Early Retirement Incentive Plan (ERIP)

The Early Retirement Incentive PLan (ERIP) and Voluntary unpaid Leave of Absence Plan (VLAP) are two features of the 2013 OSSTF Memorandum of Understanding with the Ontario Government.  They pertain only to the current 2012-14 Collective Agreement.  Both are designed to generate savings to the school board to offset pay for what would otherwise be unpaid PD Days in 2013-14. March 7th is currently scheduled to be an unpaid PD Day.  However, if the savings from ERIP and VLAP are equivalent to more than the cost of 83% of a day's salary for all TBU members, then March 7th will be a paid PD Day for all TBU members.  Regardless, March 7th will be a paid PD Day for all OTBU members then on LTO.

A link is provided to the DSBN memo on the ERIP, which provides for $5,000 to be paid to TBU members who retire between November 29th and January 29th with at least two school-weeks' notice.

Members considering the Early Retirement Incentive Plan are advised to contact the Ontario Teachers' Pension Plan at 1 800 668 0105.