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SIGNING BONUS Form and deadline information and processing.

Click on the link below to download, fill out and process your signing bonus form.

SIGNING BONUS FORM

In Solidairty,

USW7619

 

 


 

Signing Bonus Money To RRSP – August 2017

Further to the information provided last week regarding the new Group RRSP that members may choose to direct their signing bonuses to, CUMIS (Credit Union Member Insurance Services) will have representatives available on Wednesday, Thursday, and Friday of this week to provide further details about the new program, and to assist members in completing the forms that are needed to enroll in the new plan and transfer any existing holdings in the former plan with Vancity.  Members are welcome to come to the Local 7619 office at 770 Victoria Street in Kamloops on any of those three days for assistance.  Only those members who wish to transfer their signing bonus to the RRSP plan should look to attend.  Those who are having their signing bonuses paid in cash need not attend.

To assist with the investment selection process under the new RRSP plan, CUMIS has prepared the attached “IMF Comparison” document that provides a list of the funds that members are invested in under the existing RRSP with Vancity, and a map of suitable alternatives that exist under the new CUMIS plan.  This document also shows the advantages that the new Group RRSP has for members, as most of the investment fees under the new plan are significantly lower than the fees that were being charged for the AGF funds with Vancity.  The benefits of these lower fees are outlined in the attached “USW District 3 Group RRSP Advantages for Members” document.

In addition to the fund mapping that is provided, the “IMF Comparison” document also provides a listing of all funds that are available to members under the plan, including the MFS LifePlan Target Date Funds in which the fund manager automatically rebalances your investments over time to ensure the equity (risky) portion of your investments declines as you approach retirement.  These funds are very popular with those members who prefer to take a “hands off” approach to investing and are the default investment option for any member who do not provide a selected fund on the CUMIS enrolment form.

As mentioned, members are welcome to meet with the representatives from CUMIS this week for assistance.  For those who are unable to attend in person, the following is a link to an online enrollment site, which walks you through the enrollment process, provides the information you need to know about the plan, and where you can complete the forms needed to join the plan:

https://insurelinkdirect.com/en/RRSP-eTools/united-steelworkers-district-3-Lite/Pages/default.aspx

Once you click on the link, simply click on “Launch Presentation”.  Please note that following the completion of the forms online, Canada Revenue Agency still requires you to print and sign and date the forms.  Once completed, the forms can be returned to your employer’s HR Department.

If you have an existing RRSP account with Vancity and need to make arrangements to transfer those assets to CUMIS, please contact Don Rowell at CUMIS at 1-800-263-9120, extension 615007, or by email to don.rowell@cumis.com .  Please note that transfers from the Vancity RRSP to the CUMIS plan do not create any tax liability for you.
An important piece of information for all members planning to transfer their signing bonus to the new CUMIS RRSP Plan.  As agreed to by your Union, any RRSP deposit that is made with CUMIS, then transferred to another financial institution, is subject to a $50 transfer fee.  This transfer fee is waived for any member who transfers their account to a RRSP with any Credit Union.

Finally, the following table confirms various scenarios and the forms that members must complete, and where to return:

Scenario Forms to be completed Return form to:
  1. Member only depositing some or all of signing bonus to RRSP with CUMIS.  Will not be making ongoing contributions through payroll deduction.

 

  • Enrolment form
Human Resources
  1. Member making ongoing contributions to RRSP through payroll deduction.  May or may not be depositing some/all of signing bonus to RRSP.
  • Enrolment form
  • Payroll deduction authorization form
Human Resources
  1. Member transferring assets from Vancity RRSP into the CUMIS RRSP
  • Customized “Transfer Authorization Form” available from Don Rowell at CUMIS
  • Member must have also completed an Enrolment form to be returned to HR
Don Rowell at CUMIS
  1. Member transferring assets from a personal RRSP  into the CUMIS RRSP (to take advantage of low fees)
  • Generic “Transfer Authorization Form” available from Don Rowell at CUMIS
  • Member must have also completed an Enrolment form to be returned to HR
Don Rowell at CUMIS

Also, see documents below with more info on CUMIS click links above

Highland Valley Copper IMF Comparison USW District 3 Group RRSP Advantages for Members

USW District 3 Group RRSP Advantages for Members

 

We hope to see you this week.

In solidarity,

USW Local 7619

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