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  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
       Human Resources.  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  pension effective date).  
       Check out – Apply for Your Pension. TPP has implemented on-line retirement; and 86% of
       all retiring teachers used the on- 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 deducted this fee for you on March 31. After, you will need to ensure  
       this fee is paid in order to maintain your certificate. 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). 

ERIP FAQs & DISTRICT MEMO

2024-2025 erip memo

Article G.42 - Early Retirement Incentive Plan (ERIP)

Who is eligible to receive the Incentive?  

Teachers with a minimum of 10 years of service with the District, who will be retiring from teaching (Article G.42.1).

What amount is available?

As per Article G.42.1 the total fund available for the ERIP incentive is $120,600.
 
When is the deadline for application to the ERIP incentive?
 
As per Article G.42.3.a applications will be accepted until 4 pm on the second Friday of November of that year. Watch for District communications about the ERIP incentive and deadlines in late September or early October
 
How many people generally receive the ERIP Incentive?
 
Generally, eight (8) people receive the incentive. However, everyone that is interested should apply, even if the possibility of receiving the incentive seems remote. One never knows.

What amount can teachers receive?  How is the amount paid?  

As per Article G.42.2, the amount is paid in one installment based on the following formula:
 
age                 % of teacher's 
                         annual salary    
55 - 56                   22% 
57 - 58                   20% 
59 - 60                   18% 
61 - 62                     16% 
63 - 64                    14%
Note:  Annual salary is exclusive of allowances.  

If there are more applicants than funds, what is the process to allocate the funds? 

​As per Article G.42.3.c, the order of priority is as follows:  
First Priority – applicants age 55 on or before June 30 of that school year.
Second Priority – applicants age 56 on or before June 30 of that school year.
Third Priority – applicants age 57, then 58 and continuing to age 64 on or before June 30 of that school year.  

If there are two people that are both 57, but only one person can receive an amount, what is the process to allocate these funds?  

As per Article G.42.3.c, seniority is used as the tie breaker. First total seniority in the District is used. If there is a tie, then the continuous seniority is used. In the event the tie has not been broken, then the date of offer of employment in the District is used.

Do I have to retire if my application is successful?

Yes. You must retire during the school year that you receive the ERIP incentive. As per Article C.1 (Resignations) notice of retirements require 30 day’s notice or a shorter period if both parties (teacher & HR) agree.

Is there an impact on my salary if my retirement is effective Dec 31? 

Teachers with a 1.0 FTE receive monthly allotments based on 20 days of work per month. If your retirement is effective on December 31, payroll will determine how many days you worked from the first day of work in September to the final day of work in December. Monthly payments of 20 days per month from September to December would be a total of 80 days. However, in the 2021-2022 there are only 71 working days so you would receive pay for the 71 days that you worked (excluding Garden City & Spul’u’kwuks). As a result, the December pay statement would have a pay adjustment that deducts 9 days of pay. 

Do I have to retire if my application is unsuccessful?

No, as per Article 42.3 if your application is not approved your application for retirement is deemed to be withdrawn.

How do I apply?

There is no official form. To apply, email Taffy Jackson by the deadline.  “I would like to apply for the Early Retirement Incentive Plan. I understand if I am successful then I must retire by the end of the school year.”

If I retire on December 31, am I able to apply to the TTOC list and, if successful, immediately start work on January 1?

No, in order to start collecting your pension you must sever all employment with the District and collect your first pension cheque before you are able to work again.  You can apply to the TTOC list on February 1. See returning to work after retirement on the Teachers Pension Plan website (https://tpp.pensionsbc.ca/returning-to-work-after-retirement) 

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.