PENSION REPORT – March, 2022
Defined Contribution Pension Plan: UPDATE
For members (Hired September 26, 2016 or later):
DC Pension plan members may not know that when you go on any kind of leave of absence you may have the option to contribute to your DC Pension while you are off to keep your contributions current. This would also trigger the Company portion to be paid.
When you go on a leave it should be generated from the Company to Canada Life. Canada Life would then issue the application form to be mailed to the member’s address. Once the member completes the application form, they would forward it to GM payroll for processing.
This would then indicate that you would like to continue your contributions. However, many of our members never received this notification from Canada Life (Due to the Company not notifying Canada Life) that they were on a leave of absence and were unaware this option was available for them.
For those of you that didn’t receive this notification and wish to make the past contributions directly to Canada Life with the Company match, then please stop by the pension office. I have the forms available in the office and can help answer any questions on this matter that you may have.
Once the forms are completed, they will be sent to the payroll department for processing.
If you have any questions or concerns, please contact me at the numbers listed below.
Ken MacLean – GM Pension Rep.
E Mail: email@example.com