What is the Early Retirement Incentive Benefit (ERIB) program and how do I know if I qualify?
The Early Retirement Incentive Benefit (ERIB) Program is a voluntary initiative under your collective agreement that allows eligible Long Term Disability (LTD) claimants to retire early, come off LTD benefits, and receive a lump sum payment to compensate for expected income loss due to retiring before age 65. This program is available to unionized employees who meet the following criteria:
- Aged between 55 and 64
- In receipt of Long Term Disability Benefits for four (4) years or more
- A contributing member of the Municipal Pension Plan (MPP) or Public Service Pension Plan (PSPP) and entitled to a pension
If you meet the first two criteria, Canada Life will notify you of your potential eligibility and request that you complete a pension plan consent form. Upon your consent, the Healthcare Benefit Trust (HBT) will coordinate the process of obtaining your basic pension information to determine if you qualify for an ERIB offer. Participation in this program is voluntary and you are not obligated to accept the offer and retire.
Even if you may not be eligible one year or choose not to take the offer, as long as you continue to meet the eligibility criteria, your file will be reviewed annually for consideration.
Not being included in the ERIB program does not prevent you from retiring from your employer, ceasing LTD benefits, and directly accessing your MPP or PSPP pension at any time. Please contact your employer for assistance.
Please review the Benefits Booklet that matches your employment status for more information on the ERIB program.