A Post-Retirement Spending Account (PRSA) is given to retiring Faculty members who are over the age of 55 and have a minimum of ten (10) years of service.
The Post-Retirement Spending Account is intended to assist employees in transitioning from the University of Saskatchewan benefit programs to individual plans during the first two years of retirement.
The Post-Retirement Spending Account is administered by Sun Life Financial and will provide reimbursement of premiums that are paid to private health and dental insurance plans offered through any registered insurer.
The PRSA provides $2,000 for each of the first two years following retirement if you are not eligible for, or you opt out of, group life insurance coverage
The university will allocate the applicable amount of funds to your account.
Carry Forward Credit Accrual
Your initial deposit to the PRSA will be effective on your retirement date. Any unused funds will be carried forward until December 31 of the year following your retirement date, at which time any remaining funds will be forfeited.
Your second and final deposit to the PRSA will be made on the January 1 following your date of retirement. This second deposit will be available to you until December 31 of the year following the date you received the second allocation, at which time any remaining funds will be forfeited.
Your eligible expenses are any expenses eligible under the faculty Health Spending Account. For further information on claim eligibility please refer to the Health Spending Account plan summary.
Based on the University of Saskatchewan’s interpretation of The Income Tax Act, amounts reimbursed under the PRSA are considered non- taxable to participating retirees.
View claim procedures including coordination of benefits and submission deadlines.
Sun Life Customer Call Centre
Sun Life has a Customer Call Centre that provides information directly related to your benefits, claims submitted and status of your claim. Other questions or scenarios that Sun Life can assist with are:
- How do I update or change my dependents?
- My child is attending University. How do keep them on my plan as an overage dependent?
- What is the status of my claim?
- What is my maximum for a specific service? How do I know if I have reached my benefit maximum?
- What am I or my dependents covered for under a certain plan?
- I am locked out of MySunLife account. How do I reset my password?
- Why was my claim denied?
1-800-361-6212 during the work week from 8am to 8 pm EST.
Or connect online through your MySunLife account. Visit www.mysunlife.ca and enter your access ID and password.
Types of questions Connection Point can assist with:
- What date does my coverage begin?
- What type of benefit coverage am I eligibile for?
- How do I submit a claim?
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Monday to Friday, 8:00 am to 4:30 pm