The university is launching a Voluntary Retirement Plan (VRP) for members of the Queen’s University Faculty Association (QUFA) who meet certain age and service requirements. This is part of the university’s ongoing effort to address our current financial situation and ensure we can continue our long tradition of excellence in research and in the education of our students.

The Voluntary Retirement Plan offers a retirement incentive for eligible longer-serving faculty, librarian, and archivist members. It is a time-limited opportunity and allows members to elect to retire on either Dec. 31, 2024, or May 31, 2025, in return for which they will receive a lump-sum payment equivalent to one (1) year of their regular salary.

Combined with other budget deficit measures, such as the hiring freeze, shared service and faculty budget reductions, general spending reductions, and prudence in areas like purchasing, travel, and procurement, the VRP aims to help build financial capacity so the university can emerge a better and more resilient institution.

The VRP complements but does not replace the Voluntary Phased Retirement Program (VPRP), which remains available to faculty, librarians, and archivists who prefer a phased approach to retirement.  

All faculty, librarians, and archivists will have received an email with detailed information and a link to the dedicated VRP website that includes the Terms and Conditions, Application Form, links to pension and benefits resources, and Q&As. The deadline to apply for the VRP is Monday, June 17, 2024.

As part of the VRP implementation, each faculty and the library will have dedicated subject matter experts available to answer questions and support applications to the plan. In addition, a number of virtual drop-in meetings will be offered and will be hosted by the deputy provost.

For more detailed information, please visit the Voluntary Retirement Plan webpage.