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Voluntary Retirement Plan FAQs

Please refer to the Voluntary Retirement Plan for Eligible Faculty Members page for the full details.

Impact

The effect of the Voluntary Retirement Plan on the university.

The Voluntary Retirement Plan (VRP) is part of our plan to restore the university's operating budget to balance, along with the hiring freeze announced previously and other actions being taken.

The VRP aims to build financial capacity to continue to advance the academic mission of the university, including faculty renewal. 

By offering a retirement incentive for eligible longer-serving faculty, librarian, and archivist members of the QUFA bargaining unit, ²Ï³Ü±ð±ð²Ô’s reduces its salary costs.

The plan is voluntary, meaning the decision to apply is entirely at the discretion of the eligible individual.

The plan will not be imposed on eligible members.

The VRP provides an opportunity to assess our teaching and research offerings and to also invest in faculty renewal where it best advances the academic mission.

We are addressing our current challenges to ensure the ¾ÅÐãÖ±²¥ community’s continuing success in fulfilling our academic mission, and so some replacement hiring is anticipated.

By supporting faculty renewal in areas of growth or need, the VRP will advance ²Ï³Ü±ð±ð²Ô’s academic mission and further enhance the student experience.

We will continue to refresh our course offerings and engage faculty to expand and update our programs.

The Voluntary Retirement Program is only open to faculty, librarians, and archivists who are members of QUFA. To help further address our current operating budget deficit situation, the university will continue to carefully consider other initiatives aimed at supporting a voluntary reduction in staffing levels where necessary. On March 26, 2024, ¾ÅÐãÖ±²¥ Faculty of Arts and Science (FAS) announced a Voluntary Exit Incentive (VEI) pilot program, available for eligible FAS staff only. More information on the pilot program is available in the Gazette.

The VRP is an initiative the university is offering to address and mitigate the current budget deficit. It is a time-limited opportunity and there are no plans to offer the VRP again next year.

VRP or VPRP?

What is the difference between these plans?

The Voluntary Retirement Plan (VRP) is a time-limited opportunity for faculty, librarians, and archivists to elect to retire on either December 31, 2024, or May 31, 2025, in return for which they will receive a lump-sum payment equivalent to one (1) year of their Regular Salary.

The Voluntary Phased Retirement Program (VPRP) is a program established through a Letter of Agreement between ²Ï³Ü±ð±ð²Ô’s and QUFA to provide the opportunity for faculty, librarians, and archivists to plan for retirement over a three-year period in which the participant will have reduced responsibilities, and at the end of which the participant retires.

Participants work one-half (1/2) to two-thirds (2/3) of their normal workload over the three-year period, and receive a phased retirement supplement payment equal to 75% of their Regular Salary.

  • Individuals who have been approved for the VPRP but have not yet commenced their Phased Retirement Period may apply for the VRP and, if approved, must retire on one of the two dates specified in the VRP.

  • Individuals who have already commenced their Phased Retirement Period are not eligible to apply for the VRP.

Eligibility

Am I eligible to apply if I am on a...?

  • Applicants who are on an approved Academic Leave on March 20, 2024, and whose leave concludes on or before December 31, 2024 are eligible to apply to retire on either of the two available retirement dates.

  • Individuals who are approved for Academic Leave starting July 1, 2024 and ending on December 31, 2024 are eligible to apply to retire on either of the two available retirement dates.

  • Individuals who are approved for Academic Leave starting July 1, 2024 and ending on June 30, 2025 are eligible to apply to retire on May 31, 2025. If approved for the VRP, the full 12 months of Academic Leave salary (typically 85% of Regular Salary) will be paid over the 11-month period July 1, 2024 - May 31, 2025, in order to facilitate a May 31, 2025 retirement date.

Applicants who are on a Reduced Responsibility Appointment on March 20, 2024, are eligible to apply for the VRP, but their Regular Salary for the purpose of determining the retirement incentive payment will be based on their reduced FTE on March 20, 2024.

Individuals who are on a Negotiated Leave on March 20, 2024, are not eligible to apply for the VRP.

After Retirement

Can I still work for ¾ÅÐãÖ±²¥?

No.

An applicant who retires under the VRP will not be eligible for paid employment or re-employment in any capacity at ²Ï³Ü±ð±ð²Ô’s University on and after their retirement date. An applicant who retires under the VRP is also ineligible to provide services to ²Ï³Ü±ð±ð²Ô’s university as a contractor for services on and after their retirement date.

Yes.

An applicant who retires under the VRP is still eligible to be considered for an unpaid Adjunct 1 appointment post-retirement. Decisions regarding Adjunct 1 appointments rest with the relevant Dean.

General Information

²Ï³Ü±ð±ð²Ô’s has a comprehensive list of resources to help you understand your retirement options, make informed decisions,  and plan for retirement.

²Ï³Ü±ð±ð²Ô’s provides a link to register for an .

Note that this is for anyone and not specific to the Voluntary Retirement Plan.

These online events are hosted on Teams.

Attendees can use their personal ¾ÅÐãÖ±²¥ Net ID to register:

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No. You may specify the percentage of the retiring allowance that you would like to receive in each payment. You may specify 0 per cent for one payment and 100 per cent for the other payment, or any other combination of percentages that sum to 100 per cent, if desired.

I still have questions. Who do I ask?

Please direct your questions to the subject matter experts for your faculty/school/library and archives, as listed below:

VRP Virtual Drop-In Meetings

Register for a session on March 27, April 2, April 16, or May 2.

See Upcoming Events