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Common Questions - Early Retiree Benefits

1. Who qualifies for Early Retiree Benefits?
2. What is the coverage?
3. How much will my early retiree benefits cost?
4. How do I apply for Early Retiree Benefits?
5. When should I apply for Early Retiree Benefits?
6. I will be turning 65 this year, can you tell me what will happen to my ASEBP benefits?
1 Who qualifies for Early Retiree Benefits?
 

You can apply for early retiree benefits coverage if you are at least age 50 before the day you retire, you've worked for employers participating in ASEBP benefits for a minimum of five consecutive years leading up to your retirement, and you are a resident of Canada (with provincial health care coverage).
2 What is the coverage?
 

Early Retiree Package 1

  • you continue to participate in all ASEBP benefits in effect immediately before retirement, excluding Extended Disability Benefits
  • premiums are calculated at current rates

Check your ASEBP Benefit Handbook for detailed information about specific benefits coverage and plan descriptions.
3 How much will my early retiree benefits cost?
 

Your cost will depend on the coverage you have. First determine which benefits you are covered for and then check with your employer or ASEBP for premium costs.

Premium rates are reviewed annually. Any changes are effective September 1 each year. For more information about rates, contact ASEBP.
4 How do I apply for Early Retiree Benefits?
 

You must complete and submit an Application to Continue Benefit Coverage Following Early Retirement (available from your employer) before your retirement date or the date your employer-sponsored ASEBP benefits terminate. ASEBP requires that you attach the following to your application:

  • a photocopy of your birth certificate
  • a blank cheque marked VOID or the appropriate information from your banking representative (required for automated monthly withdrawals for premium payments)
  • ASEBP has set up an easy payment plan so your monthly premium payments are made electronically. The Application to Continue Benefit Coverage Following Early Retirement has more information about the easy payment plan.

Have your employer complete the Employer Information section of the Application to Continue Benefit Coverage Following Early Retirement, verifying:

  • the date your ASEBP benefits terminate
  • your actual retirement date if different from the date benefits terminate
  • your annual salary on the last day worked
  • your personal information, names of any dependents, and beneficiaries are up-to-date
  • all your original enrolment information is attached (ASEBP needs these records for your file)

Your employer will forward your Application to Continue Benefit Coverage Following Early Retirement to ASEBP along with all attachments.
5 When should I apply for Early Retiree Benefits?
 

It is very important that ASEBP receive your application before the earlier of:

  1. your retirement date or
  2. the date your employer-sponsored ASEBP benefits terminate.

ASEBP would like to have your application at least 30 days prior to this date, but the sooner the better! You can send in your application as soon as all your information is gathered.
6 I will be turning 65 this year, can you tell me what will happen to my ASEBP benefits?
 

Some employees are eligible to have ASEBP benefits coverage past age 65, up to their 70th birthday. To qualify for coverage, you must be actively working at age 65. If you begin service after reaching age 65, you are not eligible to enrol in ASEBP benefits.

If you are an Early Retiree already, your benefits will terminate at the end of the month in which you turn 65. You will receive a Group Life Insurance Conversion Notice a couple of months before your 65th birthday, which details converting your Life Insurance from the ASEBP group plan to an individual one with Great West Life.