Reminder: Applications for the Phased-In Retirement Program (PRP) (Commencing September 2024) due March 1, 2024

To: Eligible TFA Members

This is a reminder that TFA members who wish to participate in the Phased-In Retirement Program (PRP) starting on September 1, 2024 are required to apply no later than March 1, 2024. 

Please note that applications for a January 1, 2025 start will be due July 1, 2024. 

The PRP is an opportunity for eligible TFA members to gradually transition into retirement over a two-year period. At the end of the two year period, retirees will receive a retirement incentive equal to 50% of salary (the salary in place at the start of the PRP). Members may opt to start the PRP in September or January of each year.

The application for the PRP is available on the OVPFA website. Once the deadline has passed, the application will be reviewed and the response will be communicated to the member within six weeks. Members may find it helpful to discuss the intent to apply for the PRP with their Chair/Director or Dean prior to applying.

More information on the program is available in the PRP Information Package (external link) .

Eligibility Criteria

To be eligible, TFA members must:

• Be at least sixty (60) years old at the start of the PRP;
• Have at least ten (10) full years of Credited Pensionable Service (as defined in the Toronto Metropolitan University Retirement Pension Plan (TMUPP)) as of the beginning of the phased-in retirement period; 
• Are not already in receipt of pension from the TMUPP at the time of the irrevocable commitment to take phased-in retirement; 
• Not have completed more than two years of gradual retirement under Article 10.8.B or 10.15.B.; and
• Not have provided notice of retirement pursuant to Article 19.G.

Questions?

Inquiries related to the PRP should be directed to the Office of the Vice-Provost, Faculty Affairs at vpfa@torontomu.ca.

CC: Deans
       Dean's Office Staff
       Senior HR Partners