Plan information › Plan details
The CRC Group Retirement Program includes the following plans:
Registered Pension Plan (RPP)
Who is eligible to join the plan?
All full-time, part-time, and casual/term employees.
Do I have to join the plan?
Yes, participation is mandatory for full-time employees who have completed two years of service.
When can I join?
Full-time employees may join the RPP after completing three months of employment with CRC. All other employees can join the RPP after 24 months of continuous service.
How much do I contribute?
You are required to contribute 4% of your earnings*. You also have the option of contributing an additional 2% to your RPP.
How much does CRC contribute?
CRC will match your required RPP contribution of 4%, dollar for dollar. CRC will also match your optional RPP contributions of 2% at 50% (fifty cents per dollar).
Who decides how my contributions will be invested?
You do.
Can I transfer money into the plan?
No, transfers into this plan are not allowed.
Can I take money out of the plan while I am employed?
No, withdrawals are not permitted.
Can I make additional one-time contributions?
No.
What happens if I leave or retire from CRC?
The full value of your account belongs to you.
What happens if I die while employed with CRC?
Your beneficiary(ies) will be entitled to the portion of your account that you have specified.
All plan rules are subject to provincial legislation. Please check your provincial booklet if you require clarification on your plan's rules.
Registered Retirement Savings Plan (RRSP)
Who is eligible to join the plan?
All full-time, part-time, and casual/term employees. Spouses are also eligible to open Spousal RRSPs in their name.
Do I have to join the plan?
No.
When can I join?
After three months of employment.
How much do I contribute?
You can make voluntary contributions up to the Canada Revenue Agency (CRA) maximum limit.
How much does CRC contribute?
CRC does not contribute to this plan.
Who decides how my contributions will be invested?
You do.
Can I transfer money into the plan?
Yes, you may transfer funds from another registered plan.
Can I take money out of the plan while I am employed?
Yes, you can make withdrawals subject to withholding tax. You can make withdrawals from your RRSP for the Home Buyers’ Plan and Lifelong Learning Plan without being taxed.
Can I make additional one-time contributions?
Yes.
What happens if I leave or retire from CRC?
The full value of your account belongs to you.
What happens if I die while employed with CRC?
Your beneficiary(ies) will be entitled to the portion of your account that you have specified.
Part-time and casual/term employee RPP eligibility
Part-time and casual/term employees can join the RPP after completing the eligibility requirements described in legislation for their province. Typically, part-time employees can join the RPP after 24 months of continuous service with the lesser of the following:
- Earnings of at least 35% of the Year's Maximum Pensionable Earning (YMPE)* in each year, or
- 700 hours of employment in each of the two (2) consecutive calendar years immediately preceding plan membership.
There is an exception in Quebec - refer to your member booklet for more information.
* The YMPE is set annually by the federal government. It is a reflection of the average industrial wage in Canada and the maximum amount of earnings which an individual can contribute to the Canada Pension Plan. Visit the Canada Revenue Agency (CRA) website
www.cra-arc.gc.ca/menu-e.html for more information.