As you go through your retirement plan, you may have some questions.
This section will provide you with some of the answers to many of the questions our clients have asked. If your question is not answered in this section, we encourage you to call our Client Service Centre 1.855.889.5096 8 to 8 ET or send us an email at groupwealthadmin@cumis.com.
Which funds should I select?
This is one of the most important questions to consider when investing for your retirement. There is no one right answer as personal circumstances and your tolerance for risk will determine the most appropriate options. Your first step is to understand the investment choices available to you. Then, complete the Investor Profile Questionnaire. This will guide you to a target asset mix. You can then research the investment options available to you and select your appropriate asset mix.
What is the minimum investment required for each fund?
No less than 5% of your regular contributions may be directed to any one fund. For BLK Index Funds, a minimum of $25 is required.
How do I sign-up?
Simply complete the Enrolment Form and Group Plan Payroll Deduction Authorization Form (if applicable) available from your Plan Sponsor and submit it to your Plan Sponsor for forwarding to CUMIS.
What is an investment allocation?
Investment allocation is the instruction you provide CUMIS on how to invest contributions (if allowed under your plan). You will need to identify the investment options and applicable % on the Enrolment Form.
Changes to Future Contributions
If you want to change how your future contributions will be invested, you may do so in your web account or by submitting an Investment Change Form.
Changes to Current Contributions
If you want to change how your current contributions are invested, you may do so in your web account or by submitting an Investment Change Form.
Frequent Trading
Frequent trading is when an investor makes several interfund transfers in a short period of time in an attempt to take advantage of market timing. This is rarely a successful investment strategy and affects all investors in a fund, and can lead to a negative impact on the fund's performance. To discourage frequent trading, plan members may be charged a 2% fee on the transaction if an interfund transfer is initiated to and from the same fund within 30 days (excluding money market and guaranteed term products). This fee does not apply to contributions or withdrawals. This is in addition to any fee charged for interfund transfers beyond the number of free transfers allowed in a year.
How do I transfer money from another financial institution to you?
You can transfer funds from any registered plan to your group plan at any time. You may want to do this to benefit from the group features and benefits. It may also be an advantage to you to consolidate your investments in one place so you are not managing several accounts. Please complete the Transfer Authorization for Registered Investments available under Documents and forward to the financial institution holding your current registered assets to start the transfer process to your CUMIS account. CUMIS Life Insurance Company will not charge you for this transfer, but the transferring organization may charge you a termination or surrender fee. Transfers from previous employers’ pension plans are also acceptable (under certain circumstances).
Can I open a Spousal Registered Retirement Savings account?
Yes, if your Plan Sponsor allows spousal RRSPs. A Spousal RRSP is a registered plan that you establish in your spouse’s name. Setting up a Spousal RRSP gives you a tax break and allows for income splitting at retirement with your spouse. This has the potential to save you taxes if you or your spouse are in a lower tax bracket as a result of the split income. Remember that your spouse is the owner of the account so he/she must complete and sign the form. Your spouse needs to compete Group RSP Enrolment Form (CL-020S) and submit to your Plan Sponsor for forwarding to CUMIS. Your spouse is the “annuitant” and you are considered the “contributor” of the plan. Also remember that contributions to your Spousal RRSP are counted against your RRSP contribution room.
Where do I find my RRSP limits?
Canada Revenue Agency (CRA) limits the amount you can contribute to a registered plan each year. To find your limit, you can check your Notice of Assessment that CRA sends you each year after you have filed your tax return. Look for the field that says, “RRSP deduction limit.” Or, you can call CRA’s Tax Information Phone Service (T.I.P.S.) at 1-800-267-6999. Have a copy of your last tax return or Notice of Assessment available before you call.
How do I monitor my investments?
You have many tools available to you to assist you in monitoring your investments. Through your member website account, your statements, calling our Client Service Centre and emailing us at groupwealthadmin@cumis.com
are some of the ways to keep on top of your plan.
What happens if I leave my employer?
You have many termination and retirement income options available to you. Once your Plan Sponsor informs us of your last working day and submits your final contributions, we will send Option Statement to your address on file. Please review all your options and if you need our assistance, we are here to help you. Contact our Client Service Centre at 1-855-889-5096 8 to 8 ET or email us at groupwealthadmin@cumis.com
and we will outline the available options for you.