Retirement: Academic Staff

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Academic Financial Pre-retirement Seminar

Academic Psychological Pre-retirement Workshop

 

 

 

 

Contact Us

Pension & Benefit Advisory Services
Phone
: 780-492-4555
Email: benefits@ualberta.ca  
Contacts by Dept: Pension and Benefit Advisors

Thinking About Retiring

Retirement Planning

The University offers various resources to assist you in the planning process:

Retirement Income  

As a member of the Universities Academic Pension Plan (UAPP) you will receive a defined pension benefit based upon your highest 5 year average salary and your years of credited pensionable service.  Pension Estimates can be performed using the Retirement Planner. If you have lost or forgotten your user id and/or password please contact Buck Consultants at 1-866-709-2092 and they will assist you. 

The Federal Government also provides benefits for retirement. Service Canada has on-line Canada Pension

Plan and Old Age Security calculators that you can access to estimate these benefits.

Retirement Options for Continuing Academic Staff

A staff member governed by the Faculty, FSO, APO or Librarian Agreements may apply for either a Phased Pre-Retirement Period of Employment or a Phased Post-Retirement Period of Employment. Please Refer to Retirement Options for Continuing Academic Staff for more information. A summary of benefit coverage associated with each option is listed below:

For information on Emeritus status, please refer to the Emeritus Tip Sheet.

Decided to Retire?

Applying for Your UAPP Benefit      

Approximately three months prior to your retirement date Pension & Benefit Advisory Services will send you a retirement letter.  The letter will outline the required documentation to process your UAPP. The Pension & Benefit advisor will extend an invitation to meet with you so they may assist you with the application process. Once you receive the letter and gather the appropriate documentation contact your Pension & Benefit Advisor to arrange an appointment.

Approximately one month after you complete the application you will be sent a Retirement Options package from Buck Consultants. This package will outline the various pension options available to you. Election of a pension option is irrevocable once you receive your first pension payment. If you require assistance understanding the options you can arrange another appointment to meet with your Pension & Benefit Advisor. To find your advisor see the Pension and Benefit Advisors Contacts by Department.

Receiving Your Pension  

You will receive a pension payment on the second last day of the month following your retirement, providing the process started within three months of your retirement date. Your pension payments will continue as long as you live and where a joint option was elected will continue for the duration of your pension partner’s life (if predeceased by you). Monthly pension payments will be adjusted January 1st of each year by a cost-of-living adjustment equal to 60% of the average increase in Alberta’s consumer price index.

Post-Retirement Benefits Options for Academics        

Having adequate health and dental coverage during retirement is very important. A review of the insurance post employment benefits market was conducted and the following plans have been identified by the Academic Benefits Review Task Force as providing competitive level of benefits coverage with competitive cost, member flexibility as some plans do not require medical evidence of insurability, and levels of coverage to help best fit individual needs.

Termination of Benefits Upon Retirement

When you retire from the University of Alberta you should be aware of termination rules surrounding your benefit plans.

Benefit Plan  Coverage End Date
Supplementary Health and Dental Care Plan Coverage ends on date of retirement. Claims must be submitted within 24 months of date of service. You can convert without medical evidence to a private non group policy.
Dental Care Plan Coverage ends on date of retirement. Claims must be submitted within 24 months of date of service. You can convert without medical evidence to a private non group policy.
Health Spending Account Expenses must be incurred by date of retirement Claims must be submitted no later than 90 days following end of calendar year of retirement.
Employee and Family Assistance Coverage continues to the end of month of retirement.
Basic Employee Life Insurance Coverage ends 31 days from date of retirement. You can convert to an individual policy without medical evidence if your retirement date is prior to your 65th birthday. Pension & Benefit Advisory Services will send you information on who to contact to exercise your conversion privilege. Conversion maximum is basic plus optional life amounts to a maximum of $200,000. Insurance company will determine the term and cost of individual policy.
Optional Employee Life Insurance Coverage ends 31 days from date of retirement. You can convert to an individual policy without medical evidence if your retirement date is prior to your 65th birthday. Pension & Benefit Advisory Services will send you information on who to contact to exercise your conversion privilege. Conversion maximum is basic plus optional life amounts to a maximum of $200,000. Insurance company will determine the term and cost of individual policy.
Optional Dependent Life Insurance Coverage ends 31 days from date of retirement. You can convert your current coverage to an individual policy without medical evidence if you terminate prior to your 65th birthday and your dependent is also under age 65.
Business Travel Accident Insurance Coverage of $100,000 ceases effective your date of retirement.
Optional Accidental Death & Dismemberment Insurance Coverage ceases effective date of retirement.
Critical Illness Benefit Mandatory and Optional Coverage ceases effective date of retirement. You can convert to an individual policy without medical evidence if you have been insured under the plan for at least 24 months and terminate prior to age 65. Insurance company will determine the term and cost of the policy.
Medical Leave Coverage ceases effective last date of employment.
Death Benefit Coverage ceases effective last date of employment.
Long Term Disability Insurance Coverage ceases effective last date of employment when retirement occurs prior to normal retirement date.
Child Care Benefit Coverage ceases effective last date of employment. Claims can be made up to 30 days following date of retirement for expenses incurred while working.
Professional Expense Reimbursement Coverage ceases on the last date of employment, with allocation for final employment year pro-rated by date of retirement. Claims may be made up to 30 days following date of retirement for expenses incurred prior to retirement date.
Tuition Remission Coverage ceases on the last date of employment. Exception for staff employed under the Contract Teaching Agreement coverage ceases after Special Registrations in Spring and Summer term immediately following retirement.