At UBC it is up to you to tailor the end of your career. You can retire any time after you turn 55. You will need to send a letter to your Head or Dean indicating that you wish to retire. While people have been known to give less notice, the University prefers to be advised 12 months prior to your anticipated retirement date. For example, if your notice is submitted July 1st, the effective date of retirement would be June 30 of the following year. If you submit your notice on January 1st, the effective date of retirement would be December 31st of the same year.
Note that most of your benefits (See Article 3, Memorandum of Settlement re: Retirement) remain unaffected until you are 71, and many continue indefinitely; your salary, your office, your students are yours until the time is right for you.
If you aren’t quite ready to retire but would rather continue working on a reduced appointment basis this option is available to you as per the Agreement on Reduced Appointments (Part 8). There are different types of arrangements for reduced appointments ranging from full workload for part of the year with no duties for the balance to a reduced appointment for the entire year.
If you are looking to retire in the next five years and would like to gradually reduce the amount that you are working, there are three different options available to you. These are outlined in the Letter of Understanding between UBC and UBCFA re: Letter of Understanding – Retirement Options.
Once you’ve reviewed your options, make an appointment to talk with your Head. If you’re still unsure about what to do or would like to discuss these options further, contact us for an appointment.
Planning for Retirement
Both financial and life-planning will go into your decision about when to retire.
There are several resources available to help you plan for retirement:
- UBC will reimburse members for retirement counselling from a UBC-approved financial consultant for up to a maximum of 3 hours ($750 limit) per member. Visit the UBC HR Retirement Planning web page to download the Retirement Counselling Claim Form.
- The UBC Pension Administration Office periodically offers group retirement workshops. UBC’s Employee & Family Assistance Program provider, LifeWorks, also provides retirement planning services and general financial counseling.
When you retire from UBC your Life Insurance expires as of the last day of your employment with the University. You are however eligible for the Retirement and Survivor Benefits Program (RSB) if you currently have coverage through UBC or through another plan, such as a spouse’s plan. The program consists of three benefit plans: extended health, dental and Employee Family and Assistance Program. More information on this plan, such as costs, coverage comparisons with non-retired faculty and other benefits options, is available on the Human Resources website. You need to enroll in this program when you are leaving UBC as you will not be able to join at a later date unless you have been covered under a spouse’s plan. In this case, you will have to apply within 31 days of that coverage ending. You will be asked to provide proof of the other coverage.
There are also other privileges available to you as a retiree of UBC such as a library card, access to the pool and parking permits. You can apply to obtain a library card by contacting the Library Cards Desk at 604.822.3869 or online. The rates for other privileges such as access to the aquatic centre and parking permits depend on whether or not you have emeritus status or are a member of the Quarter Century Club.
You may be granted emeritus status if your combined age and full-time service requirement of at least 70 years at the time of your retirement or resignation. If you retire prior to your normal retirement date, then you should notify Faculty Relations of your desire to be considered for emeritus status. This should be done six months prior to the date of your resignation.
If you are awarded emeritus status then you are also entitled to maintain email privileges and tuition waivers for dependent children. (Please visit this link for more detailed information on privileges associated with emeritus status). The very active UBC Association of Professors Emeriti is also an excellent resource.