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Administrative Procedure

AP-435 — Group RRSP Program Guidelines

Section Four: Business Administration
Effective Date: February 1, 2016 Last Reviewed: October 16, 2023

Background

The Board maintains a Group RRSP Account and Employer Matching Program that is available to eligible support staff for the purpose of saving towards retirement.

Procedures

  1. Employer matching rates will be based on years of service as follows:
    1. 0.00 – 1.99 years – 0%
    2. 2.00 – 4.99 years – 2%
    3. 5.00 – 9.99 years – 3%
    4. 10.00 + years – 4%
  2. Years of services will be calculated as of September 1st each year. Years of service will be calculated as continuous years of service except for leaves approved by the Superintendent or designate such as maternity leave.
  3. Employees must contribute at least the matching percentage in order to qualify for the employer contribution.
  4. Employees eligible for the Alberta Teachers Retirement Fund pension or the Local Authorities Pension Plan are not eligible for the Employer Matching Program, however, they can add personal RSP contributions to the group account if they choose.
  5. This is meant to be a retirement savings plan. As such, employees will not be able to withdraw the employer portion of the contributions until such time as they retire or terminate.
  6. The employer contribution will be invested in the default fund – Clearpath Fidelity.. Employees are free to invest their contributions in a variety of options as they see fit.
  7. Advisors from Capital Estate Planning are available to assist employees with their investment allocations and choices.
  8. Employees will be able to add personal RSP contributions over and above employer contributions up to the CRA limit regardless of years of service.
  9. As this is a Group RSP plan, employees may make lump sum personal contributions. The most tax efficient contribution method is via payroll deduction with immediate tax refund monthly.
  10. The employer contributions are considered taxable income and will be shown as such on the employees annual T4. Canada Life will issue RRSP receipts to the employee for both employee and employer contributions.