Retirement

You are about to begin a new phase in your life.  Like most major changes in your lifetime, retirement requires careful and thoughtful planning to ensure success in this rewarding and satisfying stage in your life.

When your thoughts turn to retirement, you should ensure that any and all questions are faced well in advance.  The information provided through this web site has been developed to help you get started.  You will find various pieces of information that seek to inform you and prompt you to consider some things you may not have thought of.  We hope that it offers you an opportunity to learn about retirement, and to start formulating a solid plan.

If we can be of assistance to you as you plan for your retirement, or if you would like to explore the opportunities to make your transition to retirement smoother, please do not hesitate to contact your Human Resources Consultant or the Benefits Administrator.

Overview – Normal and Early Retirement

Early Retirement: Employees may elect to retire earlier than age 65.  Provisions exist in the CAAT Pension Plan to allow retirement prior to age 65, either under “reduced” or “unreduced” pension.  Refer to the section that follows later to obtain more information on the CAAT Pension Plan.

Normal Retirement: Refers to retirement at age 65.  Typically the retirement date occurs on the last day of the month following attainment of age 65, or at the end of the semester immediately following the 65th birthday of those staff covered by the Collective Agreement for Academic employees.

Working beyond Age 65: Employees may elect to continue working beyond the age of 65.  The employee remains a member of the CAAT Pension Plan up to age 71.  At age 71 they must stop contributing and start receiving their pension, even if they are still employed.

Deciding When to Retire

When considering the ideal time for retirement, you should give consideration to:

Psychological aspects:

  • leaving the workplace
  • leaving the work behind
  • interests and leisure activities for the future
  • sustaining relationships
  • renewing relationships
  • impact on your spouse and family members

Financial aspects:

  • pension income from the college
  • pension income through HRDC (CPP, Old Age Security)
  • RRSP and other savings
  • Overall financial plan including income tax management
  • Part-time work
  • Other income

Transition to Retirement

Fleming offers several options to help employees ease their way into retirement. Click here to read more about the options available.

Your Retirement Income:

Potential Sources of Retirement Income:

  1. CAAT Pension Plan
  2. Canada Pension Plan (CPP)
  3. Old Age Security (OAS)
  4.  Non-RRSP savings and investments
  5.  Part-time work (or other types of employment)
  6.  Other income

Other Considerations

Sun Life Benefits:

Employees who retire to a monthly pension, are eligible to enroll in Fleming’s Retiree Benefit Plan through Sun Life.

Retirees have the option to enroll in extended health care, dental, basic life insurance, and/or additional life insurance, subject to the employee paying 100% of the associated premiums, including PST.  Within the extended health care and dental benefits, are two plans in which the retiree may select, if they choose to opt into the benefits.  Some life insurances have age limitations exist and are explained further in the Life Insurance Benefits at a Glance. Benefit premiums are deducted from the retiree’s bank account at the end of each month through a pre-arranged auto-debit process.  Click here for the Pre-Authorized Debit Form.

For more information on the benefits available and the monthly premiums, please refer to the Retirees Group Benefits page.

Employment Insurance (EI):

At the time of retirement you will be issued a Record of Employment (ROE) by the College.  You can take this record to the local Service Canada office to file your claim.  You may not meet the eligibility requirement and an EI. officer will advise you accordingly.  For more information on the EI program, please refer to the Service Canada website for more information.

Ontario Health Insurance:

If you plan on travelling or if you’re wondering what the current coverage is for the Ontario Health Insurance Plan (OHIP), please access the Ministry of Health & Long Term Care web site for more information.

Ontario Drug Benefits:

The Ontario Drug Benefits Program is administered by the Drug Programs Branch of the Ministry of Health and Long-Term Care. The branch is responsible for the delivery of Ontario’s Drug Benefit (ODB) program, the Trillium Drug Program, the Special Drugs Program and the publication of the Ontario Drug Benefit Formulary/Comparative Drug Index (i.e. the Formulary/CDI) for further information on the Ontario Drug Benefits programs available, please access the Ministry of Health & Long Term Care Website.

Ontario Colleges Retirees’ Association (OCRA)

The Ontario Colleges Retirees’ Association is an organization that advocates for its members on issues of concern to community college retirees.

Retirement Reward from the College

Upon official retirement from the College, full-time employees will receive a choice from two gifts that are unique to our recognition program. Refer to the Retirement Rewards page for more information.

Please contact Mackenzie White if you have any questions.

Please keep in mind the individual wishes of the employee when planning a retirement event.

Retirement Gift Choices

Retirement Links

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