Site Accessibility Statement
Wilfrid Laurier University Human Resources
July 30, 2014
 
 
Canadian Excellence

Departures



Extended Health and Dental Benefits:
Your health and dental benefits (if applicable) for you and your dependants (if any) will cease the day after your termination date.   Please ensure that you submit any outstanding claims you have up to your termination date within 15 months of the day it is incurred.

Insurance Benefits:
Your life insurance and voluntary life insurance (if applicable) will cease upon termination of employment.  You may have an opportunity to convert your insurances to an individual policy within 31 days of your termination date. 

Your Accidental Death & Dismemberment  (AD&D) insurance coverage (if applicable) will cease upon termination of employment.  You have an opportunity to convert your AD&D insurance to an individual policy within 31 days of your termination date up to a maximum coverage amount of $100,000. 

Your Long Term Disability (LTD) insurance (if applicable) will cease upon termination of employment.  If you have been insured for 12 months or more through the University, you have an opportunity to convert your LTD coverage to an individual policy within 31 days of your termination date.  

Please contact WLU Benefit Specialist if you have any questions or you would like an application form.

Pension Plan Contributions:
A pension termination quotation will be requested for you after your final pay has been processed.  The quotation can take approximately 2 -3 weeks to be prepared and it will be mailed to your home address.

The quotation will include these termination options:
1.    Leave your contributions in the Plan fund and become a deferred member. The balance of your Money Purchase Account will continue to accumulate fund investment earnings to provide you with a pension at your normal retirement date. The Minimum Guarantee Pension calculation will also continue to apply.


2.    Transfer the full amount in your Money Purchase Account, plus the value, if any, of the Minimum Guaranteed Pension that is in excess of your Money Purchase Account accumulated contributions to:
    A prescribed registered retirement savings arrangement, or
    Another registered pension plan (if that plan allows such transfers in),or
    A life insurance company to purchase a deferred annuity.  This transfer would be on a locked-in basis, which means it could only be used to provide an income for your life.

3.  If your benefit falls under the small benefit unlocking rules:

  • Receive a cash payment, less appliclable withholding income tax

Transfer to:

    A prescribed registered retirement savings arrangement, or
    Another registered pension plan (if that plan allows such transfers in),or
    A life insurance company to purchase a deferred annuity.  This transfer would be on a non-locked-in basis.

Once you have selected an option and completed the applicable documents, please return them to:
Mary Jo DaSilva
Pension & Benefits Specialist
ext. 4368, email: mdasilva@wlu.ca

Other (if applicable):
1.    One Card   you must pay any balance owing and return your card
2.    Parking Tag your tag must be returned, if applicable
3.    Blackberry or other University owned devices, if applicable
4.    Computer Loan  - you must pay any balance owing, if applicable
5.    Record of Employment will be submitted electronically to HRSDC