On termination of employment other than by retirement, a Member is entitled to a benefit equal to the current value of their account (Member's Employee Contribution Account, the University Contribution Account and the Additional Voluntary Contribution Account, if any). At the direction of the Member, the termination benefit may be either:
No Election: If a terminating Member makes no election within 12 months after the date of termination of employment, the University has the right to purchase on his or her behalf, a deferred life annuity.
In the event that the locked-in part of the sum of the Employee Contribution Account and the University Contribution Account is less than 20% of the Y.M.P.E. in the year of termination, the Member shall receive a lump sum payment of the value of the Contribution Accounts applicable to such benefit either in cash or by transfer to a Registered Retirement Savings Plan.
Questions or comments regarding Pension Benefits
please e-mail: Pension Administration
1993 Pension Plan
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