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Human Resources Services

Vacation Exchange Program for TMG

The Vacation Exchange is a new program that was introduced in 2018 for employees who are members of TMG. The program was one of the thirty recommendations developed as part of the TMG Total Compensation Program Redesign initiative and received approval in June 2017 by the Board of Governors.

This program allows eligible employees to make a one-time application to exchange one week of their annual vacation entitlement for a 2% increase in base salary. In exchange, employees must commit to retire within three years of July 1st of the year in which the request is submitted.

Information Box Group

The deadline for submission of applications is April 30th of the current year.

PDF

TMG Vacation Exchange Program Guide

Guide that outlines the eligibility and program details of the Vacation Exchange Program.

DOCX

TMG Vacation Exchange Application Form

Form for employees to complete to be considered for the Vacation Exchange Program

Vacation Exchange Program Frequently Asked Questions

Eligible employees are members of TMG who contribute to the Salaried Pension Plan or the Group RRSP and have already attained their earliest retirement date, or have an earliest retirement date that is no more than three years in the future.

Earliest retirement date means the earliest date on which you are eligible to retire under the terms of the Salaried Pension Plan, and includes your “Special Retirement Date”, as determined under the terms of the Salaried Plan which are in effect on the date that the Vacation Exchange Request is submitted.

For Eligible Employees who participate in the RRSP the Earliest Retirement Date is the earlier of:

  • The age specific in the definition of “Early Retirement Date” under the Salaried Plan; and
  • The date that would have been the Eligible Employee’s “Special Retirement Date” if such Eligible Employee was entitled to participate in the Salaried Plan.

For applications submitted in 2022, your vacation entitlement will be reduced by 1 week for the 2023 calendar year and thereafter until your retirement. The increase in base salary of 2% will take effect July 1, 2022.

The deadline for submission is April 30th of each year.

The completed application is to be sent to Dejana Corovic, Total Rewards Unit, Human Resources Services, Gilmour Hall Room 304, as follows:

  1. Send a pdf of the completed application via email to corovic@mcmaster.ca
  2. Mail the signed original application to Gilmour Hall Room 304

Your retirement date must be within 3 years from the date in which the salary increase takes effect.  For applications submitted in 2022, your retirement date cannot be later than July 1, 2025.

No, once the salary increase takes effect the decision to retire is irrevocable.

Yes, you are able to change your retirement date once your application has been submitted; however, it can be no later than 3 years from the date in which the salary increase takes effect.  You may elect to retire earlier than the retirement date committed to in the Vacation Exchange Request.  For applications submitted in 2022, your retirement date cannot be later than July 1, 2025.  Cancellation of your retirement date is not permitted.

The Vacation Exchange Program is being introduced as a pilot program and is subject to future review. In order to participate in the program your retirement date must be within 3 years. Applications are accepted up until April 30th of each year.