(updated July 19)
The Western Retirement Income Fund will be discontinued in late 2015. The information on this page is intended for current RIF members, to assist with the transition to the new Sun Life Retirement & Savings Plan for Western Retirees, or to another financial institution.
More than half of Western RIF members have now made the transition to the new Sun Life Retirement & Savings Plan for Western Retirees. With just one RIF transition date left (December 1, 2015), here is the information you need to plan your transition from the Western Retirement Income Fund (RIF). Keep in mind, that November 13, 2015 is the final date for Western to receive your completed paperwork to either move to the new Sun Life Plan or to another external provider of your choice.
Here are all the options available to you:
Planning to move to Sun Life on December 1, 2015? If so, there is no need to wait until late fall to complete your paperwork. Feel free to plan your move and get the paperwork done now. Then, your funds will automatically transition on December 1.
Planning to move to another external RIF provider, purchase an annuity or cash non locked-in funds? You will need paperwork from Western to proceed with these options. Please contact Western Human Resources for assistance. Be sure all paperwork is completed by November 13, 2015.
If you have not yet attended a group information session, we hope you can make it September 22 to the final group session. Alternatively there is an online webinar you may watch at any time to learn more about the new Sun Life Plan.
If you have already made a decision to move to Sun Life and wish to proceed, then please book a 1:1 meeting with a Sun Life Retirement Consultant. On-campus 1:1 meetings with Sun Life Retirement Consultants will be available in August, September and October.
Group information sessions for RIF members:
This session will give you full details on the new Sun Life Plan, on the ways to access your account and the advice available to you, as well as the steps to take if you wish to enroll.
Location: the Western Support Services Building, Room 4210
On-campus 1:1 meetings with a Sun Life Retirement Consultant
These individual sessions are approximately 90 minutes and will provide an opportunity for you to discuss any questions you may have about the Sun Life Plan and your retirement income options, including investment 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 alone or together with your spouse. What information you choose to share with the consultant is up to you, but if you plan to move any outside investments to Sun Life, you may wish to bring account statements from those outside accounts to your meeting.
Location for 1:1s: the Western Support Services Building, Room 5100 (signs will lead you to the right locations)
To register for both group information sessions and 1:1 meetings, please use the registration link 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.
If you are not able to make it to an information session or a 1:1 on campus, there are other options to learn more about the new Sun Life Retirement & Savings Plan for Western Retirees.
As we have previously communicated, Western is pleased to be moving forward in partnership with Sun Life Financial, the new preferred external provider of a RIF for Western retirees. 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.
A number of resources regarding the new Sun Life Plan are available for you to review. These documents are password protected. If you are a Western RIF or Pension Plan member, please call Human Resources at 519-661-2111 or email firstname.lastname@example.org and we would be pleased to provide you with the password.
-A copy of the PowerPoint presentation for current RIF members
-A copy of the Sun Life Transition Brochure for current RIF members
-Details on the investment options available in the new Sun Life Plan
-A Frequently Asked Questions document
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.