ARTICLE 30 - RETIREMENT

30.01 - Pre-retirement Leave   30.02 - Vacation Leave on Retirement   

30.03 - Retirement Bonus   30.04 - Employee Time Bank 

30.01 - Pre-retirement Leave

 

(a) An employee scheduled to retire and receive a superannuation allowance under the Pension (Public Service) Act, or who has reached mandatory retirement age shall be entitled to:

1. a special leave at his/her basic pay for a period equivalent to 50% of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or

2. a special cash bonus of an amount equivalent to the cash value of 50% of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current basic pay;

 

(b) All pre-retirement leave, inclusive of compensatory time off, vacation credits and accumulated sick leave credits (if not taken in cash) shall be scheduled in accordance with the employee’s normal shift ratio.

 

30.02 - Vacation Leave on Retirement

An employee with more than five years of service who retires after age 55 shall be granted full vacation entitlement for the final calendar year of service.

 

30.03 - Retirement Bonus

(a) Upon retirement from service, an employee who has completed 20 years of continuous service, and who under the provisions of the Pension (Public Service) Act is entitled to receive superannuation on such retirement, is entitled to an amount equal to his/her basic salary for one month, and for each full year of service exceeding 20 years is entitled to an

additional amount equal to one-quarter of his/her basic monthly salary. An employee may elect to take this bonus as pre-retirement leave.

 

(b) An employee retiring from Long Term Disability who had completed 20 years of continuous service and had turned age 55 before being accepted under the provisions of the Long Term Disability Plan is entitled to an amount equal to his/her LTD salary rate for one month. For each full year of service exceeding 20 years, s/he is also entitled to an

additional amount equal to one quarter of his/her LTD salary rate.

 

30.04 - Employee Time Bank

(a) An employee shall have the option to bank the following in his/her Employee Time Bank:

1. Vacation in excess of the 15 day minimum entitlement, or part thereof, by advising the Employer in writing.

2. Time off credits.

 

(b) An employee shall be entitled to draw down 100% of the benefits identified in 1. and 2. above for:

1. education leave taken pursuant to clause 25.03(c);

2. child care leave, where 30 days advance notice has been provided;

3. parental leave taken pursuant to clause 24.03;

4. pre-retirement leave taken pursuant to clause 30.01.

 

(c) An employee shall be entitled to utilize 50% of the accumulated benefits under the old sick leave plan for (b) 1., 2., 3. and 4. above.

 

(d) All leave taken pursuant to (b) 1., 2. and 3. above shall be scheduled in accordance with the employee’s normal shift pattern.

 

(e) Once per calendar year, employees shall be entitled to apply to receive up to:

1. a 100% cash payout of the benefits accumulated in (a) 1., and 2. above; and/or

2. a 50% cash payout of the benefits accumulated under the old sick leave plan.

 

(f) Upon termination, the employee's final cheque shall include payment at current rates for the days in the Employee Time Bank. Such payment shall be at 50% for any days accumulated under the old sick leave plan, and 100% for benefits accumulated in (a) 1., and 2. above.

 

(g) Subject to the provisions of the Income Tax Act, upon termination, an employee may request that any leave remaining in his/her Employee Time Bank be rolled into a registered retirement savings plan.