The information below outlines some best practices for the plan; however, it does not include specific details of the retirement savings plan. Please refer to the Canada Life member booklet on Collage for all plan details. In the event of any discrepancy between this information and the member booklet, the booklet will apply.   

Eligibility  

Employees may join the Registered Retirement Savings Plan (RRSP) immediately and make voluntary contributions. After completing 6 months of employment, full-time employees may join the plan and make regular contributions. Regular contributions are eligible for 3twenty’s matching, as outlined below.   

The People Strategy Lead will connect with employees before their 6-month anniversary to see if they are interested in enrolling in the retirement savings plan.  

Contributions 

Employee contributions will be directed to their group RRSP. Employees can contribute through payroll deductions, online banking, pre-authorized contributions, or lump-sum contributions. All regular contributions will be deducted from employees’ pay.  

Employees who wish to change their contribution amount can submit this change directly on the Common Wealth platform. The request must be submitted one week before payday; otherwise, it will be processed on the next pay period.  

3twenty contributes to employees’ Deferred Profit-Sharing Plan (DPSP) by matching their regular contributions, as outlined in the table below. The matching amount is based on the employee’s years of employment and is a percentage of their base rate/gross salary, excluding overtime.  

Completed years of employment	Percentage of earnings
6 months but less than 6 years	3%
6 years but less than 11 years	4%
11 years or more	5%

Please note that the DPSP has a two-year vesting period, commencing from the date you begin making contributions. Vesting refers to the point at which you become entitled to the value of 3twenty’s contributions made on your behalf. If your employment with 3twenty ends before the vesting period, you will not be eligible to receive 3twenty’s contributions.  

For more information on the Group Retirement Savings Plan (GRSP), please refer to the plan booklet or contact the People Strategy Lead.