Retiring from BCIT?
We’ve got FAQ’s in place to help you start planning for retirement.
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 Resources Business Partner 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, if you have contributed to one of the retirement plans at BCIT, 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 for Municipal Plan members and Green Shield for College and Public Service Plan members. Depending on your length of pensionable service, premium payments may be subsidized up to 100% by the Pension plan.
For additional information search for “Retirement Health Coverage” 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
- Between 6 to 3 Months prior
Notify manager, supervisor and HR of retirement. Meet with your HR Business Partner to discuss the details, especially if taking pre-retirement leave.
- Between 4 to 1 Month(s) prior
HR sends retirement letter to you, your Manager and Union (if applicable).
- Between 4 to 3 Months prior
*NEW* You must request pension package, or complete pension application on-line through the Pension Corporation website.
- If requesting paper pension package: you must request your package no sooner than 4 months prior to your retirement date.
- If completing pension package on-line: you can apply on-line no sooner than 90 days prior to your retirement date.
- Between 3 to 1 Month(s) prior
Return completed pension package to the Pension Corporation no sooner than 90 days prior to retirement or complete your pension application on-line.
- 1 Month prior
If applicable, return the letter to BCIT Payroll transferring sick leave bank monies in to an RRSP.
Final pay deposited on the bi-weekly pay day that your Retirement Date falls under (see payroll schedule).
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 counsellors may be able to provide emotional and financial planning support, as well as on-line resources for retirement.
Working after 65
Refer to the appropriate Memorandum of Agreement for detailed information about changes affecting your employment conditions and benefits at BCIT.