||Volume 23, Number 5, March 2011
Factor 88? Don't wait
A member who has attained age 64, has reached factor ‘88’ (age plus contributory service), or is in receipt of a retirement pension under a registered pension plan, may voluntarily withdraw from the long-term portion of the Salary Indemnity Plan. Withdrawal may be made during any school year in which one of the foregoing conditions has been met and upon the completion of the appropriate withdrawal form. Withdrawal will be effective, upon approval, in September for applications received in that month. Applications submitted later will be effective the month following approval of the application.
In making application for withdrawal, you should ensure that in the event of serious illness or accident you have sufficient accumulated sick leave which, when combined with 120 days of benefit from SIP: short-term, will protect your salary to the end of the month in which you reach factor ‘90’ or the end of the month you attain age 65, whichever comes first.
Principals and vice-principals should contact their HR department to inquire if they are members of the BCTF SIP or the disability plan offered through the BCPVPA. The BCPVPA plan will have its own withdrawal guidelines.
Applications are available online at: bctf.ca/uploadedFiles/Public/SalaryBenefits/SIP/LT-withdrawalForm.pdf or call the BCTF Income Security Division at 604-871-1921.