(updated April 21, 2015 - added June 1:1 dates)
Note: The information on this page is intended for current members of the Western RIF. If you are a Pension Plan member and are not yet receiving a pension income from the RIF, please go to the page for Pension Plan Members - RIF information for Western Pension Plan members.
More group sessions and more opportunities for 1:1 meetings with a Sun Life Retirement Consultant have now been scheduled for May and June. These sessions will be of special importance to those who would like to transition to the new plan effective July 1. Paperwork for a July 1 move to Sun Life Financial will need to be completed by June 17th.
Group information sessions for RIF members will be held Thursday, May 7th and Tuesday, May 19th.
May 1:1 meetings will be held May 7, 11, 12, 19, 20, 21 and 22.
June 1:1 times are available June 2, 3,and 4.
Those planning a December 1 move are also welcome to register and attend. Further opportunities for group information sessions and 1:1s will be available later in 2015.
To register, use the links in the box to the right. If you would like assistance in registering, please call Western Human Resources at 519-661-2194 and we would be pleased to assist.
Here are details about the May group information sessions:
|Current Western RIF Members||Session Times||Location|
|May 7, 2015||1:00 pm||3:00 pm||Spencer Engineering Bldg., Room 2202|
|May 19, 2015||10:00 am||2:00 pm||Great Hall, Somerville House|
If you are not able to make it to an information session or a 1:1 on campus, there are some new options to learn more about the new Sun Life Retirement & Savings Plan for Western Retirees.
If you have any questions or concerns you may contact a Sun Life Retirement Consultant toll-free at 1-866-224-3906, any business day between 8 a.m. and 6 p.m. ET (select option 1).
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 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 well under way, and more than a third of Western RIF members have booked a 1:1 meeting with a Sun Life Retirement Consultant. Many will be transitioning to the new Sun Life Plan on May 1.
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.
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 the new Sun Life Plan by year’s end.
Three opportunities to transfer have been arranged:
Official notification of this change was 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.
View a copy of the presentation made to current RIF members
View a copy of the Sun Life Transition Brochure for current RIF members
Details on the investment options available in the new Sun Life Plan
Frequently Asked Questions document
Western Pension Plan Members (those who have not yet begun taking an income from their pension savings) will find full details on the page RIF information for Western Pension Plan members. The information for Pension Plan members 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 November 2014, the Western Board of Governors approved a recommendation to sign an agreement with Sun Life Financial as a preferred provider of a RIF program for Western retirees.
Information previously posted on the website - Future of the Western RIF, may be found here.