I’m trying to get through to the Canada Life call centre but I don’t like being put on hold. Is there another option available?
Canada Life has launched a dedicated call centre line for CEIRP members, which should cut down wait times. The number is 1-833-531-6418, and their hours are weekdays, 8 a.m. to 8 p.m. Eastern time.
I’m on MyCanadaLifeAtWork.com and I’m having difficulty signing in. What can I do?
Canada Life has simplified this process now. You can reset your passwords and/or login right from the MyCanadaLifeAtWork homepage. If you need additional technical support, call them at 1-888-222-0775 (same hours as the Canada Life call centre.)
Is there any connection between the Canadian IATSE Health Plan and CEIRP?
No, separate governing bodies oversee each plan.
Why don’t the payroll contributions to my RRSP or NRSP line up with my paystubs?
There are a few factors that can affect the timing of when contributions appear on your paystub and your account balance. They may be one or more of the following: the timing of payroll, reconciling payroll remittances by the local or guild administrator, whether there is a third-party administrator involved, how the funds and the data are transferred to the service provider, and how quickly Canada Life processes the remittances. Generally, Canada Life will process a contribution listing the same day they receive it or at least the day after.
I made an RRSP contribution through my online banking. How long before it shows up in my CEIRP account?
Each bank processes transactions differently. A transfer from your savings/chequing account to your RRSP could take 2 to 3 business days. Contact your bank for more information.
Is there deposit insurance on my investments?
Cash deposits such as the Daily Interest Account and the 5-Year Compound Interest available in the CEIRP are covered by Assuris, up to $100,000 per member. Segregated funds like the Portfolio Funds, Cadence Funds and the Socially Responsible Investment Balanced Fund, in which your money is invested in stocks and/or bonds, are not covered by deposit insurance. Another example: typically, bank accounts are covered by the CDIC, while investment accounts are not insured.
Is there any cost for people to switch to or register for the plan? If so, will the initial costs of setting up the plan be covered or waived?
There is no charge from Canada Life Group Retirement Services or CEIRP to set up members in the Plan.
What is the procedure for registration and set up? Can it be done online, in-person, or some sort of mail out?
Enrolment can be done either online, in-person or by mail out if necessary. It is preferable that members receive a hardcopy of the enrolment booklet; however, the cost of mailing an enrolment booklet may be prohibitive to the Local. Electronic copies of the enrolment booklet are available and can be emailed to the member. The completed enrolment forms should be reviewed at the Local’s office, or by a third- party administrator if applicable, before they are forwarded to Canada Life to make sure they have been completed properly.
What portions, if any, are restricted and for how long?
Withdrawals of employer contributions are restricted until the member turns 60, is no longer a member of a participating Union/Guild (after 90 days) or is no longer a Canadian resident. There are no withdrawal restrictions on voluntary member contributions, either by lump sum or payroll deduction.
Are there any funds that pay a dividend?
The Funds are broadly diversified with Fund Managers that specialize in different areas (i.e. Canadian, US, or foreign stocks, bonds, mortgages and real estate). The Funds do not pay any dividends, interest or capital gains (losses) directly to the plan member. Earned dividends, interest and capital gains (losses) are included in any change of the fund’s unit value. A plan member in the Non-Registered portion of the Plan may receive a taxable distribution annually.
My payroll contributions are directed to my NRSP. But when I transfer them to my RRSP, why is the amount is sometimes not the same?
If your contributions are allocated to a fund which includes equities then you are basically purchasing units in that fund at that day’s unit value. The unit value can change depending on the markets so if you transfer between plans your final deposit amount may be different.
I’m already enrolled in the plan as a member of an IATSE Local. What happens to my account if I become a member of more than one local or guild that participates in CEIRP?
There is no need to open another account. The plan was designed to accommodate dual or multiple affiliations, and members working in other jurisdictions. For administrative purposes, your account will remain in your current division (Home Local) within the plan.
What is the procedure for transferring funds out of an existing account or closing an account with another institution?
Closing or transferring out of another Plan may have a cost. This depends on the financial institution and whether the account is group or individual. Members are advised to request a summary of any transfer out or account closing fees from their financial institution prior to transfer. We can provide a letter template that you can send to your financial institution.
I’m always hearing about CEIRP’s low investment management fees. Why can’t I see any fees being taken off my investments?
Canada Life does not provide a dollar value of the fee taken from each investment option, nor is it shown as a transaction on the account. Fees are taken directly from the entire CEIRP asset value, also known as the Gross Annualized amount. The current Investment Management Fee is .45% (plus operating expenses and taxes, equaling 0.489%). This rate is far below market average. A daily factor of the fee that is published on GRS Access is applied to each fund, each day. For example, if the annual fee of the Cadence 2040 is 0.52%, a daily factor will be 0.52/365.25, which equals .001424%. This percentage is then taken from that fund daily. The net performance (after fees) of the fund in your account can be seen through the personal rate of return published on My Canada Life At Work. The personal rate of return takes into account the opening balance of the fund, less the daily fee deduction, plus deposits, less withdrawals, plus/minus the appreciation/depreciation over the period. The most important thing to understand is that the Investment Management Fee (IMF) is applied to the entire fund balance each day, not to any one individual’s account balance. This is the benefit of being in a Group Plan; everyone’s collective investments keep the fees low, compared to what you might pay in a retail account through your bank or other financial firms.
How are the funds invested?
The CEIRP investment offering currently includes Portfolio Funds (Asset Allocation), Cadence Funds (Target Date), and a Socially Responsible Balanced Fund — a five-year (guaranteed) investment account — and a Daily Interest account. The Portfolio and Cadence Funds are broadly diversified with Fund Managers that specialize in different areas (i.e. Canadian, US, or foreign stocks, bonds, mortgages and real estate). Each Cadence Fund has an asset mix (stocks and bonds) that changes throughout the life of the fund. As the fund date draws closer (i.e. Cadence 2030) exposure to equity (stock) investments in the fund automatically decrease and the proportion of lower risk investments increase. All you need to do is choose the fund with the date closest to your estimated retirement age. The Cadence Funds are the plan’s default funds. When a plan member joins the plan and does not elect an investment choice on their application, their contributions are deposited to an age-appropriate target date fund. Portfolio Asset allocation funds come in several risk levels. Generally, they include a fixed mix of stocks and bonds, such as 60% stocks and 40% bonds. A Conservative fund will have a higher fixed income component (i.e. bonds), whereas an Aggressive fund will have a higher percentage of stocks. These funds are professionally managed and are reviewed quarterly to ensure their mix of stocks and bonds continue to meet the goals of the fund. Click here for more information.
