Group Retirement Savings Plan (RSP)Merit Contractors Association sponsors a Group RSP for the benefit of member companies and their employees, both hourly and salaried. This program offers your employees a means to save money tax free, and offers returns in excess of those available through traditional pension plans. This is a voluntary plan and employers are encouraged to participate. Who is the administrator of the plan?Companies have their choice of offering the program through RBC Investments.
How does the program work?A company which elects to offer the Group RSP to its employers may offer the plan to all its employees or a select group (for example, office/supervisory staff). Employee participation is optional. For those who elect to participate, the employer will deduct an amount as a regular payroll deduction. This amount may be a set dollar amount (for instance, $100 a month), or it may be a percentage of one's income (for instance, 5%). In addition, companies may choose to match employee contributions. How are investment decisions made?Each employee is responsible for their own investment decisions. Upon commencing participation in the plan, the employee will select a suitable investment vehicle (options include various mutual funds with varying levels of risk, annuities, GICs etc.) All monies are deposited directly into the employee's individual account. Individual employee participants have immediate vesting rights.
Additional InformationThe plan is portable between Merit member firms. If the employee stops working for a Merit member, they can choose to keep their investments with Royal Trust or transfer them to another institution, if desired. Alternatively, they may cash out all or part of their investments. Are you a Merit member employee participating in the Merit Group RSP and looking for information about your investments? If so, please contact RBC Investments at 1-800-463-3863 and tell them you are with the Merit Group RRSP. Merit and/or your employer do not have access to information about your personal investment account.
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