One-Time Voluntary Retirement Incentive and New Phased-In Retirement Program

To: RFA Members
CC: Deans, Deans' Offices, HR Partners

As you are aware, the University and the RFA are currently in interest arbitration as part of collective bargaining for a new collective agreement. This process will continue this weekend and during the last weekend in May. However, Arbitrator Kaplan has issued an interim award (external link)  regarding two retirement incentive programs that are time sensitive. This message outlines the details of both programs.

One-Time Voluntary Retirement Incentive (VRI)

The VRI program outlined here is subject to approval by the Management Board of Cabinet pursuant to s. 13 of the Protecting a Sustainable Public Sector for Future Generations Act, 2019 (Bill 124). The request for approval has been submitted and an update will be provided as soon as possible.

The VRI is for RFA members who would like to retire on or before August 31, 2021.

Faculty, Librarians and Professional Counsellors who retire under the VRI will be entitled to a lump sum payment equal to one year of salary (as of August 31, 2021) paid as a retiring allowance. Participants may choose to receive their retiring allowance in two payments over two calendar years (2021 and 2022).

Faculty, Librarians and Professional Counsellors are eligible to participate in the VRI if they have met the following criteria by July 1, 2021:

• Reached Normal Retirement Date (i.e., 65) under the Ryerson Retirement Pension Plan (RRPP);
• Ten (10) years of pensionable service in the RRPP at Ryerson; and,
• Are actively at work or are on leave with an expectation to return to work for the Summer 2021 term. RFA members who are on sabbatical in 2020/21 or who have been approved for sabbatical leave in 2021/2022 are eligible for the VRI. RFA members approved for sabbatical in 2021/2022 opting for the plan will be required to forego the sabbatical and retire by August 31, 2021.

Participants in the VRI will be required to agree to irrevocable retirement on or before August 31, 2021. Notice to retire will be due no later than June 1, 2021.

Individuals who gave notice to retire under Article 19.G on or after January 1, 2021 will be eligible for the VRI program. Those who gave notice to retire under Article 19.G of the Collective Agreement prior to December 31, 2020 and those who have entered into a Memorandum of Agreement with an irrevocable retirement date are not eligible to participate.

More information on and application for the VRI will be sent directly to eligible members by April 23, 2021. The official text of the VRI program is available in Arbitrator Kaplan’s award (external link) .

Ongoing Phased-In Retirement Program (PRP)

The plan will begin September 1, 2021 if the VRI is not approved by the Management Board of Cabinet. If the VRI is approved, the PRP will begin January 1, 2022.

The PRP is an ongoing program for all Faculty, Librarians and Professional Counsellors retiring from Ryerson.

Starting September 1, 2021, eligible RFA members will be able to opt for a phased-in retirement over the course of two years. The commitment to retire would be irrevocable and retirement would occur on January 1 or September 1.

During these two years, the participant would have a reduced workload between 25% and 75% per year with the combined workload over the two years being no more than 100%. The participant’s salary would be prorated based on their percentage workload. At the end of the two year period, participants will receive a one-time retiring allowance equal to 50% of their base RFA salary. Faculty on a PRP would still be expected to engage in SRC, teaching and service. Librarians and Professional Counsellors would be assigned a prorated workload based on their full-time duties.

To be eligible, RFA members must:

• Be at least sixty (60) years old at the time of application;
• Have at least ten (10) full years of pensionable service in the RRPP; and,
• Not be in receipt of benefits from the RRPP at time of application [1] (external link)  (though this does not impact the right to receive benefits from the RRPP any time thereafter); and,
• Not have completed more than two years of gradual retirement under Article 10.8(b) or 10.15(b).

Applications for participation in the PRP will need to be submitted on March 1 (for a September start) or July 1 (for a January start). If the VRI is not approved, applications to participate in the PRP in September 2021 will be due June 1, 2021.

More information on and applications for the Phased-In Retirement Program will be distributed in late April or early May. The agreed language is available in Arbitrator Kaplan’s award (external link) .

Questions?

Inquiries related to the VRI or PRP should be directed to the Office of the Vice-Provost, Faculty Affairs at vpfa@torontomu.ca.

[1] As a one-time transition measure, RFA members who are in receipt of benefits from the RRPP (as of the date the interest arbitration award is issued or the new collective agreement is ratified) will be eligible for participation in the PRP provided they begin phased-in retirement effective September 1, 2021, January 1, 2022, September 1, 2022 or January 1, 2023