Timing is important when it comes to Sun Life receiving all contributions for members who are leaving the plan. This applies to members who have a Defined Contribution Pension Plan (DCPP) and/or Deferred Profit Sharing Plan (DPSP) and who are:
- Leaving their employer; or
- Terminating their membership in the plan; or
- Retiring and entitled to benefits.
It’s important that you provide the member’s final contribution before we issue a package with their options. If you don’t, then we’re providing inaccurate information. We’d still provide the package. It just wouldn’t be accurate.
Do you have a member who fits one of the categories above? When you do, please get us the final contribution as soon as you can. When advising us about the member, we suggest you provide the final contribution amount and when you expect this contribution to be sent to us. This amount includes any ad-hoc payments such as bonuses and severances that are required to be remitted to the plan.
Both DCPPs and DPSPs have rules on when packages must be issued and/or when members must make a choice regarding their assets. Given this, please try to get us that final contribution as soon as you can. This ensures that we provide accurate options to the member.
If you have questions, please reach out to your GRS representative.