(updated February 23, 2015 with posting of presentation materials)
Note: This information is intended for current members of the Western RIF. Information for those individuals who are not yet receiving a pension income and are still invested in Western's Pension Plan can be found on the page RIF information for Western Pension Plan members.
As we have previously communicated – changes are coming to the Western Retirement Income Fund (RIF) program. Western is pleased to be moving forward in partnership with Sun Life Financial, the new preferred external provider of a Retirement Income Fund (RIF) for Western retirees.
The work to transition from the Western RIF to the Sun Life Retirement & Savings Plan for Western Retirees (Sun Life Plan) is already under way, and you will be able to plan to move your assets as early as May 1, 2015.
By November 13, 2015, current Western RIF members will be required to make a decision as to where they will move their RIF funds and complete the necessary paperwork. In addition to the Sun Life Plan, other options for current Western RIF members include transferring to another external RIF provider, the purchase of an annuity, or any combination of these three options. Western Human Resources can provide you with guidance on moving to an alternative RIF provider or purchasing an annuity. The Western RIF will be fully transitioned to Sun Life Financial by year’s end.
Official notification of this change is included in an information package mailed to all RIF members. You may also wish to read a special RIF edition of Pension News published in January 2015.
Please go to the page RIF information for Western Pension Plan members. This information is similar to the information you will find on this page, but is more directed at those who are not current members of the Western RIF.
In partnership with Western, Sun Life Financial is pleased to offer on-campus group education sessions and 1:1 meetings with Sun Life Retirement Consultants, so that you may learn more about the new arrangement, and the steps to take to transfer to the Sun Life Plan.
This new partnership provides an outstanding opportunity for current Western RIF members, (including those with RRIF, Old LIF, New LIF and LRIF accounts), future retirees, and also for Western retirees who have assets in other external RIF plans. The Sun Life Plan will provide Western retirees with access to a broader range of quality investment choices, a high degree of flexibility (including the option to transfer in outside assets and spousal accounts), and convenient financial planning support. Western has negotiated very competitive group fees, lower than you would expect to pay as an individual investor. For those who join the plan in 2015, or at any time in the next ten years, these fees are guaranteed for life.
Sun Life will be hosting 90-minute group education sessions in Western’s Great Hall on campus. Sessions will cover the following information:
Group education sessions will be held as follows:
|Current Western RIF Members||Session Times|
|February 23, 2016||10:00 am||1:00 pm||4:00 pm||7:00 pm|
|March 3, 2015||10:00 am||1:00 pm|
|March 16, 2015||11:00 am||2:00 pm||5:00 pm|
Pension Plan Members retiring
|March 3, 2015||4:00 pm||7:00 pm|
|March 16, 2015||9:00 am|
These individual 60-minute sessions, held on campus, will provide an opportunity for you to discuss any questions you may have about the Sun Life Plan and your retirement income options, including investing strategies and income illustrations. Retirement Consultants can also enroll members in the new plan, as well as assist with asset consolidation and spousal accounts. Various timeslots are available, and you may attend these sessions together with your spouse. To facilitate your retirement planning discussion, it may be helpful to bring account statements if you have savings elsewhere. We encourage you attend a group session in advance of a 1:1 session so you can make the most of your time with a Sun Life Retirement Consultant.
You may register for a Sun Life group education session and a 1:1 meeting with a Retirement Consultant by visiting the Sun Life registration pages:
Current Western RIF members who are unable to register via the Internet may call Human Resources at 519-661-2194 to request assistance with registration.
We believe these changes offer exciting new opportunities for Western retirees!
In November 2014, the Western Board of Governors approved a recommendation to sign an agreement with Sun Life Financial as a preferred provider of a Retirement Income Fund (RIF) program for Western retirees.
Information previously posted on the website - Future of the Western RIF, may be found here.