Withdrawal from the Long Term section of the Salary Indemnity Plan

• 1. Check if you are eligible

  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 benefits@bctf.ca

• 2. Complete the application form

  Download the Long Term Withdrawal Form. Complete the application form in full.

• 3. Gather all necessary documents

  Include the following documents with your application form:

  • proof of age such as birth certificate or government identification
  • proof of contributory service in BC such as a Teachers’ Pension Plan Member’s Benefit Statement
  • proof of current sick leave balance, which is usually indicated on a pay statement
  • proof of contributory service in a province with a reciprocal agreement (if applicable)
  • proof of benefits from the Pension Corporation (if applicable)

• 4. Submit your application

  Submit scanned copies of your application and necessary documents to benefits@bctf.ca

  If you have further questions, please contact our office by email at benefits@bctf.ca or toll free: 1-800-663-9163, local 1921

  Note: The Salary Indemnity Plan is not insured by an insurance company regulated under the Financial Institutions Act. The BCTF is exempt from the regulatory requirements of the Financial Institutions Act