Retiring from BCIT
As part of a long standing commitment to the well-being of faculty and staff, BCIT offers a comprehensive retirement package to eligible employees.
Understanding what benefits you are entitled to when retiring from BCIT is an important piece of your retirement planning process. Depending on your employee category and when you choose to retire, you may be entitled to:
- vacation entitlements
- pre-retirement leave
- a retiring allowance
- converted life insurance policy to age 70
We recommend meeting with your Human ResourcesAdvisor to determine your entitlements and the factors that contribute to the type of benefits for which you may qualify.
For a more detailed overview of your potential entitlement please see our frequently asked questions.
Pension Corporation of BC
Upon retirement, you are eligible for a monthly pension. There is also an option for coverage under the Medical Services Plan, and Extended Health and Dental through Pacific Blue Cross. Depending on your length of pensionable service, premium payments may be subsidized up to 100% by the Pension plan.
For additional information refer to the “Health Benefits for Retired Members”, “Pensionfacts” under “Publications” for each plan at www.pensionsbc.ca .
Canada Pension Plan and Old Age Security
When you retire, your contributions to the Canada Pension Plan (CPP) entitle you to a Retirement Pension that provides you with a monthly taxable benefit. To find out about applications, eligibility and payment information, visit the Service Canada’s website on pensions .
Another monthly benefit available to most Canadians 65 years of age or older, who have lived in Canada for at least 10 years, is Old Age Security (OAS). To find out about applications, eligibility and payment information visit the Service Canada’s website on Old Age Security .
Time line for retiring
- 6 Months
Notify manager, supervisor and HR of retirement. Meet with your HR Advisor to discuss the details.
- 5 Months
HR sends a retirement letter to you and the Pension Corporation.
- 4 Months
Receive Pension Package from the Pension Corporation.
- 3 Months
Return completed pension package to the Pension Corporation no sooner than 90 days prior to retirement.
- 1 Months
Letter to BCIT Payroll transferring sick leave bank monies into an RRSP.
Final pay deposit on your retirement date.
Retirement means something different to everyone and can bring up a mixture of emotions and questions. Planning ahead is a great way to make the transition. As you approach this segment of your employee life cycle you may want to consider:
- Retirement Income Planning
- Non-financial retirement planning (life-style planning)
- Mental preparation for retirement
- Your personal health status
Resources on planning for retirement are available through the Employee Assistant Program where counselors may be able to provide emotional and financial planning support.
Working after 65
You can now choose to work beyond the age of 65. Refer to the appropriate Mandatory Retirement Memorandum of Agreement for detailed information about changes affecting your employment conditions at BCIT.