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Group Registered Retirement Savings Plan

The information provided here is intended as a summary of the more important features of The University of Winnipeg Group RRSP. The benefits and terms and conditions under which they are provided, are governed by the group agreement, and in any dispute the agreement will take precedence over the information provided here.

NOTE - While an RRSP (group or individual) may be the ideal way to supplement retirement income for many individuals, it is an investment option that may not be suitable for all individuals.  To determine whether saving through an RRSP is an appropriate investment option for your individual circumstances, the University of Winnipeg recommends that you consult with a financial advisor.


Background

The Group Registered Retirement Savings Plan was implemented effective May 1, 2003. The Group RRSP provides you with an opportunity to save for a financially secure retirement since it is recognized that any comprehensive retirement planning strategy includes three components: employer sponsored pension plan, government pension plan and private retirement savings. The Group RRSP provides investment options, tax sheltering of assets and investment earnings until retirement.

In addition to the features of the Group RRSP, amounts contributed towards your retirement income are subject to federal tax laws. The information provided here will explain the common guidelines that apply to amounts deposited into an RRSP and describe the basic terms of program.


Beneficiary Designation

You may designate a beneficiary of your choosing or your Estate for any benefits payable from your Group RRSP.

Please note that your beneficiary designation will not be revoked by any future marriage or divorce. Should you wish to change or revoke your beneficiary in the event of a marriage or divorce, you have to do so by providing a new beneficiary designation to Desjardins.

Ensure your beneficiary is aware of this benefit and knows where your estate related documents are kept.


Contributions

The amount that you can contribute to a Registered Retirement Savings Plan (group or individual plan) on a tax-deductible basis is directly affected by the benefit you earn under a registered pension plan. If you are a member of the University of Winnipeg Trusteed Pension Plan, a Pension Adjustment (PA) will be calculated at the end of each calendar year by the University and reported to the Canada Revenue Agency (CRA) on your T4 slip.

The Canada Revenue Agency will advise you of your RRSP contribution room for each taxation year on your Notice of Assessment.

If you are a member of the Defined Benefit component of the Plan, the Pension Adjustment (PA) is based on the Plan benefit (formula pension or maximum pension, whichever is less) you earn in each year.

If you are a member of the Defined Contribution component of the Plan, the Pension Adjustment is the sum of your and the University required contributions.

The amount you choose to contribute may be a percentage or flat dollar amount per pay, and is subject to a minimum of $10 per pay-period.

Contributions are generally made through regular payroll deductions, however, you may make a lump sum contribution. You can also transfer assets into the Group RRSP from another institution by filling out a "Direct Transfer of Assets" form (available from Human Resources).

The University of Winnipeg does not make contributions to the Group RRSP on your behalf.


Directing Contribution Investments & Default Fund

You have total discretion as to how your contributions are invested. There is a wide selection of investment options for you to choose from that range from conservative (GIC) to aggressive (equities).

If you do not make an active fund selection, your and the University contributions will be credited to the Plan Default fund, which is the Fidelity ClearPath® fund that aligns with your expected retirement year (assuming age 65). 

Plan members are strongly encouraged to make an active and informed fund selection based on their Investment Risk Profile and to periodically review their fund selection.


Income Tax Regulations

  • The Group RRSP and the manner in which it is operated is governed by the Income Tax Act (Canada).
  • You must include benefits paid out of the Group RRSP in your taxable income unless you have made a tax-sheltered transfer.
  • Any cash payment out of the Group RRSP is fully taxable in the year in which you receive it. It is subject to withholding tax at the time of withdrawal.

Enrolling in the Group RRSP and Changing Contributions

The following employees are eligible to participate in the University of Winnipeg Group Registered Retirement Savings Plan:

  • Continuing salaried Academic and Support employees;
  • Term salaried Academic and Support employees.

Enrolment to the Group RRSP is made directly through your Desjardins account.   

Once you have logged into your Desjardins account (Website), go to My transactions and Managing my account.  Go to Enrol and choose Retirement Savings Plan.

If you are eligible to join the Group RRSP, and do not have an account with Desjardins, please contact Human Resources.

To change your existing payroll deduction contribution amount (increase or decrease) you need to:

Log into your Desjardins account (Website), go to My transactions and Managing my account.  Go to Contribute and modify your amount.


Member Statement

Twice each year, Desjardins produces an account statement showing the contributions made by you into the Group RRSP since the last statement and the total value accumulated to your credit. 

You can access your detailed account information anytime through the member website or by contacting Desjardins.


Personal Information

The personal information requested of you is required in order to efficiently administer your benefits under the Plan.

 Desjardins Privacy Policy


Program Benefits

  • Lower Investment Management Fees. Everyone pays this type of fee when investing in mutual funds. Under the Group RRSP program your fees are lower than what you would pay on your personal investments. Paying lower fees can add up to a significant difference in the value of your investments over time.
  • No loads. No front end or back end loads which means your full contribution is invested.
  • No transaction costs. No cost for account transactions such as investment changes and fund to fund transfers.
  • Immediate tax savings. Contributions made through payroll deduction immediately reduce the tax you pay.
  • Investment choice. There is a wide selection of investment options to choose from and range from conservative to aggressive.
  • Account access. Account tools are available at your fingertips through the Desjardins member website or the toll-free number.

Withdrawal of Contributions

  • You may make a withdrawal/transfer from your Group RRSP at any time, however, there is a $25 fee for each withdrawal/transfer (please note that there is no fee for transferring between different investment options).
  • You will also pay withholding tax of 10-30% depending on the amount withdrawn as per requirements by the Canada Revenue Agency.
  • Any additional tax owed will be collected from you by CRA when you file your income tax return at the end of the year.

Desjardins Contact

Questions?  Contact Desjardins or the University of Winnipeg Human Resources Office.

Fully understanding every aspect of this Plan is almost impossible. We realize, and expect, that from time to time you will have questions.

There are two easy ways to connect with Desjardins.

Call Desjardins from anywhere in Canada or U.S. toll-free at 1-800-968-3587. This number will direct you to a representative who is available to assist you every business day from 7:00 A.M. to 7:00 P.M.

Visit the Plan Member website anytime.