Your representatives of the Local 9705 Pension Committee, Pat Zanier and myself, attended the Spring RSP meeting on May 9th, along with our Vice President Roxy Piette. The meeting included representatives from Local 480, Teck and Great West Life.
Some things you may not know about our RSP plan:
- You can go online to Great West Life and print your RSP tax receipts rather than waiting for them in the mail.
- Investments can be made at any time of the year, either by regular pay deductions or in lump sum payments.
- Teck will pay 20 cents on the dollar towards your RSP for the first 3% of your salary that you contribute. You can contribute more through your payroll deductions, up to your maximum, but Teck only matches the first 3%.
- There is approximately $ 7,000,000 in the RSP plan for 9705 members, including retirees.
- The majority of funds in the plan are performing at or near their respective market indexes, with only four funds underperforming at this point.
- The Trimark Balanced Fund has been dropped because nobody is in it. The Trimark Income Growth Fund has been performing very similarly for investors interested in this type of fund.
- There are plans to add the Mackenzie Emerging Markets Fund.
The viability of making available a Tax Free Savings Account for unionized employees is being explored. The same investment options would be available at the low group rates. No administration fee would be charged, but a $25 per withdrawal fee would apply.
The agents of record are Jennifer Cook and Bill Wenman of Kootenay Columbia Financial Services in Trail. You can make an appointment to meet with either of them to discuss your investment strategies within our plan. They are more than happy to help you with any questions you may have about our plan and your overall financial situation.
To make an appointment call Jennifer at 250-364-3140 or Bill at 250-364-2860.
Their website is www.kootenaycolumbiafinancial.com