Part Two: Tracking your road toward a June retirement
March 27, 2014
This is the second installment of a three-part retirement series to help you navigate through your retirement planning. In this second article, we break down important dates leading up to retirement. Be sure to check out part one, which answered your most common retirement questions and part three, which highlight some of the important decisions you need to make when it comes to choosing your survivor benefit options.
March: Application process opens
You can now begin applying for your pension. Log into iAccess Web and click on 'Apply Now' within 'My Retirement' section. Pension Benefits Specialists are also available to assist you by phone with any questions you have at 416-226-2700 or 1-800-668-0105.
April: Double check your personal documents
Log into iAccess Web and click 'Required Documents' under 'Document Centre' within the 'My Home' section. Double check, you have submitted all the right documents and that your profile is up to date.
May: Inform your employer about your retirement
Be sure to submit your letter of resignation to your employer. The employer must receive it before your intended retirement date.
Juen 30: You are officially retired
Time to celebrate!
July 31: Your first pension payment
Your first pension payment will be deposited into your designated bank account on the last business day of the month. You will also receive your July deposit advice slip in the mail confirming payment has been deposited.
Have you thought about:
Calculating different pension estimates – log into iAccess Web and visit the 'Pension Calculator' under 'My Retirement'. Use the calculator to generate and compare pension estimates based on various what-if scenarios, such as different retirement dates or different survivor benefit options to choose the right options for you.
Reviewing your service and salary – log into iAccess Web, and click on 'Service Record' under 'My Service' to check for completeness and opportunities to buyback or transfer service. If you decide to initiate or complete a buyback of an eligible period of service, visit 'My Buybacks' in iAccess Web. Buying back an eligible leave of absence could increase the size of your pension and allow you to retire earlier.
Exploring medical benefits – here are three organizations that provide medical coverage to retired members. Contact them directly for information on available options and plans: