FAQ

This is a group retirement plan composed of a group Tax-Free Savings Account (TFSA), group Registered Retirement Savings Plan (RRSP), and a group Registered Retirement Income Fund (RRIF).

my65+ is a portable savings program designed to make retirement easier and more affordable for Canadians, regardless of their age. By combining group purchasing power, digital technology, and world-class retirement research, the plan has the potential to deliver up to 3x the value for money of a typical individual approach to saving for retirement.

While most investment options on the market focus on accumulation of assets, the approach for the plan is based on monthly retirement income. The plan does all of this with lower fees and a legal duty to administer and manage the plan in the plan members’ best interests.

There are a few different roles when it comes to managing my65+:

• Common Wealth Retirement is the plan provider. This means they provide and maintain a self-service platform, provide administration and recordkeeping services in respect of the plan, support member communication and education sessions, and respond to member and employer inquiries.
• Canadian Western Trust (CWT) is the custodian and trustee for the plan. They are responsible for holding and safeguarding the assets of plan members, as well as maintaining the registration of the plan with the Canadian Revenue Agency (CRA).
• BlackRock is the investment provider and fund manager for the plan. Plan members can invest their contributions by selecting one of BlackRock’s nine target date funds.

It means that Common Wealth Retirement, the plan provider, has to act in the best interests of plan members.

my65+ helps members and their spouses grow their retirement savings 2-3x bigger than traditional RRSPs, with a digital retirement plan that automatically saves and invests your money so you can achieve a financially secure retirement.

• Current or former members of SEIU Healthcare
• Current Union Savings members
• Employees of SEIU Healthcare
• Non-bargaining employees of an SEIU workplace
• A spouse or common-law partner of any of the above

If you are joining through a participating employer, you will receive an email with a unique enrollment link to sign up for the plan.

There is no maximum age limit to join the plan, although you cannot contribute to a TFSA if you are under 18 years old. You can contribute to an RRSP as long as you have available contribution deduction room or until December 31st of the year you turn age 71.

You must be a Canadian resident for tax purposes in order to join the plan.

Only full-time or part-time employees can participate in your plan. New hire probationary period restrictions, if applicable, may apply and prevent certain employees from immediately joining the plan. Any individual who is paid under contract, on a fee-for-service basis, or other arrangement (e.g., gig worker) is not eligible to participate through an employer arrangement.

Yes! The plan makes it as easy as possible for every member, regardless of their age or income level, to get on a path to retirement success and stay on track. The plan supports this goal through saving and investment strategies and options, low fees, plan portability, and tax and government benefit optimization.

Yes! The benefit of this plan is that members can contribute to a TFSA. There is no age restriction for contributing to a TFSA, which allows members over the age of 71 to contribute to the plan. Even if employees are drawing down their RRIF contributions, they can still contribute to their TFSA. In addition, unlike RRIF requirements, there is no obligation to draw down TFSA funds.

Plan members can select from one of a series of BlackRock target date funds, which provide a mix of equities, fixed income, and real assets. The fund is matched to each plan member’s expected retirement date, and the asset mix is automatically adjusted to become more conservative as they get closer to that date.

We are interested in offering something thoughtful on responsible investing, also known as ESG (Environmental, Social, and Governance), as part of our plan. The plan’s funds are managed by BlackRock, which manages more than $10 trillion USD in assets and serves more than 35 million investors. BlackRock is committed to evaluating sustainability insights and data across all of its investment processes and focusing on its dedicated investment stewardship activities.

BlackRock is currently researching ESG options in Canada and is looking to evolve the target date fund portfolios in the near future. We will continue to work with BlackRock to explore opportunities to integrate more responsible investing components into the plan’s investment program.

For more information on BlackRock’s approach to sustainable investing, you can check out the firm’s 2021 Stewardship Expectations, as well as BlackRock CEO Larry Fink’s focus on sustainability in his annual letter to chief executives.

The investment manager for this plan is BlackRock, the world’s largest asset manager. Founded in 1988, BlackRock has over $10 trillion USD in assets under management, including managing over C$275 billion in assets for Canadian clients. The firm pioneered target date funds in 1993 with the launch of LifePath Funds. BlackRock is the market leader in Canada for target date funds, with over C$30 billion in assets in its LifePath products, which have been serving Canadian investors since 2007. LifePath is used as the default investment option in some of Canada’s largest defined contribution plans.

Part of the value that my65+ can offer its members is in the education they can access through the plan. This ranges from planning suggestions during enrollment, to a library of educational articles, and education sessions with retirement specialists. All of these resources are aimed at equipping my65+ members with more and better information on saving for their retirement, so they can make the right decisions for their savings goals. Members can also contact the client services team via the Support page.

General contribution limits for RRSPs and TFSAs are set by the government and can be found here. You can view your individual contribution limits by logging into your CRA My Account or by looking on their latest notice of assessment under “Available contribution room for [YEAR].”

It is your responsibility to ensure you do not exceed your limits under the Income Tax Act. There are penalties for over-contributing. You will be solely responsible for any taxes or fines imposed if contributions exceed the RRSP or TFSA limits. We provide education to members about their limits as part of their account.

You can set up a monthly savings plan, and make other contributions throughout the year as you would like. Monthly savings plans are pro-rated and capped at the annual contribution limits, but if you have more contribution room, you can make additional contributions as you wish.

Even after retirement, you continue to reap the benefits of a my65+ plan. You would still have access to the low-cost investment funds as part of the plan, which would automatically be adjusted (more conservative) according to your age and stage. We’ll also provide support in turning your nest egg into actual retirement income by converting to and managing a RRIF.

You will be able to access your retirement income from the plan in a number of different ways. They include setting up a regular withdrawal based on a percentage of assets and/or a fixed pension-like payment. You also have the option to withdraw funds in a lump sum or through a transfer to another TFSA, RRSP, or RRIF.

As a participating employer of my65+, you would be responsible for:

• Supporting Common Wealth Retirement, the plan provider, with the distribution of plan materials
• Working with Common Wealth to facilitate employee education sessions
• Providing Common Wealth with an up-to-date file of eligible employees, including information to support payroll deduction processing
• Providing Common Wealth with a payroll file that contains member and, if applicable, employer contribution details and remitting contributions to the custodian, Canadian Western Trust

As a participating employer, you will be required to sign a Service and Fee Agreement with Common Wealth Retirement, the plan administrator (and provider). This agreement details your responsibilities as a participating employer, as well as Common Wealth’s. For example, obligations related to communications, administration, fund access, fees, and privacy of information are outlined in the agreement.

Employees will receive an email with a unique enrollment link to sign up for the plan. This link cannot be shared with anyone else or used more than once.