Early Retiree Benefits

Policy
An Early Retirement Benefit Assistance Program, designed to provide benefit assistance to long-service employees who wish to take advantage of early retirement opportunities, was endorsed by the Library Board in June, 2000. On April 26, 2007, the Board approved changes in order to improve benefits for early retirees.

Details of the program are outlined below: Effective date: September 2013

  • Qualifying employees, who retire early and have worked for 15 or more consecutive years for the Oakville Public Library, and that are eligible for an unreduced OMERS pension with the required factor, can opt to continue benefits with the Library's carrier and choose to purchase Extended Health and/or Dental benefit coverage. Full-time employees that continue benefits with the Library's carrier will be responsible for paying 20% of the cost of premiums and part-time employees will be responsible for paying 50% of the cost of premiums, up to the age 65.
  • To qualify, employees must be eligible for an unreduced OMERS 90-factor pension (or a lesser unreduced pension factor under special OMERS programs, with Board approval) and meet all criteria specified by the benefit provider. This program is open to regular full-time and part-time employees who were enrolled in the Library's plan(s) (i.e., Extended Health, Dental) at the time of retirement.
  • Single/Family coverage will be maintained at the pre-retirement level.
  • The library's contributions will end the month in which the employee
  • celebrates his/her sixty-fifth birthday.
  • The Director, Human Resources and Corporate Services, will monitor the program and make recommendations to the Library Board when required.

Effective Date: October 24, 2013 Motion #: 13.10.94
Next Review Date: 2017
Supersedes Policy Dated: April 26, 2007 Motion #: 07.04.43
Filed in: Board Manual


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