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UNB Benefits & Retirement AllowanceBeth Lord, Human Resources

Need specific retirement information?

CALL FIRST!!!

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UNB Benefits• Benefits• Flexibility• Retirement Allowance• Work Time Flexibility

Program• General• Where to go for help –

contact list

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Benefits

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• Long Term Disability• Life Insurance

• Compulsory • Optional Group Term Life Insurance

• Employee Family Assistance Program• Dental• Tuition Waiver• Health• Travel• Accidental Death & Dismemberment• Optional Critical Choice Care Insurance

Benefits

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• Long Term Disability• Terminates upon retirement

Benefits

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• Tuition Waiver• Employee not eligible• Spouse & dependent children eligible for 50%

reduction for degree credit courses.• Dependent child is eligible up to and including

the term they attain age 26.

Benefits

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• Compulsory Life Insurance & Optional Group Term Life Insurance• Terminates upon retirement• Option to purchase the employee’s and/or

spouse’s coverage to an individual policy to a maximum of $200,000 within 31 days of retirement without having to provide evidence of good health

• Premium rates & coverage will be different from your current plan.

• Webb & Associates (James Webb)

Benefits

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• Employee Family Assistance Program• Terminates upon retirement• If you continue UNB Health plan, services of

a psychologist are included up to $75.00 per session with a doctor’s referral

Benefits

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• Dental• Terminates upon retirement• The Province of NB offers dental coverage to

retiring employees, but you must make application within 31 days from the date of retirement

• Application forms at Human Resources• Approximate cost:

Family - $40.29 per monthSingle - $20.15 per month

Retirement Allowance

Retirement Allowance

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• Complete 5 full-time continuous years of service to a maximum of 25 years.

• 5 days pay per year of service• Options

• Cheque less income tax• Transfer monies to purchase pension

service (if applicable)• Transfer to an RRSP (subject to RRSP

Room availability)• For personal details, contact your financial

advisor

Retirement Allowance

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• For service to end of 1995, CRA allows for $2,000 per year to be transferred to an RRSP on a tax-deferred basis without respect to available RRSP room.

• For service after 1995, retirement allowance can only be transferred if recipient has available RRSP room (may be transferred to any RRSP product including spousal). Plan ahead!

• Retirement allowance instructions must be provided to HR in year of retirement via retirement allowance election form. Funds must be received in the month following.

Pre-Retirement Workload Reduction

Pre-Retirement Workload Reduction

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Support Staff (PSSRP Worktime Flexibility Program)• Program allows up to 50% decrease in hours• Earn full-time service in PSSRP (pension) by paying

full-time contributions• Worked out with your Department / Unit / Union

before making formal application • Set weekly schedule and parameters of agreement• Shall commit to retire at a future date within five

years• Can actually retire before future date but no later

• NOTE: Approval for workload reduction is not automatic or guaranteed. It is subject to operational requirements and must be acceptable to both UNB and the employee.

Pre-Retirement Workload ReductionFaculty (Workload Reduction – Article 20)

• Allows up to 50% reduction in workload (Temporary or Permanent)

• Application is made to the President of UNB

• NOTE: Approval for workload reduction is not automatic or guaranteed. It is subject to operational requirements and must be acceptable to both UNB and the employee.

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Pre-Retirement Workload Reduction

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BENEFIT EFFECT

Retirement Allowance Full service for purposes of retirement allowance is realized (same as pension)

Tuition Waiver No effectHealth & Dental No effectGroup Life & Family Protection Benefit

Pro‐rated benefit in event of death Premium is also pro‐rated

Long‐term Disability Pro‐rated benefit in the event of disabilityPremium is also pro‐rated

Vacation Leave Pro‐rated based on % of full‐time

EFFECT ON BENEFITS

Remember….

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• The sooner we know your retirement date thesooner we can provide specific informationto you.

• Information on the UNB benefits programs can be found at:

www.unb.ca/hr/benefits

Checklist / Contacts

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Pre-retirementBENEFIT TIMELINE CONTACTUNB / PSSA Pension 6 Months HR 453-4648

Canada Pension Plan 6 Months 1 800 277-9914

Old Age Security 6 Months 1 800 277-9914

Post-retirementBENEFIT DEADLINE CONTACTNB Seniors Drugs 60 Days after age 65 (to avoid

changes in coverage)1 800 565-0065

Group Life Conversion (Webb and Assoc.)

31 Days post retirement 506 458-1812

PNB Dental for Retirees 31 Days post retirement 506 453-2296

Pre/Post Retirement Benefit Comparison

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Pre-Retirement Benefit Post-Retirement Benefit

Group Life & Optional Life

% of Salary + optional amount Converted Life Amount chosen but limited to $200,000

Long-term Disability % of Salary Terminated No longer required to protect earnings

Health UNB Extended Health, Travel & Prescription Drugs

Health

Prescription Drugs

UNB Extended Health & Travel

NB Seniors Drug Plan as provided by Medavie Blue Cross at age 65

Dental UNB Dental Plan formulary Dental Province of NB Retirees Dental formulary

Employee Assistance Program

Counseling services for various needs

Terminated UNB Extended Health provides for psychology services as prescribed

Group Accident AD&D benefits Terminated Not available to retirees

Tuition Waiver 100% for Employee, 50% for spouse & dependents

Tuition Waiver 50% for spouse & dependents

Optional Critical Choice Care

CI Benefit Converted Amount Chosen

Monthly Premium Illustration

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RETIREMENT TO AGE 65 FAMILY SINGLE

UNB Health (includes travel & drugs) $276.56 $128.93

Prov. Of NB Dental $  40.29 $  20.15

Total $316.85 $149.08

AFTER AGE 65

UNB Health (includes travel) $112.95 $54.47

Prov. Of NB Dental $40.29 $20.15

Senior Drug Program $230.00 $115.00

Total $383.24 $189.62

Contact Information

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UNBF

• Sherri Robichaud Benefits 458‐7678 sherrir@unb.ca

• Beth Lord Benefits/Pensions 452‐6361 blord@unb.ca

• Kevin Ring Pensions/Benefits 458‐7679 kring@unb.ca

• Peter McDougall Faculty Pension 458‐7676 pmcdouga@unb.ca

UNBSJ

• Tara Smith Benefits/Pensions 648‐5582 tls@unbsj.ca

QUESTIONS?

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