Phased-In Retirement Program (PRP) - September 2022
Please review the most recent communication (February 22, 2024) for current information.
To: RFA Members
The Phased-In Retirement Program (PRP) is an opportunity for eligible RFA members to gradually transition into retirement over a two-year period. At the end of the two year period, retirees will receive a retirement incentive equal to 50% of salary. Members may opt to start the PRP in September or January of each year.
Members who wish to participate in the PRP starting on September 1, 2022 are required to apply no later than March 1, 2022.
The application for the PRP is available on the OVPFA website. Once the deadline has passed, the application will be reviewed and the response will be communicated to the member within six weeks. Members may find it helpful to discuss the intent to apply for the PRP with their Chair/Director or Dean prior to applying.
More information on the program is available in the PRP Information Package. (external link)
Eligibility Criteria
Please note that the eligibility criteria for the PRP have changed. To be eligible, RFA members must:
- Be at least sixty (60) years old at the start of the PRP (formerly at the time of application);
- Have at least ten (10) full years of pensionable service in the RRPP at the start of the PRP; and,
- Not be in receipt of benefits from the RRPP at time of application (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.
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, 2022 or January 1, 2023.
Questions?
Inquiries related to the PRP should be directed to the Office of the Vice-Provost, Faculty Affairs at vpfa@torontomu.ca.