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Long-serving BC Public Service employees are eligible for a retirement allowance that can be taken as pre-retirement leave, a cash payout or transferred into an RRSP.
Retiring employees are eligible if they:
Contact us at least six months prior to your anticipated retirement date to check on your eligibility.
The allowance is calculated based on completed years of cumulative (not continuous) service. While breaks in service are not counted, periods of auxiliary and part-time service are included. Periods of part-time service are prorated.
|20 years||21.75 days||10 years||21.75 days|
|21 years||26.10 days||11 years||23.93 days|
|22 years||30.45 days||12 years||26.10 days|
|23 years||34.80 days||13 years||28.28 days|
|24 years||39.15 days||14 years||30.45 days|
|25 years||43.50 days||15 years||32.63 days|
|26 years||47.85 days||16 years||34.80 days|
|27 years||52.20 days||17 years||36.98 days|
|28 years||56.55 days||18 years||39.15 days|
|29 years||60.90 days||19 years||41.33 days|
|30 or more years||65.25 days||20 years||43.50 days|
|21 years||45.68 days|
|22 years||47.85 days|
|23 years||50.03 days|
|24 years||52.20 days|
|25 years||54.38 days|
|26 years||56.55 days|
|27 years||58.73 days|
|28 years||60.90 days|
|29 years||63.08 days|
|30 or more years||65.25 days|
Select the one payout option that works best for you or decide to combine the options. A T4 will be sent to you in February of the year following the payout.
*NOTE* The retirement allowance falls under the Income Tax Act. Tax laws change and individual circumstances vary widely. You should seek the advice of a reputable financial planner or financial institution before deciding the manner in which these payments should be disbursed.
If you prefer to receive cash for your retirement allowance, you will receive payment in the month following your last day on payroll. The payment is subject to withholding tax deductions.
|Payment Amount||Withholding Tax|
|$5,000 of less||10%|
|$15,001 or more||30%|
*NOTE* If you have a pre-1978 sick bank and are taking it as cash, the sick bank accumulation and retirement allowance payments are combined for purposes of applying the correct withholding tax rate. You should note that, depending on your overall tax situation, there could be additional tax payable with respect to these amounts when you complete your next income tax return.
Avoid the withholding tax by transferring all, or a portion, of the allowance to an RRSP or RPP.
You can transfer your allowance
Complete a TD2R form and submit an online service request through AskMyHR>>Pay & Reimbursements>>Work-Related Reimbursements & Allowances. Attach the TD2R (Direct Transfer of an Eligible Retiring Allowance) form.