Be Prepared for Retirement

Be Prepared for Retirement

Electronic Mail Accounts: (Re-endorsed by Joint Committee — May 29, 2001):

It is agreed that provision of e-mail computer accounts for retired faculty members is to be treated similarly to the provision of mail boxes or library cards. All retired faculty should have access to an e-mail account on the same terms as active faculty. Like the mail box or library card, the e-mail account is to be used for University or academic business.

Given past experience with illegitimate use of computer accounts by “hackers”, it is recognized that for management purposes it might be necessary to require retired faculty to renew the e-mail computer account from time to time, or for CIS to remove accounts that are inactive over a long period of time.

Life Insurance:

At retirement you will be provided with a paid up policy of $5,000. If you wish to convert your insurance to a private insurance plan, you must apply within one month of your retirement date. Please contact Human Resources for more information.

If you take early retirement, you are able to keep your current coverage (Grandfathered Plan) or the basic plan of 175% of salary (maximum salary $100,000) by paying the full premium which is based on age factors, gender and smoking vs non-smoking. At age 65, however, the policy will be reduced to the Paid Up policy of $5,000.

Recreational Facilities (Approved by Joint Committee — June 21, 1999):

Anyone who retired prior to 1999 will continue to receive free membership at the Ivor Wynne Centre [Athletics & Recreation Complex]. Those who retired in 1999 may apply for membership at one-half price. All retirees after 1999 are eligible for membership in the Ivor Wynne Centre at a rate that will be prescribed annually and approved by the Board of Governors.

CAUT Services:

Individuals who were eligible for membership in CAUT through MUFA before retirement are eligible for membership as CAUT retirees. Individual retired members may join CAUT as Retired Associate Members for an annual fee of $30. For this fee they receive a subscription to the CAUT Bulletin, and may join a number of group plans offered for life insurance, personal accident insurance, family life insurance, professional property insurance, group home insurance, travel insurance, and other financial services. Retired members can also hold office and serve on CAUT committees. The application form may be downloaded by going to: http://www.caut.ca/docs/member-services/retired_pamphlet_v2012_en.pdf?sfvrsn=0

 

For more details regarding How to Prepare for Retirement visit the Working at McMaster website at: http://www.workingatmcmaster.ca/med/document/How-do-I-prepare-for-retirement-1-40.pdf

Last Update: March 2014