The Task Force mandate was to explore opportunities for and plan design issues related to potential early retirement options for University employees. Such opportunities and options were to be considered in light of cost savings in the short and midterm budget horizon.
1. Our staff levels are at or near the lowest possible levels to sustain current demands at a minimally acceptable standard; therefore despite representation from staff employees that an early retirement incentive would be welcomed, it was determined that cost savings would not be realized if staff were to retire early, given the need to replace them.
2. Faculty should be the target audience for any early retirement plan, subject to terms that recognized the disparate and conflicting needs for faculty retirements across all faculties.
3. A faculty specific early retirement incentive would need to be of interest to those reaching the normal retirement window, with appropriate financial incentives, but subject to a "mutual benefit clause'.
4. A one year plan could be integrated with a multiyear faculty retirement plan with appropriate financial incentives but still subject to the ‘mutual benefit' provision.
Discussions held with QUFA in April through June attempted to reach agreement on terms and conditions of an early retirement plan subject to conditions noted by the Task Force. Agreement was not reached on these terms, and discussions were suspended, pending further review of the appropriate terms and conditions as identified by the Task Force.