Retirement

Retirement can be a time of fulfilment, change, and new opportunity. As a retiring AMAPCEO member, it is a time to be rewarded for your many years of effort and service.

To help ensure a smooth, seamless transition, including the accurate and timely delivery of your retirement package, click on your bargaining unit get tips and resources for when you are considering retirement, preparing to retire, and post retirement.

Considering retirement

Consult your Collective Agreement

If you are considering retirement, we encourage you to get all the information you need to understand your options and make the best choices for you. Your Collective Agreement provides a brief outline of what you are guaranteed, and you can also consult AMAPCEO’s factsheets to assist with definitions and options.

Get the advice you need

You can, with a simple phone call, arrange a meeting or a phone conversation with a representative from the Healthcare of Ontario Pension Plan. These representatives will be able to confirm the payout timing and amount of your pension. Consulting with a Healthcare of Ontario Pension Plan representative can be especially helpful when making decisions about when to retire and what form your retirement package should take.

You should also consider speaking with a financial advisor to better understand how the timing of your retirement and the form your retirement package takes can impact your taxes. The payment you receive will be a net amount (after tax deductions). In the case of a lump sum payment, you may want to consider delaying it until the beginning of a new tax year.

Reach out to your union

If you still have questions or need more information, don’t hesitate to contact us. An AMAPCEO Workplace Advisor can help direct you to the resources you need throughout the retirement process.

Preparing to Retire

Copy all relevant documents and correspondence

To apply for a retirement package, you will first need to complete several forms. You may or may not be able to negotiate the timing of your retirement, so it is important to obtain all relevant forms, documents, and correspondence as soon as you begin considering retirement. Be sure to back up all correspondence between yourself and the Employer that relates to your retirement, and to keep copies of all background documents and forms you complete.

You will not be able to access your emails after you leave, so ensure that these documents and correspondence are saved in a format that you can access before you retire.

Estimate relevant payments in advance

You may be entitled to payments such as termination pay upon retirement or types of severance. Before you retire, do your best to figure out an accurate estimation of the total amount any money you may be entitled to using the following steps:

• Calculate your unused vacation entitlement and overtime credits/compensating leave confirm with your Employer and print or save your statements in a way you can access, so you know how many days you are entitled to;
• Estimate your daily pay and convert vacation credits into a lump sum payment; and
• Calculate your years of service, down to the month, and estimate how many weeks' pay you may be due.

Now you have a solid estimate that you can use to compare to your actual final payout when you receive it. If there is a discrepancy, you can contact your pay and benefits department to get a breakdown of the total amount.

Record your employee identification number

After you retire, your employee identification number is replaced with a pensioner identification number, which is used for health and dental claims. After a period of approximately a month, you will be sent a new drug card with this new number, which you will need to access your benefits information. Make sure you record your pre-retirement employee identification number – you will need it for conversations with the Employer in case of any possible retirement package irregularities.

Post Retirement

Keep track of your payout

If did not receive as much as you expected, you can contact your Employer with any questions you have about payment calculations.

Ensure you have the information you are owed

When you retire, you are entitled to a final pay stub. These statements are delivered by regular mail, so they may take one to two weeks to arrive after your funds are deposited. If you have not received your statement after that period has elapsed, reach out to your Employer.

Stay involved with your union

We encourage you to join the AMAPCEO Retiree Caucus. On payment of a one-time, $25 fee, former AMAPCEO members who have retired from the workplace have an opportunity to participate in the Retiree Caucus, which is represented on AMAPCEO's Activists and Leaders Forum, and the Annual Delegates' Conference.

If you have questions or need assistance

Please contact an AMAPCEO Workplace Advisor.

AMAPCEO’s Workplace Advisors are professional staff employed by AMAPCEO to provide advice and guidance on the interpretation and application of members’ collective agreements, and on informal dispute matters.

Health Care of Ontario Pension Resources

• Planning for Retirement