Sisters and Brothers
In the latest round of Provincial Bargaining there is an option called Voluntary Vested Early Retirement Gratuity Payout. This would allow if you so choose to take your Retirement Gratuity now and direct it into an RRSP or an OMERS AVC (Additional Voluntary Contributions ) account. Just remember it comes at a price, for those below the age 61 would incur a 7.87% per year penalty below the age 61 and those age 61 and over will take a one time penalty of 2%.
The employer is working on the calculations for each member and in time will be sending an email to members with the calculation of what your retirement gratuity will be worth if you cash out early. This will allow you to make an informed decision.
Once you have made your decision you will have to inform the employer no later then June 30, 2016.
Yours In Solidarity