Retirement Info & Workshops

RETIREMENT CHECKLIST

1. Check out! Pension Basics – including information about Teachers’ Pension Plan
workshops and e-learning courses. TPP Pension Basics

2. Log into My Account on the Teachers’ Pension Plan (TPP) website. In My Account
you can:

update your information with regard to marriage, separation, divorce, death of a spouse or beneficiary if no spouse.
use the personalized pension estimator and personalized purchase of service cost tools to estimate your pension both now and in the future;
review the extended health and dental package offered by the Teachers’ Pension Plan at Retirement Health Coverage.

Note:  The BC Retired Teachers’ Association also offers an extended health and
travel package – Check it out!  BCRTA Benefits

3.   Review Planning for Retirement on the TPP site.  To find out more information
about your retirement options.

4. Review Taking Time off Work and Buying Service on the TPP site.  Where you can
find out information about:

Buying pensionable service for a leave of absence including pregnancy, parental, job share, part-time or a general leave either paid or unpaid. Must buy-back within five (5) years of completing the leave.
Apply to be credited with up to five year of contributory service for time taken off work to raise children – Claiming a Child Rearing Credit (no payment is needed). This must be completed before you retire.

5.   Prepare your resignation letter to be sent to the Human Resources Office at least
30 days prior to your date of retirement.  You can send your resignation
/retirement letter or email to Tanya Major.  Keep a copy of your letter / email
and the response. Your letter simply needs to state, “Please accept my letter of
resignation effective June 30 20__.  I will be retiring as of June 30, 20__.” (date
could be different) Note: The School District honours retirees in June. To be
honoured and included in the Board’s tribute booklet Human Resources must
receive your resignation/retirement letter by May 31. The District will post more
information in the Spring.

6. Contact Lucy Mo in the Payroll Office to find out when your EFAP coverage,
extended health benefits and dental coverage end.  If you retire on June 30
benefits usually expire on September 30.  If you retire mid-year benefits usually
expire the month following your retirement (for example if you retire on March 31
benefits expire on April 30).  It is important to ensure you have continuous
coverage until the benefits associated with the TPP or the BCRTA begin. (either
email or phone Lucy Mo at 604-668-6000 ext. 6032)

7. Submit your package to apply for your pension.  You can apply using a paper
applications or online application by signing into My Account (within 90 days of
your pension effective date).  Check out – Apply for Your Pension. TPP has
implemented on-line retirement; and 86 % of all retiring teachers used the on-
line application.  This was the highest adoption rate in all of the BC Public Sector
Pension Plans, but still lower than Ontario teachers where over 90 % of teachers
retire on-line.

8. Consider converting your current group life insurance to an individual life
insurance policy? (contact Lucy Mo in Payroll for information and an application
form)

9.   If you would like to maintain your teaching certificate you must pay the annual
TRB fee. The District automatically deducts this fee for you on March 31. After
retirement, you will need to ensure this fee is paid by May 31 in order to maintain
your certificate. Payment opens April 1 on the TRB site. The RTA encourages all
teachers to maintain their certification – reinstating your certificate is onerous and
costs extra money ($245 non-refundable application fee). TRB fee info

10.   Consider joining the BC Retired Teachers’ Association (www.bcrta.ca).
Membership in the BCRTA allows you to access alternative coverage for
extended health, dental plans and/or travel insurance.

11.   Considered joining the Richmond Retired Teachers’ Association? BCRTA Branches

12.   Review your eligibly for Canada Pension Plan (CPP).

13.   Review your eligibility for Old Age Security (OAS).

EARLY RETIREMENT INCENTIVE PLAN (ERIP) - MEMO / FAQs

ERIP Deadline is Friday, November 10 - 4:00 PM

RETIREMENT QUICK LINKS

RETIREMENT WORKSHOPS

BCTF Recorded Webinars
Click here – workshop topics include How CPP works, What is YMPE and Why do I Care? Shortened Life Expectancy, WCB and your Pension, Purchasing Leaves of Absence.

Teachers’ Pension Plan – Learning Resources
The Teachers’ Pension Plan also provides videos, online courses, and webinars. Click here for more information.

BCRTA – BC Retired Teachers’ Association
Online pre-retirement workshop - Understanding your Benefits and Pension Income in Retirement – CPP, OAS and Group Benefits.

When: 7:00 pm on November 16 & 23 / January 18 / February 29 / April 3 & 16 / May 9 & 29.

Click here to pre-register.