconsider department needs.

The program provides a lump sum retirement incentive of six months plus one week’s pay per year of service as well as benefits-related incentives. HR will reach out to eligible employees with full details. Participating employees will work with their leader to choose a retirement date between August 31 and December 31, 2019.

The program is entirely voluntary and it is an employee’s choice whether to apply for participation.

Who is eligible to participate

The program is available to employees who meet all of the following criteria as of July 31, 2019:

  • Are a full-time, career (FTCE) CUPE 233, MAC, OPSEU or Senior Administration employee
  • Are eligible for an unreduced pension. Under the Ryerson pension plan this includes:
    • aged 65, or
    • age 60, plus at least 20 years in pensionable service (80 points), or
    • minimum age of 55 with age + service = 90 points
  • Have a minimum of 10 years of pensionable service at Ryerson

Additionally, to be eligible, employees need to be actively at work or on statutory leave with an expectation of a return to active work.

Please note: Employees who have already provided formal notice of their resignation or retirement are not eligible for this program.

All applications are subject to the university’s approval.

What are the next steps?

Item Date
Senior leaders and managers with eligible employees will be notified. This week
Eligible employees will receive an email from HR to advise of their eligibility to apply and to share the program details and guide. Monday, April 15
Deadline for interested employees to submit applications to HR. By May 31, 2019
Final date for employees who applied for the program to receive a response from HR. By June 28, 2019
Employee who are approved for the program retire. Between August 31, 2019 and December 31, 2019

Questions

We know that the decision to retire is very personal and so we encourage eligible employees to review the program materials closely. If you have any questions or concerns, please contact your human resources consultant.

If you do not receive an email indicating your eligibility, but think you may be eligible, please contact Richard Briggs, pension advisor, at rbriggs@ryerson.ca or 516-979-5000, ext. 6254.

Thank you,

Michael Benarroch
Provost and Vice-President, Academic

Deborah Brown
Vice-President, Administration and Operations