The BC Alliance cares about the future of cultural workers. We encourage employers to help their staff build a foundation for their retirement through matching contributions as part of our Group RRSP savings program.
The fact that many of our member organizations provide extended health benefits for their employees through our excellent group benefits program demonstrates that, as a sector, we are caring and responsible employers. The BC Alliance is also concerned for the future of cultural workers. Our member organizations can now assist their employees to build savings for their retirement through our Group RRSP program.
Group RRSPs with NEI Investments
We chose NEI Investments as our plan provider on the basis of several important criteria. Its ethical fund concept was jointly founded with Vancity 25 years ago and has strong local roots that have grown to a recognized national brand. Uniquely, the NEI Group RRSP department and client support infrastructure is Vancouver based, which increases communication and heightens responsiveness. It is a strong national investment player fielding funds performing in the first and second quartile in every category.
Starting a Group RRSP with NEI Investments is easy. Our advisor, Robert Hack of Investia Financial Services, will provide the necessary documents and help you every step of the way. NEI Investments offers a full range of investment options to build a diversified portfolio ̶ including socially responsible investments.
How It Works
Most companies that run such programs contribute matching funds up to a set maximum for each employee. For example, a company may decide to make a $100 contribution to each employee's plan each month. The employee will then contribute another $100 to their RRSP and the total of $200 will be invested each month upon receipt in the employee's account with NEI.
At the end of that year the client will have $2,400 of RRSP contribution.
If an employee chooses not to participate in the plan, the employer makes no contribution either. This creates a healthy direct involvement for each employee.
The minimum monthly deposit at NEI is $25, an amount that will not get you to a meaningful retirement but which is nevertheless a start, and often it is starting that is most important.
An employee can contribute more than the employer. The key is always to contribute what is realistic and affordable.
We recommend that BC Alliance member companies consider immediate vesting for their employees. This means that should the employee leave their job they can take the whole savings amount with them—both their own contribution as well as the employer’s.
Many of our members’ employees take new jobs within the BC Alliance membership and this plan will make these accounts totally transferable within member companies. If the person moves to self-employment or to retirement they can remain members of the plan as long as they have an active BC Alliance membership.