Taylor, who was appointed to the bench in 2004, has been on medical leave for several months.
Last week, acting Chief Justice Gordon Campbell sent a notice to members of the legal community notifying them of Taylor’s retirement.
It’s the third retirement from P.E.I.’s superior court within the last year.
Former Chief Justice Jacqueline Matheson elected supernumerary status as of Jan.1 and Justice Wayne Cheverie’s status changed to supernumerary as of Sept. 1, 2016.
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Supernumerary judges can still be called on to perform judicial duties.
Justice Tracey Clements was appointed in March to replace Cheverie, but a permanent chief justice has yet to be named.
With Taylor’s retirement, there are two vacancies in the supreme court.
The P.E.I. Supreme Court normally has five sitting judges.
A judicial advisory committee will make recommendations for the appointments.