Province of
British Columbia
Ministry of
Education

Mes of

 

 

 

May, 1985 ISSN 0823 0749

DISTRIBUTION: Principals and Bursars
Colleges (Chairman of the Board)
Institutes (Chairman of the Board)
Miscellaneous

 

DOUGLAS COLLEGE
ARCHIVES

 

 

In response to requests to develop a pre-retirement leave plan to encourage faculty
to retire early and to provide institutions with an alternative to laying off faculty
with less seniority, the rules governing contributing for a period of approved leave

f absence under the College Pension Plan have been expanded.

This revision provides that a contributor to the College Pension Plan prior to
September 1, 1985 may apply for leave of absence for a period of up to three years ter-
minating no later than August 31, 1988.

The following conditions must apply:

1) The Board of the College must supply written proof of the approval of the
leave of absence to the Superannuation Commission prior to September I,
1985.

2) The employee must qualify for an immediate monthly pension benefit at
the expiration of the leave of absence, that is, the employee must be
age fifty-five or older (and have completed at least 10 years of con-—
tributory service if between ages of fifty-five and sixty) on completion
of the leave.

3) The employee must contribute double the regular superannuation contribu-
tions for the period of absence without pay calculated on the last complete
month of pay prior to the leave (usually will be August, 1985 salary).