Planning for Retirement

We recommend starting to plan for your retirement a minimum of 6 months in advance. This allows you time to make sure you are comfortable with your decision before making the arrangement formal.

The first step in the process should be meeting with your manager to discuss your decision to retire. You will want to have some leeway regarding the business / work flow when you tell your manager of your impending retirement. Be thoughtful of your relationships: your team, department and manager to determine appropriate notification.

Human Resources requires 3-4 months’ notice of your intent to retire. This will ensure ample time to prepare your retirement package. A formal notification in the form of an email or letter should be provided to your manager and copied to the Retirement Plans’ team via email at pension@mcmaster.ca.

A Specialist from the Retirement Plans’ team will reach out to you within 2-3 months in advance of your retirement date to provide you with all the necessary information and documents related to your pension options, post-retirement benefits, and supplemental benefits. To receive your first pension payment on time, normally the first of the month following your retirement date, McMaster must receive your completed forms at least 30 days prior to your retirement date.

The first step in the process should be meeting with your manager to discuss your decision to retire. You will want to have some leeway regarding the business / work flow when you tell your manager of your impending retirement. Be thoughtful of your relationships: your team, department and manager to determine appropriate notification.

Human Resources requires notice of your intent to retire prior to your retirement date. A formal notification in the form of an email or letter should be provided to your manager and copied to the Retirement Plans’ team via email at pension@mcmaster.ca. Upon receiving the notification, a Specialist from the Retirement Plans’ team will reach out to you in advance of your retirement date to provide you with information on whether you are eligible for supplemental benefits.

A retirement package will be prepared and mailed by Desjardins directly 30 days after your final payroll contribution has been received. The package will also be visible on the Desjardins member portal under “My statements and documents” –> “Forms and Documents” –> Benefits Statement.

As outlined in the ‘Retirement Process’ there are dates of notification that you need to consider in making your retirement decision.

For members of the McMaster Pension Plans, retirements will always commence on the first day of a month, as outlined in the Pension Plan texts. Important dates to understand when considering when to retire include the normal retirement date, early retirement date and special retirement date which are defined in the applicable pension highlights document.

It is important to understand the financial decisions that come with retirement. There are three sources of income that may contribute to your retirement:

• Government Plans (CPP, OAS)
• Personal Savings (RRSP, TFSA)
• McMaster Pension Plan or Group RRSP

There are a number of resources that can assist you in understanding the McMaster portions that contribute to your retirement income. For members of the Group RRSP, you can log into the member secure site to review your investments to date. For members of the Salaried Pension Plan, you can refer to the Pension Portal page and view the “Guide to the Pension Portal Video” which will assist you in using the Pension Portal and running your own estimates for your desired retirement date. For members of the Hourly Pension Plan, you can contact pension@mcmaster.ca for a retirement estimate.

As members of Human Resources cannot provide advice, you may wish to seek assistance from a financial planner or financial advisor with your banking institution.

Creating a transition plan with your manager will help you and your team as you prepare for retirement.

The plan will help you take appropriate actions to transfer your important knowledge and experience to others, so that the work you leave behind can be continued successfully by others. Here are some examples of what a transition plan may include:

• Explicit knowledge: Updating files, documents and relevant information, making sure it is accessible
• Tacit knowledge: sharing your organizational knowledge, unwritten experiences through mentoring and cross training others, development coaching so others can learn from your expertise.

These important activities will help you to stay engaged and contribute high value during your transition to retirement.

To ensure you receive your retirement package and other documents in a timely manner, review your personal information on Mosaic Employee Self Service including: home mailing address, email, telephone number, marital status and beneficiary’s name and date of birth. For those in the Group RRSP, ensure your information is also updated directly on the member portal.

Contact HR at hr.mcmaster@mcmaster.ca if you have changes that require updating as to best reflect accuracy in your retirement package.