Retirement Incentive Program.
You may apply for consideration to receive the Retirement Incentive if you meet the following criteria (as of Dec. 15, 2020):
- You are 55 to 75 years of age;
- You have 10 or more years of pensionable service at UFV;
- You are a Type A or a Type B employee on continuing appointment at the time of retirement;
- You wish to retire from your Type A or B position and will not be rehired by UFV.
* Please note, all applications must be received in writing on, or before Dec. 15, 2020.
Dec. 15 is the application deadline only. Once applications close, you will still have time to seek financial advice and obtain pension estimates. If approved, a personalized letter will be presented to you and you may withdraw your name (prior to signing) until January, 2021.
If you are interested in applying for the retirement incentive, please fill in this form to apply.
Frequently Asked Questions:
Have I made a final decision by putting my name forward? No, we appreciate that it is a very short timeframe to make such an important decision. Once applications close, you will still have time to seek financial advice and obtain pension estimates. If approved, a personalized letter will be presented to you for final signature. You can withdraw your name for consideration up to the point whereby the letter is signed, in January 2021.
Where can I get information about my pension, including pension estimates? Information about your pension can be found by contacting the BC Pension Corporation. Using this website, you can run customized pension estimates yourself.
Is there anyone who can assist me in getting a pension estimate? Yes, Debbie Dyck, Christina Goodwin and Neena Buttar from Human Resources are happy to provide information and assistance for staff and faculty regarding their pension information.
How will I know if my application is approved for funding? Each applicant will receive a communication with the outcome regarding their application. Since it is impossible to predict how many people will decide to put their names forward, we cannot tell you in advance whether your application will be approved for funding.
How will UFV make the decision about which applications will be funded? Applications will be prioritized based on potential cost savings and increased operational efficiencies, as the purpose of this retirement incentive relates to managing the projected budget deficit for 2021/21 fiscal year and the potential for layoff avoidance.
Is my seniority a consideration in this process? Seniority will be considered, but decisions to approve an application will not necessarily be seniority-driven.
What about my health and dental benefits? UFV will not continue to provide Dental and Extended Health regardless of the option selected. You can find information regarding the benefits program provided by the pension corporation on the: BC Pension Corporation website.
What about financial planning counselling? Each employee who participates in one of the Retirement Incentive Program options is entitled to attend financial planning counselling. The financial planning consultant will be selected and paid by the Employer. Details will be provided once an applicant is approved and is proceeding with the retirement incentive.
If I am not selected, can I file a grievance? Decisions on the Retirement Incentive Program requests are made by the University at its sole discretion and cannot be grieved.