Author Topic: Retirement  (Read 1355 times)

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Offline mariomike

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Retirement
« on: January 23, 2017, 13:33:56 »
Young people considering a career in emergency services may be interested in retirement benefits. Time really does pass quickly.

There are many different services. Other services may vary. Perhaps they will be posted here.

I retired on my 55th birthday on a 70% defined benefit pension.
http://www.omers.com/pdf/Supplemental_Plan_handbook.pdf

Pension is deposited monthly into your bank account on the first business day of the month following your retirement. That is a guarantee. I have never heard of a delay in receiving pension.

eg: I retired 31 May, 2009. The first pension cheque was deposited into my account on 1 June, 2009.

In addition to the pension, also received a Final Payment cheque from the city for nine-months salary ( Sick Bank Gratuity ), unused vacation days owing, and my final paycheque. I deposited that into an RRSP.

Members now can retire as early as age 50 on a 70% defined benefit pension.

Even though retired, you and your dependants retain full benefits until age 65. The City of Toronto pays 100% of the premiums.

After you turn age 65, you ( or your spouse if you die ) receive a Health Care Spending Account ( HCSA ) of $3,500 per year, payable until age 75.
This allows you to enrol in post-65 retiree benefit plans at a reduced rate and without providing medical information.

Pay Direct Drug Card provided

Paramedical Services including Physiotherapist, Chiropractor, Registered Massage
Therapist, Psychologist, Speech Pathologist, Chiropodist, Podiatrist, Osteopath,
Naturopath, and Dietitian - up to $80.00/visit to maximum of $800/year

Paramedic ambulance service ( including out of province and out of country ).

Semi-private hospital accommodation

Emergency, up-front payment of Out of Country Coverage up to $1 million dollar lifetime,
with no pre-existing condition clause

Basic Dental Services covered at 100%, no maximums

Major Restorative Dental Services covered at 80%, $5000 annual maximum per covered
person

Orthodontic Dental Services covered at 50%, $3000 lifetime maximum per covered person

Eye Exams covered

Vision Care Benefit of up to $350 every 2 years

Group Life Insurance – 2 x annual salary

Accidental Death & Dismemberment Insurance – additional 2 x salary

This ends at age 65. The city provides a $5,000 lifetime insurance policy after that.

But, optional Life Insurance can be purchased - without a medical - with your HCSA until it ends at age 75.

There are other less tangible retirement benefits with the department. Most wish to stay involved. 





 



« Last Edit: January 23, 2017, 23:14:53 by mariomike »