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Main -> Superannuation Plan -> Retirement Benefits
-> Prior to Age 65
A. Prior to Age 65
(a) Basic Allowance
The basic retirement allowance to which a teacher is entitled is an annual allowance calculated using the following formula:
Annual Allowance = 2% x Years of Service* x Average of Highest 5 Years' Salaries**
* Includes contributory service and time on the Income Continuance Plan and is limited to a maximum of 35 years service.
** Part-time salaries are calculated as though the teacher was teaching full-time during the years of highest salary.
(b) Upward Adjustment
A teacher who retires prior to age 65 may elect to receive a larger allowance before age 65 and a smaller allowance after that date. See Age 65 (b).
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ADMINISTRATION
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FUNDS
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CONTRIBUTION RATE
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TEACHING SERVICE
* Contributory Teaching Service
* Income Continuance Plan Service
* Purchase of Service
* Service on a Part-Time Contract
* Substitute Service
* Accumulation of Partial or Substitute Service
* Qualifying Service
* Procedures
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RECIPROCAL TRANSFER AGREEMENTS
* Procedure
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ELIGIBILITY
* Retirement with an Unreduced Allowance
* Retirement with a Reduced Allowance
* Procedures
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RETIREMENT BENEFITS
* Prior to Age 65
* Age 65
* Minimum Allowance
* Procedures
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INDEXING OF ALLOWANCES
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DEFERRED ALLOWANCES
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SURVIVOR BENEFITS
* Death Before Retirement
* Death After Retirement
* Adjustment at Age 65
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TERMINATION
(For Reasons Other Than Retirement)
* Conditions for a Refund
* Amount of Refund
* Reinstatement of Refund
* Commuted Value
* Spouse of Deceased Teacher
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SUPERANNUATES WHO RETURN TO TEACHING
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PENSION DIVISION ON MARRIAGE BREAKDOWN
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VOLUNTARY CONTRIBUTIONS
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SUMMARY
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PENSION AUTHORITIES' CONTACT
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