Retirement and Pension

University of Toronto Staff-Appointed Unit

Whether retirement is years away or just around the corner, USW Local 1998 strives to ensure our members have the information they need to make informed choices when planning for life after work. We encourage members to plan ahead as they navigate the transition from career to retirement.

RETIREMENT PROCESS

Retirement Date

The normal retirement date is the last day of the month in which you reach age 65, but you may choose to work as long as you wish, noting that you will continue to earn pension benefits under the University Pension Plan (UPP) up to November 30th of the year you turn 71. You may also be eligible to opt for early retirement with an unreduced pension on the last day of the month in which you reach age 60 or a reduced pension on the last day of the month in which you reach age 55 if you meet specific criteria. See “Early Retirement” below for eligibility information.

Retirement Notice

Provide your non-USW supervisor with written notice of your intention to retire a minimum of three (3) months before your chosen retirement date by completing and submitting a Notice of Intent to Retire Form (PDF).

University of Toronto Retirement & Pension

Learn more about planning for your retirement, the University Pension Plan (UPP) and retiree benefits.

PENSION

Pension administration and support services are provided by the University Pension Plan (UPP). For more information, please visit myupp.ca or call 1-833-627-7877.

myUPP Member Portal

View your personal pension information and manage your details securely online.

myUPP Pension Estimate Calculator

The UPP Pension Estimate Calculator gives you tailored projections of your future pension.

University Pension Plan Member Handbook

The UPP Member Handbook provides a comprehensive overview of your pension plan.

Canada Pension Plan (CPP)

The Canada Pension Plan (CPP) pension is a monthly, taxable benefit administered by the Government of Canada that is available to qualifying citizens and permanent residents. The CPP is separate from the University Pension Plan (UPP).

Old Age Security (OAS)

Old Age Security (OAS) pension is a monthly, taxable benefit administered by the Government of Canada and is available to qualifying citizens and permanent residents. The OAS is separate from the University Pension Plan (UPP).

BENEFITS

Retiree benefits (extended healthcare, dental, etc.) are provided by the University of Toronto and administered by GreenShield. For more information, please visit greenshield.ca or call 1-888-525-7587.

Think your extended healthcare benefits retire with you?

Think again.

Extended healthcare benefits for active members are negotiated with the University of Toronto by USW Local 1998 through collective bargaining. These benefits are fought for, won, and guaranteed by the language in your collective agreement. The Union renegotiates your collective agreement, including extended healthcare benefits, every three years to ensure that our members’ needs continue to be met.

In contrast, extended healthcare benefits for retirees are not part of your collective agreement. Why not? Because the University’s position is that once an employee retires, they are no longer a member of USW Local 1998 and therefore the Union has no authority to negotiate benefits on their behalf. As a result, when you retire, you lose your Union-negotiated benefits package. Instead, you are forced to settle for a benefits package provided solely at the employer’s discretion.

And the difference is drastic.

MEMBER VS. RETIREE BENEFITS

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Benefits for Members

Negotiated by the Union

Benefits for Retirees

Provided by the University

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EARLY RETIREMENT

Early Retirement with an Unreduced Pension

The normal retirement date is the last day of the month in which you reach age 65, but you may choose to retire with an unreduced pension as early as the last day of the month in which you reach age 60 if your age plus your years of eligible service equal at least 80. This is known as the “60/80 factor” provision of the University Pension Plan (UPP).

Early Retirement with a Reduced Pension

You may choose to retire with a reduced pension as early as the last day of the month in which you reach age 55 if your age plus your years of eligible service equal at least 80 under the “60/80 factor” provision of the UPP. Note that under this option, your pension will be reduced by 5% per year you are under age 65 on your retirement date. Partial years are pro-rated.

Early Retirement Bridge Benefit

Through collective bargaining, USW Local 1998 negotiated an Early Retirement Bridge Benefit outside of the University Pension Plan (UPP). The Bridge Benefit is for members who retire between ages 60 and 65 with an unreduced pension under the “60/80 factor” provision of the UPP.

The Bridge Benefit allows these members to elect, prior to retirement, to receive additional monies in the form of:

A monthly payment on the 28th of each month from the date of early retirement
up to and including the month prior to the member’s 65th birthday; OR
A lump sum retiring allowance at the date of early retirement, tax sheltered to the
extent possible under the provisions of the Income Tax Act

Review and compare the Early Retirement Bridge Benefit monthly payment amount and the lump sum retiring allowance amount here.

RECOGNITION

University of Toronto

The University acknowledges retirees with a retirement certificate mailed to their home addresses. The certificate mailout occurs annually in the spring for the previous academic year’s retirees (July 1 – June 30). Learn More

United Steelworkers Local 1998

USW Local 1998 celebrates retirees with a retirement luncheon hosted by the Union’s President and Vice-President. The celebration occurs annually in the summer for the previous academic year’s retirees (July 1 – June 30).

At the event, each retiring member:

is recognized individually by name and years of service
receives a gift from the Union
receives a brochure featuring photographs and career briefs of the retiring members in attendance
enjoys a catered lunch shared with family, friends and colleagues

Eligible retiring members may request free tickets to USW Local 1998’s annual retirement luncheon for themselves and their guests by emailing their full name and retirement date to info@usw1998.ca.

SOAR

With the Steelworkers Organization of Active Retirees (SOAR), active retirement takes on a whole new meaning. An officially-recognized affiliate organization of the United Steelworkers, SOAR encourages retired USW members to continue to advocate for the social, economic, educational, legislative and political developments that affect retirees. SOAR also runs social events and outings for retired USW members. Learn More

SOAR meets on the last Tuesday of each month at United Steelworkers Hall.