Acera Insurance | Westridge Rock RSP

Group Retirement Plan for Westridge Employees

Demonstrating leadership in the industry, the group retirement plan available at Westridge is designed to meet or exceed industry industry standards. The Group Registered Retirement Savings Plan (RRSP) and the Deferred Profit Sharing Plan (DPSP) offered helps you save for retirement in a cost effective manner.

Explore the features of the Westridge Group Retirement Plan.

Retirement Plan Features & Options

Eligibility

Full-time employees following three months of employment

Participation

Voluntary

Regular Contribution

RRSP

Based on the number of years of employment:

1 year but less than 5 years
Up to 3%
5 years but less than 10 years
Up to 4 %
10 + years
Up to 5%

DPSP

N/A

Employer Contribution

RRSP

N/A

DPSP

Westridge will make a base contribution of 1.5% of earnings, plus match your contribution up to:

1 – 5 years –up to 3%
5 – 10 years – up to 4%
10+ years – up to 5%

Voluntary Contribution

RRSP

Once you are eligible to join the plan, you can make voluntary contributions however, it Is your responsibility to stay within CRA limits.

DPSP

N/A

Lump Sum

RRSP

You can make lump sum contributions up to 18% of your pervious year’s income.

DPSP

N/A

Investment Instructions

RRSP & DPSP

Each member will choose their investment allocation.

Default Fund

RRSP & DPSP

Fidelity Target Date Fund

Withdrawal Rules

RRSP

Contributions you have made cannot be withdrawn.

Withdrawals are permitted for CRA’s Home Buyers’ Plan and Lifelong Learning Plan

Home Buyers’ Plan: this program allows you to withdraw funds from your RRSP to buy or build a home for yourself or for a related person with a disability. The HBP allows you to pay back the withdrawn funds within a 15 year period.

Lifelong Learning Plan: allows you to withdraw up to $10,000 in a calendar year from your RRSP to finance full-tome training or education for you or your spouse/common law partner.