Each year, OSSTF District 10 advertises and hosts a Retirement Information Session. Register for this session by contacting the District Office. The workshop is conducted by Provincial Office staff for all members (and their spouses) contemplating retirement. It’s never too early to start to understand the process of retiring.
The Ontario Teachers’ Pension Plan website (www.OTPP.com) has an excellent overview for members about how to get yourself prepared for retirement. To access this resourceful information, visit the OTPP homepage and click on the pull-down menu Members from the top. Under the What’s New section you will find information about transitioning to retirement.
To begin the retirement process, you will write a letter to the Board notifying the Director of your intention to retire and collect the gratuity (if applicable). Giving advance notice is suggested. A sample retirement letter is found in Appendix A. Give a copy of this retirement letter to your principal and another copy to the OSSTF District 10 President via interschool mail or email to the District 10 President.
Note:If you are retiring to pension, it is advisable to select a retirement date at the end of a month (ie. January 31 or June 30). Your first monthly pension payment from OTPP is made at the end of the month FOLLOWING retirement. For example, if your retirement is effective June 30, your first pension payment is made on July 31
Your employment group benefits through OTIP end on your date of retirement and it is up to you to make any arrangements for post-retirement benefits should you choose to do so. (See Health Insurance and Benefits After Retirement)
Article L15 of the Collective Agreement describes the local terms of the Retirement Gratuity. The Provincial Government froze retirement gratuities as of August 31, 2012, through various regulations. If you qualified to receive a retirement gratuity at that time, you were notified by letter from the LKDSB indicating your retirement gratuity amount. This amount will be paid to you upon your retirement, unless you have already opted to receive the Discounted Early Gratuity Pay-Out in August 2016.
The Retirement Gratuity can be:
Consult a trusted financial planner to decide what is best for you. Once you submit your retirement letter, the Board will send you a gratuity option selection form for you to indicate your choice.
It is important to be aware that upon your retirement date, you will immediately lose access to LKDSB computers and digital devices, the email system, and the employee portal (including the Employee Self Serve system). You will no longer have access to Microsoft 365 or Google using an LKDSB associated account. You will also be required to turn over all physical property (e.g. keys, books, etc).
Contact the OTPP by phone or use their on-line system (www.otpp.com) to ensure that they have your current contact information as well as all of the documents required to process your pension. It is recommended that you make these inquiries at least six months before retirement. Several official documents may be required and it may take some time to locate them.
You should also consider what survivor benefit options are best for you:
If you are within four months of your retirement date, after submitting your retirement letter to the Board, apply online for your pension. Go to www.otpp.com , sign in under “Member Sign In”, click on the “Your Pension” section. This section includes your Service Record (check for accuracy), your Profile, your Contributions, any Buybacks you may have made or may want to make, and the Document Centre listing required documents to upload (ie. birth certificate, spousal birth certificate, marriage certificate, certificate of divorce or decree absolute if applicable, 50% survivor waiver if applicable, etc.).
To apply for pension, click on Pension Application and follow the steps. If you need assistance while applying online, call the OTPP at 1-800-668-0105 weekdays between 8:00am and 5:30pm. Once you’ve applied, use the website to upload any further required documents to complete the application process and to update and track the progress of your application. Contact the OTPP if you have any questions.
If your scheduled retirement date is within the next 110 working days and you have notified both the Board and the OTPP, you have the option to terminate your LTD coverage and the associated premium deductions under Scenario 2 (See Appendix B). Should you become medically disabled after termination, you will not qualify for LTD but could qualify for sick leave should you have sufficient unused sick days up to your scheduled retirement date.
To terminate your LTD coverage and the associated premium deductions, complete the LTD Coverage Termination form (Appendix B) under Scenario 2 and send it, with a copy of your retirement letter and OTPP service record/statement, to the District 10 Office.
Your employment group benefits end on your date of retirement. Several insurance companies offer supplementary health, dental, and travel insurance coverage to retirees for purchase. Your health, dental, and travel needs need to be carefully considered.
The two main companies that offer benefit packages are Johnson Insurance (through RTO) and OTIP (also referred to as RTIP). Both of these companies offer Retirement Planning Workshops for teachers in our District at various times during the year. It is advisable to visit each of their websites and contact them for information.
Other companies may offer products for retirees, too.
Prior to retirement, it is advisable to check with each company to determine how to enrol, should you choose to purchase their insurance coverage. You have a specific length of time (typically 30 days) to enrol in one of these plans without additional medical proof of insurability.
You can work directly or indirectly for a participating employer for 50 days in each school year following retirement without interrupting your pension. The rules are explained on the OTPP website (search Working After Retirement after logging in).
You can work until the end of the month in which you reach and exceed your limit without affecting your pension. If you continue to work after the month in which you have reached the limit, you will need to contact OTPP as you are not eligible to receive your pension for that month and your pension will be suspended. It is your responsibility to count the number of days you work. An on-line App called “Worklog” is available for download to help you keep track of your re-employment days and avoid a pension suspension. By using this on-line tool you can record days worked and know when you are getting close to the 50-day re- employment limit.
OSSTF - District 10
50 UBE Drive
Sarnia, ON N7W 1B6
60 Mobile Drive
Toronto, ON M4A 2P3
Ontario Teachers’ Pension Plan Board
5650 Yonge Street, Suite 400
North York, ON M2M 4H5
OTIP (Ontario Teachers Insurance Plan)
RTO (Johnson Insurance)