Information for Retiring Employees

Final Paycheque(s)

In most circumstances, you will receive your final paycheque on regularly scheduled OC paydays. If you do not have direct deposit, you will need to make arrangements with your department to receive your final paycheque(s).

   

Vacation Leave Balances

Usually vacation time is taken as leave prior to retirement. Any unused vacation entitlements will be paid out on your final paycheque.

   

Retirement Leave and/or Payouts

Upon retirement, BCGEU Support Staff on regular appointments shall be granted a leave or, at the employee’s option, a cash payout, equal to their accumulated sick leave (to a maximum of 60 days).

Senior Managers, Administrative Staff and Excluded Support Staff, hired prior to January 1, 2003*, shall receive a cash payout of accumulated sick leave in accordance with Public Sector Employers Amendment Act (Bill 66).

BCGEU Vocational Instructors on regular appointments shall be granted a leave, or at the employee’s option, a cash payout, equal to 50% of accumulated sick leave.

Faculty on continuing appointments shall be entitled to a cash payment equal to their accumulated sick leave (to a maximum of 60 days).

* Changes to the Public Sector Employers Amendment Act (Bill 66) prohibit the accumulation of sick leave for payout upon retirement.   Only eligible employees hired prior to January 1, 2003 will be paid out under the previous rules.  Guide to Excluded & Executive Compensation in the BC Public Sector

   

Benefit Coverage

Group Benefit Coverage
Group benefit coverage for Senior Managers, Administrators and Excluded Staff, will cease at the end of the month following the month of retirement. Group benefit coverage for Faculty, Vocational Instructors and Support Staff will terminate on your retirement date.  Please note that any outstanding claims must be submitted to Manulife within  90 days of termination of your benefits.  

Life Insurance
Life insurance can be converted to an individual life insurance policy under the Manulife contract within 31 days following termination of group plan coverage without any requirement for proof of health.  If you are considering other options, please keep the 31 day contractual deadline in mind as this is strictly enforced.  For more information about applying for conversion of your group life coverage to an individual policy, contact Manulife Financial Customer Service Centre toll-free at 1-800-268-6195.

B.C. Pension
When applying for your BC Pension, you will have the option of applying for group coverage offered through your Provincial Pension Plan for BC Medical (MSP), extended health and dental coverage whereby the applicable premium(s) will be deducted directly from your monthly pension payment.

Alternatively, you can apply directly to:

  • BC Medical (MSP) by calling 1-800-465-4911 since all residents of BC must have MSP coverage.  Please review the Notice to Terminating Employees for more information.
  • Apply for individual Health and Dental coverage as long as you apply within 60 days of termination of group plan coverage.  Full details regarding Manulife's individual coverage options may be found at www.coverme.com or by calling 1-877-COVERME.
   

Retirement Allowance

Upon retirement, Senior Managers, Administrators and Excluded Staff on continuing appointment will be eligible for a retiring allowance as outlined in the respective Policies for Terms & Conditions of Employment.

Upon retirement, Faculty members on continuing appointment may be eligible for a "service on recognition on retirement allowance” (SRRA) as outlined in the Faculty Collective Agreement.

Vocational Instructors on regular appointment  will be eligible for a retirement allowance as outlined in the Vocational Collective Agreement.

Support Staff on regular appointment will be eligible for a retiring allowance as outlined in the Support Staff Collective Agreement.

   

Pension

Approximately six months prior to your retirement, you will need to contact the College Pension Plan (for Senior Managers, Administrative Staff,Faculty, Vocational Instructors) toll-free at 1-888-440-0111 or the Municipal Pension Plan (for Excluded Support Staff, Support Staff) toll-free at 1-800-668-6335 to request a retirement kit from the BC Pension Corporation. As a pension plan member, the retirement kit will provide you with everything you need to apply for your pension benefit and, if applicable, group BC Medical (MSP), extended health and dental coverage.

   

Keys / ID Card / College Property

Prior to your retirement date, you will need to provide your supervisor with your OC ID card and all OC property that is in your possession including keys, equipment, pager, etc.

   

Tuition Reduction

Your eligibility for further tuition reduction benefits ceases on your date of retirement.

   
T4

A T4 will be issued by February 28 of the following year and will be mailed to your last known address.  Please ensure Okanagan College is apprised of any address changes until you receive your final T4.
 

If you have questions or need additional information, please contact your Human Resources Advisor .