A member who has
- attained age 64
- or has reached “Factor 88”
- or is in receipt of a retirement pension under a registered pension plan
may voluntarily withdraw from the long-term portion of the SIP.
You can save the long-term fee (approximately 1.2%) from the date you reach age 64 or “Factor 88.” Members are no longer entitled to long-term benefits under the Salary Indemnity Plan once they hit “Factor 90” (age plus contributory service) or age 65. It is up to you to apply to withdraw from LTD.
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.
If you have any questions, please contact 1-800-663- 9163 (ext. 1921) or by email to firstname.lastname@example.org