(updated October 7, 2015)
The Western Retirement Income Fund will be discontinued in late 2015. The information on this page is intended for current RIF members, to assist with the transition to the new Sun Life Retirement & Savings Plan for Western Retirees, or to another financial institution.
With just one RIF transition date left (December 1, 2015), most Western RIF members have already made their move or completed the paperwork to move. November 13, 2015 is the final date for Western to receive your completed paperwork to either move to the new Sun Life Plan or to another external provider of your choice. If Western has not received completed paperwork by that date, your account at Western will be closed, and by default, will be transferred to Sun Life Financial. Official notification of this change was included in an information package mailed to all RIF members.
Here are the options available to you:
Planning to move to Sun Life on December 1, 2015? If so, please contact Sun Life as soon as possible to ensure the paperwork can be completed by November 13, 2015. While our group information sessions for current RIF members, and on-campus 1:1s were completed in early October, you can still arrange a phone 1:1 with a Sun Life Consultant to discuss your investments and get answers to any questions you may have.
You may contact a Sun Life Retirement Consultant toll-free at 1-866-224-3906 (select option 1) any business day between 8 a.m. and 6 p.m. ET. If you contact Western Human Resources in advance, we can provide you with information about your account that may assist in the discussions. Email firstname.lastname@example.org to arrange to receive a package.
Planning to move to another external RIF provider, purchase an annuity or cash non locked-in funds? You will need paperwork from Western to proceed with these options. Please contact Western Human Resources for assistance. Be sure all paperwork is completed by November 13, 2015.
A number of resources regarding the new Sun Life Plan are available for you to review. These documents are password protected. If you are a Western RIF or Pension Plan member, please call Human Resources at 519-661-2111 or email email@example.com and we would be pleased to provide you with the password.
-Recorded information session about the new Sun Life Plan
-A copy of the PowerPoint presentation for current RIF members
-A copy of the Sun Life Transition Brochure for current RIF members
-Details on the investment options available in the new Sun Life Plan
-A Frequently Asked Questions document
As we have previously communicated, Western is pleased to be moving forward in partnership with Sun Life Financial, the new preferred external provider of a RIF for Western retirees. This new partnership provides an outstanding opportunity for current Western RIF members, (including those with RRIF, Old LIF, New LIF and LRIF accounts), future retirees, and also for Western retirees who have assets in other external RIF plans. The Sun Life Plan will provide Western retirees with access to a broader range of quality investment choices, a high degree of flexibility (including the option to transfer in outside assets and spousal accounts), and convenient financial planning support. Western has negotiated very competitive group fees - lower than you would expect to pay as an individual investor. For those who join the plan in 2015, or at any time in the next ten years, these fees are guaranteed for life.
In November 2014, the Western Board of Governors approved a recommendation to sign an agreement with Sun Life Financial as a preferred provider of a RIF program for Western retirees.
Information previously posted on the website - Future of the Western RIF, may be found here.