October 3, 2017

Phased Retirement Leave

Phased Retirement Leave

What is it?

Phased Retirement Leave enables you to make a gradual transition from work to retirement.

You may reduce your work week to three (3) days instead of the usual five during the two year period prior to your retirement date.

For how long?

This leave is available during your last two (2) years of employment prior to your retirement from the Corporation.

What about my retirement date?

Prior to applying for this option, you must determine your retirement date and advise AccessHR, in writing, of your intention to retire at a specified date.

How will this affect my pay?

The day(s) not worked will be considered as leave without pay.

Although your pay would be reduced to reflect your shorter work week, you will continue to contribute to CPC Pension Plan based on your full-time salary. Therefore, your pension will not be reduced as a result of the leave.

What about my benefit coverage?

Your benefit coverage will remain the same provided that you work the hours required for coverage.

Additional Information

  1. This leave period may not exceed two (2) years.
  2. Your retirement will become effective on the specified retirement date.

Questions and Answers

If I elect to participate under this option, will I still be entitled to the Pre-retirement leave?

Yes. You continue to remain eligible for the Pre-retirement Leave, subject to the provisions governing this type of leave.