Human Resources Services
Room 207 Chrysler Hall Tower
( 519) 253-3000, ext. 2047
Fax (519) 971-3688
E-mail:lea@uwindsor.ca

Mailing Address:
University of Windsor
Human Resources Services
401 Sunset Avenue
Windsor, Ontario
N9B 3P4
Retirement Plan - Employees
(click here for Table of Contents)


Section 10 - Benefits On Termination Of Employment - Benefits On Termination Of Employment- Benefits On Termination Of Employment




10.01 Termination Benefits For Post-1986 Service

(1) Termination Before 24 Months Membership - Vested But Not Locked-In

A Member who terminates employment with the University before completing 24 months of Pensionable Service is entitled to receive either a lump sum refund of his/her required contributions made to the Plan on and after January 1, 1987, plus Credited Interest, or a deferred pension in the amount accrued or granted to him/her under Section 7.01 for Pensionable Service on and after January 1, 1987 and otherwise accrued or granted to him/her on and after January 1, 1987.

(2) Termination After 24 Months Membership - Vested And Locked-In

A Member who terminates employment with the University after completing 24 months of Pensionable Service is not permitted to withdraw any of his/her required contributions made under the Plan on and after January 1, 1987, and, in lieu thereof, is entitled to receive a deferred pension in the amount accrued or granted to him/her under Section 7.01 for Pensionable Service on and after January 1, 1987 and otherwise accrued or granted to him/her on and after January 1, 1987.

10.02 Termination Benefit For Pre-1987 Service

(1) Termination Before “45 And 10” - Vested But Not Locked-In

A Member who terminates employment with the University before both completing 10 years of Continuous Service and attaining age 45 is entitled to receive either a refund of his/her required contributions made to the Plan before January 1, 1987, plus Credited Interest, or a deferred pension, commencing on his/her Normal Retirement Date, in the amount accrued or granted under Section 7.01 before January 1, 1987.

(2) Termination After “45 & 10” - Vested And Locked-In

For service before January 1, 1987, a Member who terminates employment with the University after completing 10 years of Continuous Service and attaining age 45 is not permitted to withdraw any of his/her required contributions made under the Plan before January 1, 1987, and in lieu thereof, is entitled to receive a deferred pension, commencing on his/her Normal Retirement Date, in the amount accrued or granted under Section 7.01 before January 1, 1987.

10.03 Refund Of Excess Required Contributions

If the Member is entitled to receive a deferred pension under Section 10.01(2) upon termination of employment other than by death or retirement, he/she will receive a refund of any excess contributions made under the Plan determined in accordance with Section 7.06(2).

10.04 Benefit From Additional Voluntary Contributions

(1) On termination of employment, a Member shall be entitled to receive a lump sum cash settlement of his/her additional voluntary contributions with Credited Interest. However, for any additional voluntary contributions which by agreement with a former employer or operation of the Pension Benefits Act are required to be “locked-in”, a Member must choose one of the options available under Section 10.04(2) below.

(2) In lieu of the lump sum payment, a Member may elect either:

(a) to transfer his/her additional voluntary contributions with Credited Interest to a registered pension fund of a subsequent employer, if that plan so permits, or to a registered retirement savings plan. Provided that, if a portion of the additional voluntary contributions is required to be “locked-in” by agreement with a former employer or by operation of the Pension Benefits Act, the transferee must agree to administer that portion of the amount transferred as a locked-in deferred life annuity in accordance with the provisions of the Pension Benefits Act; or

(b) to leave his/her additional voluntary contributions in the Pension Fund to accumulate with Credited Interest to his/her Normal Retirement Date and at that time convert such amount into an annual retirement income pursuant to Section 7.05(2).

10.05 Early Commencement Of Deferred Pension

A Member who terminates employment with the University before attaining age 55 and who is entitled to receive a deferred pension under Section 10 may elect to commence receiving this pension on the first day of any month coincident with or following the attainment of age 55 and prior to his/her Normal Retirement Date. The amount of this pension shall be calculated in accordance with Section 7.04(2).

10.06 Transfer Of Value Of Deferred Pension

(1) A Member who terminates employment with the University may elect to have the Commuted Value of the deferred pension to which the Member is entitled under Section 7, with Credited Interest:

(a) transferred to another registered pension plan, provided that the administrator of that pension plan agrees to accept the transfer;

(b) transferred to a locked-in registered retirement savings plan or other retirement savings arrangement as prescribed in the Pension Benefits Act;

(c) applied to purchase a deferred life annuity from an insurance company licensed to transact business in Canada, provided that payment of the annuity will not commence until the Member has attained at least age 55; or

(d) transferred to a subsequent employer with whom the University has entered into a reciprocal transfer agreement for the purchase of a period of credited service under such plan.

Upon such a transfer or purchase, the Member will cease to be a Member and will have no further entitlement under the Plan.

(2) The University shall not permit a transfer or purchase under Section 10.06 unless the University is satisfied that:

(a) the transfer or purchase is in accordance with the Pension Benefits Act; and

(b) any restrictions in the Pension Benefits Act with regard to the solvency of the Plan have been met.

(3) Amounts transferred in accordance with Section 10.06(1) shall not exceed the maximum amount prescribed under the Income Tax Act, and the excess, if any, of the Commuted Value plus Credited Interest over the amount transferred shall be paid to the Member in a lump sum.

(4) A Member who is entitled to refund of contributions under Section 10 may elect to transfer the refunded amount to a registered retirement savings plan.



Copyright 1999, University of Windsor
Although care has been taken in preparing the information in this site the University of Windsor cannot guarantee its accuracy.