UNB Benefits & Retirement
Allowance
Beth Lord, Human Resources
Need specific retirement information?
CALL FIRST!!!
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UNB Benefits
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Benefits
Flexibility
Retirement Allowance
General
Where to go for help –
contact list
Benefits
• Long Term Disability
• Life Insurance
• Compulsory
• Optional Group Term Life Insurance
• Employee Family Assistance Program
• Dental
• Tuition Waiver
• Health
• Travel
• Accidental Death & Dismemberment
• Optional Critical Choice Care Insurance
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Benefits
• Long Term Disability
• Terminates upon retirement
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Benefits
• Tuition Waiver
• Employee not eligible
• Spouse & dependent children eligible for 50%
reduction for degree credit courses.
• Dependent child is eligible up to and including
the term they attain age 26.
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Benefits
• Compulsory Life Insurance & Optional Group
Term Life Insurance
• Terminates upon retirement
• Option to purchase the employee’s and/or
spouse’s coverage to an individual policy to a
maximum of $200,000 within 31 days of
retirement without having to provide evidence
of good health
• Premium rates & coverage will be different
from your current plan.
• Webb & Associates (James Webb)
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Benefits
• Employee Family Assistance Program
• Terminates upon retirement
• If you continue UNB Health plan, services of
a psychologist are included up to $75.00 per
session with a doctor’s referral
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Benefits
• Dental
• Terminates upon retirement
• The Province of NB offers dental coverage to
retiring employees, but you must make
application within 6 months from the date of
retirement
• Application forms at Human Resources
• Approximate cost:
Family - $40.29 per month
Single - $20.15 per month
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Retirement Allowance
Retirement Allowance
• Complete 5 full-time continuous years of
service to a maximum of 25 years.
• 5 days pay per year of service
• Options
• Cheque less income tax
• Transfer monies to purchase pension
service (if applicable)
• Transfer to an RRSP (subject to RRSP
Room availability)
• For personal details, contact your
financial advisor
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Retirement Allowance
• For service to end of 1995, CRA allows for
$2,000 per year to be transferred to an RRSP
on a tax-deferred basis without respect to
available RRSP room.
• For service after 1995, retirement allowance
can only be transferred if recipient has
available RRSP room (may be transferred to
any RRSP product including spousal). Plan
ahead!
• Retirement allowance instructions must be
provided to HR in year of retirement via
retirement allowance election form. Funds
must be received in the month following.
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Remember….
• The sooner we know your retirement date the
sooner we can provide specific information
to you.
• Information on the UNB benefits programs
can be found at:
www.unb.ca/hr/benefits
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QUESTIONS?
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Checklist / Contacts
Pre-retirement
BENEFIT
TIMELINE
CONTACT
UNB / PSSA Pension
6 Months
HR 453-4648
Canada Pension Plan
6 Months
1 800 277-9914
Old Age Security
6 Months
1 800 277-9914
BENEFIT
DEADLINE
CONTACT
NB Seniors Drugs
60 Days after age 65 (to avoid
changes in coverage)
1 800 565-0065
Group Life Conversion
(Webb and Assoc.)
31 Days post ret
458-1812
PNB Dental for Retirees
6 Months post
506 453-2296
Post-retirement
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Pre/Post Retirement Benefit Comparison
Pre-Retirement
Benefit
Post-Retirement
Benefit
Group Life & Optional
Life
% of Salary + optional amount
Converted Life
Amount chosen but limited to
$200,000
Long-term Disability
% of Salary
Terminated
No longer required to protect
earnings
Health
UNB Extended Health, Travel
& Prescription Drugs
Health
UNB Extended Health & Travel
Prescription Drugs
NB Seniors Drug Plan as
provided by Medavie Blue
Cross at age 65
Dental
UNB Dental Plan formulary
Dental
Province of NB Retirees Dental
formulary
Employee Assistance
Program
Counseling services for various
needs
Terminated
UNB Extended Health provides
for psychology services as
prescribed
Group Accident
AD&D benefits
Terminated
Not available to retirees
Tuition Waiver
100% for Employee, 50% for
spouse & dependents
Tuition Waiver
50% for spouse & dependents
Optional Critical Choice
Care
CI Benefit
Converted
Amount Chosen
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Monthly Premium Illustration
RETIREMENT TO AGE 65
FAMILY
SINGLE
UNB Health (includes travel & drugs)
$244.74
$113.91
Prov. Of NB Dental
$ 40.29
$ 20.15
Total
$285.03
$134.06
UNB Health
$98.93
$47.55
Prov. Of NB Dental
$40.29
$20.15
Senior Drug Program
$230.00
$115.00
Total
$369.22
$182.70
AFTER AGE 65
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Contact Information
UNBF
• Sherri Robichaud
Benefits
458-7678
sherrir@unb.ca
• Beth Lord
Benefits/Pensions
452-6361
blord@unb.ca
• Kevin Ring
Pensions/Benefits
458-7679
kring@unb.ca
• Peter McDougall
Faculty Pension
458-7676
pmcdouga@unb.ca
Benefits/Pensions
648-5582
tls@unbsj.ca
UNBSJ
• Tara Smith
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QUESTIONS?
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