Faculty members who continue to work past their Normal Retirement Date and have not commenced a retirement benefit with their Pension Plan funds can continue to access most benefits. NRD is the December 31 or June 30 following the member’s 65th birthday. Two benefits, Income Replacement Plan (coverage ends 6 months prior to your NRD) and Spousal Life Insurance automatically cease for all faculty and the following benefits continue:
- Health Benefits (MSP, Ext Health & Dental)
- Basic Group Life Insurance (benefit is reduced to 1x annual salary)
- Optional Life Insurance (member only)
- Faculty Pension Plan
- Professional Development Reimbursement (PDR) Funds
- Tuition Waiver
If a faculty members decides to access their Faculty Pension Plan funds after their Normal Retirement Date health and insurance benefits cease. At the end of the calendar year in which a faculty member turns age 71 all benefits cease except tuition waivers and PDR Funds. Faculty members can apply for the Post-Retirement and Survivor Benefits Program.