Retiree Benefit Plans

Group Life Insurance

1.  If you retire prior to age 65 (collect immediate pension), you are eligible to keep your lump sum coverage or the basic coverage of 175% of salary by paying the full premium which is based on factors such as age, gender, and smoking vs. non-smoking.  However, your coverage will reduce to $5,000 as of the date you elect or age 65, whichever is earlier.  (Survivor Income Benefit and Optional Life coverage cease at retirement) 

2.  If you retire at age 65 (your Normal Retirement Date), you may be eligible for a Term Insurance Policy of $5,000.  If you wish to convert your current insurance to a private insurance plan, you must apply within 31 days of your retirement date.  Please contact Human Resources Services at extension 222-HR (x 22247) if you wish to proceed with this option.  (Note: You can convert your current insurance up to a maximum of $200,000, without a medical examination, however you would be subject to payment of premiums set by Sun Life for outside of a Group Plan)

Tuition Assistance and Bursary Program

Retirees, eligible dependents and spouses may qualify for continuation of the Tuition Assistance and Dependent Bursary Programs. Please contact Human Resources Services at extension 222-HR (x 22247) for further details.

Changes to Post-Retirement Benefit Eligibility

  • TMG employees hired new to the University on or after June 16, 2006 will not be eligible for retiree health and dental benefits upon retirement. 
  • Faculty hired on or after July 1, 2006 will require at least 10 years of employment at McMaster to be eligible for retiree health and dental benefits upon retirement .
  • Librarians hired on or after July 1, 2006 will require at least 10 years of employment at McMaster to be eligible for retiree health and dental benefits upon retirement.
  • Those CAW employees hired before June 16, 2006, who collect a pension immediately on their leaving the University or who are eligible for an immediate and unreduced pension at the date they leave are eligible for retiree Extended Health & Dental coverage.  Those CAW employees hired on or after June 16, 2006, and who leave the University with at least ten (10) years cumulative service with the University, are eligible for retiree Extended Health & Dental coverage upon retirement.

 


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