When you resign from your employment with the University you will have decisions to make regarding your pension plan and benefits.
Extended Health and Dental Plan Coverage
Coverage will cease on the last day of the month in which employment terminates. Outstanding Extended Health claims under these plans must be received by Pacific Blue Cross by June 30th of the calendar year following the year in which the expense being claimed was incurred. Dental claims must be received no later than 1 year from date of service. Claim forms may be downloaded from: https://www.pac.bluecross.ca. If you are currently under dental treatment, inform your dentist of the expiry date of your coverage.
You may convert your coverage to an individual plan from Pacific Blue Cross if you live in British Columbia, or an individual plan offered by your local Blue Cross organization if you live elsewhere in Canada. To convert coverage you must ensure that your application and full payment is received by Blue Cross within 60 days of the date your group plan terminates. Please contact Pacific Blue Cross for further details.
Basic Life, Optional Life Insurance Plans
Coverage will cease on your last paid day. You may convert your current coverage to an individual policy. By converting the coverage, it will allow someone, who is uninsurable, an opportunity to maintain their life insurance without having to submit a Medical Report. It is important to remember that the conversion transaction (application and premiums paid) must be completed within 31 days of the termination date. Conversion forms are available on our Forms page.
Group Long Term Disability
Coverage will cease on your last paid day.
Your prorated vacation entitlement will be paid out on your last pay cheque, this will be your balance accrued to last day worked minus any time taken. If you are continuing, the balance you see in MyInfo is the full year’s entitlement, and the payout will be less than the balance shown as it will be prorated.
Administrative/Union Pension Plan
A package will be emailed/mailed to you within 60 days of your termination outlining your pension options and entitlements. Detailed information in this package will include: options for deferring pension, taking a commuted value (locked-in portion, taxable income amount, transferring to RRSP), and declaration forms.
The package will not be provided in advance as commuted values depend on market interest rates that change monthly and include the month of termination. Please make sure you have an alternative email address on file in myinfo so you can be contacted by the pensions team.
Group Registered Retirement Savings Plan
If you belong to the Sun Life Group RRSP through the University, all of the funds in the plan belong to you. The following is a summary of your options:
- Transfer to SunLife Financial’s Group Choices Plan.
- Transfer the value of your RRSP to another registered retirement savings plan, registered retirement income fund (RRIF) or registered pension plan (RPP). Direct transfers allow the funds to continue to be tax sheltered.
- You may withdraw all or part of the value of your RRSP as a cash amount. Tax will be withheld before the amount is paid to you.
Note: Locked-in funds cannot be taken in cash. Also, the transfer options listed above do not apply to locked-in funds. If you have locked-in funds in this plan, Sun Life will prepare a statement outlining your options for your locked-in funds if you leave your employment at SFU.
Call SunLife Financial at 1-866-733-8612 to make arrangements.
Contact TD Insurance Meloche Monnex at 1-866-955-5558.
Employee and Family Assistance Plan
Coverage ceases on your termination date.