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Employees

Once you’ve been enrolled in the Pension Plan for CCCC Members, you’ll want to stay up-to-date on your pension account information, legislation changes, and plan performance. This page provides all of the information and helpful links that you need.

If you require assistance, please connect with our Great West Life contact:
Craig Stokley,
255 Dufferin Avenue - T540, London, ON  N6A 5Y4
Phone:  519-435-7730
Toll Free: 1-888-781-1262 extension 6934

Investment
Choices

The CCCC Pension Plan allows members to select their investments.  When making investment choices, you should consider the number of years until you retire and what level of risk you are willing to tolerate.

The following investment choices are available under the plan:

  • Money Market--McLean Budden
  • Fixed Income--McLean Budden
  • Balanced Fund–Jarislowsky Fraser, Meritas*
  • Canadian Equity–Jarislowsky Fraser, GWLIM Ethics*
  • American Equity–McLean Budden
  • International Equity–Sprucegrove

*Socially responsible funds

View the past performance of these funds below under Quarterly Performance Reports.

What Type of Investment Mix is Right for You?

If you are not sure what type of investment mix you should have, GWL provides an investor profile questionnaire to help you.  It is a simple questionnaire that takes 10 minutes to complete.  You can access a copy online at www.grsaccess.com or call GWL at 1-800-724-3402.  You will need your login information.

Forgot your ID or password?  You can click on the “Need Help?” section on the GRS website or call the GWL Access Line at 1-800-724-3402.

How Do I Change My Investment Choices?

If you did not select an investment choice, your funds will automatically be invested in the Jarislowsky Fraser Balanced fund.  This is a medium risk, medium growth fund.

You can change your investment choice any time at www.grsaccess.com.  Login and click on “Your Retirement Portfolio”.  Click on “Fund transfer” to reallocate past contributions.  Select “Future Deposits” to change instructions for future contributions.

Forgot your ID or password?  You can click on the “Need Help?” section on the GRS website or call the GWL Access Line at 1-800-724-3402.

QUARTERLY PERFORMANCE REPORTS

On a quarterly basis, the Plan receives information and analysis from its consultant, Proteus Performance Management, regarding the investment choices available in the Plan. The performance of the funds are compared to benchmarks for that investment class in order to ensure that the investment options are performing as set out in the Statement of Investment Policies & Procedures.

The Trustees review this information, in conjunction with Proteus Performance Management, to determine if changes are necessary.

AUDITED FINANCIAL STATEMENTS

The Trustees have engaged the services of PriceWaterhouseCoopers to conduct the annual audit and express an opinion on the financial statements of the CCCC Employee Pension Plan. Recent financial statements for the Plan are provided below for your information.

Pension
Newsletter

Our goal as trustees is to communicate regularly with both participating employers and members of the plan. In this way we can keep you up-to-date with legislation changes, performance of the plan and helpful tips to help you make informed investment decisions.

Have you moved recently? If you have moved recently, please take a moment to update your contact information. This will help us to keep you informed! 

Links

FAQs

While in the Plan

 

Your contact for your pension account information is Great West Life ("GWL"), who have been contracted by the Plan Sponsor (the Canadian Council of Christian Charities - CCCC) to handle the day-to-day administration of your account.

You can access your account at www.grsaccess.com (using your Logon ID and password mailed to you by GWL) or by calling GWL’s Access Line at 1-800-724-3402 (If you call, you will need your Social Insurance Number, the Plan’s number - 37631 - and be prepared to answer a question or two to verify your identity.).

You will need to contact your employer’s payroll administrator regarding how much you are contributing, how much your employer is contributing on your behalf, how to change your contribution level or should you wish to make any extra voluntary contributions.

 

You can go to the GWL website at www.grsaccess.com and click on their "Need Help?" section, or, call them using the directions and toll-free number in FAQ 1.

 

GWL has placed a helpful summary of your rights and obligations as a Plan member at their website (www.grsaccess.com), logon, click "Learning Centre" and use the drop down "Select a topic" menu and choose "Rights and responsibilities". Please also refer to the Employee Handbook for your particular province for further details.

These FAQs are designed to help you in exercising your rights and to help you with your responsibilities to be informed about the Plan making use of the tools provided to you.

 

There are three ways to change your information:

  1. Go to the GWL website (www.grsaccess.com), logon, click "Your Retirement Portfolio" and click "Member Information" to make your changes, or,
  2. Call GWL using the directions and toll-free number in FAQ 1, or,
  3. Complete the form "Change of Member Information" and mail it to the GWL address shown on the form.
 

If you are married, your spouse is usually always considered your beneficiary, depending on applicable legislation in your province of employment. If you are single, you have other options. For more information, please go to the GWL website (www.grsaccess.com), logon, click "FAQs" and refer to their FAQ 4 or call GWL using the toll-free number in FAQ 1 above.

 

If your employer is a Participating Employer in the Plan and you are eligible, then your employer must offer you the chance to join. If you do not wish to join, you must sign a Waiver form, in which you acknowledge that the plan was offered to you and that you chose not to participate. You must give the completed Waiver form to your employer. Your employer will retain the form and send a copy to CCCC.

NOTE: Financial advisors strongly advise that eligible individuals should participate in a pension plan so as not to miss out on the opportunity to accumulate Employer contributions and your own (Employee) contributions for your retirement.

 

These are called Additional Voluntary Contributions and they can be made subject to the maximum set by the Income Tax Act. The total of all contributions (Employer, Employee and Additional Voluntary Contributions) cannot exceed the yearly limits.

For example: if your employer is contributing 5 % and you are required to match it with 5 %, then you can make additional voluntary contributions up to the current yearly limit, set out in the table of contribution limits.

Voluntary contributions MUST be submitted through your employer so that they can be recorded on your T4 slip and be part of the Pension Adjustment calculation to keep things in order when you file your annual income tax return.

 

The Plan is a "defined contribution" or "money purchase" Registered Pension Plan ("RPP") which has been designed to accumulate employer and employee contributions. What this means is that contributions from your employer and yourself are placed into your pension account in the Plan. You can then place these funds in your pension account into a number of investment options set out by the Trustees of the Plan. When you retire, you will need to purchase a retirement income generating financial vehicle using the funds in your pension account.

 

This is a personal decision for you to make. Your choice of investments always depends on the amount of risk you think appropriate. This can vary based on your overall financial situation, your time of life and other considerations. The Plan provides a range of options from guaranteed rates to equity funds for you to choose from. GWL has information for each of these funds at their website (www.grsaccess.com), logon, then click the "Fund Information" button and choose "Fund information" on the left side menu. For assistance to help you make a decision that is best for you, you can take a survey to determine your risk tolerance and use planning tools at the GWL website (www.grsaccess.com), logon and look under "Plan your retirement".

 

Your contributions will have been placed in the Balanced Fund (Jarislowsky Fraser), which is a medium risk/medium growth fund. The Balanced fund is the ‘default’ where funds are invested when the member has not made a choice of investments.

 

Vesting is the right to pension benefits attributable to contributions made by your employer on your behalf. The CCCC pension plan vests immediately, which means that you are eligible to receive both employee and employer contributions at termination, even if you terminate employment before locking-in occurs.

 

Locking-in occurs when provincial pension legislation does not allow you to take a cash settlement. Once locking-in has occurred, your employee and employer required contributions plus growth cannot be withdrawn in cash and must be used to provide you a pension at retirement.

 

You will receive one in the mail from GWL once a year in January for the prior fiscal (calendar) year. You can print out a statement anytime from the GWL website (www.grsaccess.com), logon, click the "Your Retirement Portfolio" button and select "Member statement".

 

You can check your investment performance at any time at the GWL website (www.grsaccess.com), logon, click the "Your Retirement Portfolio" button and select from a number of analysis options, including a "personal rate of return" for your investment choices.

 

Subject to your employer’s policy and applicable provincial legislation, you may postpone your retirement but you must commence receiving your pension by the end of the calendar year in which you attain age 71.

 

Your spouse or beneficiary will receive a death benefit equal to your Members Total Account. The payment of the death benefit will be subject to applicable provincial legislation. Some provinces allow a lump sum payout; in other provinces the funds must remain in a locked-in plan of some kind. Check with GWL for more details (see FAQ 1 above for GWL contact details).

 

If your employer’s participation agreement does not require employee contributions, your employer must continue to make contributions during your statutory maternity or parental leave.

If your employer’s participation agreement does require employee contributions, you must continue to make employee contributions in order for the employer to continue to contribute. If you inform your employer in writing (using a specific Waiver Form available from your employer) that you do not intend to make contributions during your leave, then both you and your employer are not required to contribute during this time. Contributions must begin again when you return to work.

The pensionable earning that such contributions should be calculated on are equal to your annual pensionable earnings in effect prior to the date of absence.

 

A contribution to a RRSP can be used as a tax deduction when you file your tax return whereas a contribution to an RPP reduces your taxable income "at source" (i.e. each pay cheque). It depends on your individual circumstances which is most advantageous to you. Usually, the RPP is the best option (especially since your employer is contributing on your behalf and the employer’s contribution is not subject to statutory deductions - i.e. CPP, EI and taxes).

When leaving employment before retirement

 

You may retire earlier (than age 65) on the first of any month after the attainment of age 55.

 

Your employer will have a form called "Notice of Member Termination". This needs to be completed and sent to GWL (see FAQ 1 above for GWL contact information). GWL will then send you a statement of your account along with your options upon termination.

 

This depends on whether your funds are "Locked-in" or not and on the applicable legislation of your province of employment. You will always have the options of leaving your funds in the CCCC plan (until you reach the age of 71) or transferring your funds to another financial institution or transferring your funds to another registered pension plan (if your next employer has such a plan). If some or all of your funds are not locked-in, you may request a cash payout. Remember that tax will be withheld on any cash payout and the amount of the payout is considered part of your taxable income for that year. You can contact GWL for advice on your particular options (see FAQ 1 above for GWL contact information).

 

This depends on whether you have any funds that are not locked-in. If you have made any voluntary contributions they will be available to be taken in cash. Otherwise, it depends on the applicable legislation for your province of employment. Remember that any cash payout of your funds must be included in your taxable income for that year and that tax will be withheld on the payout. You can contact GWL for advice on your particular options (see FAQ 1 above for GWL contact information).

 

You may leave your funds with the Plan, or, you can have them transferred to any Canadian financial institution. They must be transferred to another plan or financial vehicle which is locked-in. The financial institution receiving your funds is required by law to keep your funds on a locked-in basis. Such plans may include Locked-in RRSP’s, Life Income Funds (LIF) or Locked-in Retirement Accounts (LIRA).

You can also transfer your funds to another Registered Pension Plan (RPP) if your new employer has such a plan and can accept such transfers. Locked-in funds must be accepted on a locked-in basis and retained on a locked-in basis until your retirement.

Contact GWL (see FAQ 1 above for GWL contact information) or ask your financial adviser for details.

 

No, you can leave your funds in the CCCC plan to accumulate growth until the end of the year in which you turn 71. At age 71, your funds must be converted to a pension generating financial vehicle with another financial institution.

NOTE: Keep GWL updated with your current address so you can continue to receive statements and information (see FAQ 1 above for GWL contact information).

When retirement is imminent

 

You should discuss your options with a qualified financial advisor. Your account with the CCCC pension plan is to be used to purchase a pension generating financial vehicle. Your individual circumstances need to be considered when choosing the plan that best meets your needs.

 

You may retire earlier (than age 65) on the first of any month after the attainment of age 55.

 

Subject to your employer’s policy and applicable provincial legislation, you may postpone your retirement but you must commence receiving your pension by the end of the calendar year in which you attain age 71.

 

No, the CCCC pension plan is a Defined Contribution ("Money Purchase") Plan which means it is designed to accumulate employer and employee contributions and growth on a tax sheltered basis. The member’s total account is then used to purchase a pension generating financial vehicle upon retirement. Such instruments can include Annuities, Life Income Funds (LIF) and Locked-in Retirement Income Funds (LRIF). You should discuss your options with a qualified financial advisor.

 

Your funds can only be transferred to a Canadian financial institution. If you have any non-locked-in funds you may take them in cash, less any required tax withholding.

 

Your account must be used to purchase a pension generating plan in a Canadian financial institution. Some banks will work with you regarding receiving your benefits in the USA (or other foreign country) but your account cannot be transferred to an American or foreign financial institution. You should first contact the financial institution with whom you did your banking while in Canada to see if they can assist you. Should you have any difficulties, please contact us at the CCCC office by phone at 519-669-5137 or by email.

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