Set up a portable retirement plan for your community
Key features of a Common Wealth retirement plan
SEIU's my65+ will provide an innovative, low-cost option for hard-working families to build private savings for retirement. It has the potential to serve as a much-needed model to expand coverage for low- and moderate-income workers across Canada, as well as in the U.S., where nearly one-half of private sector workers lack access to a retirement plan at work.
More than 1 in 4 single seniors are living in poverty most of whom are women. This is unconscionable. That is why CARP is delighted to support the SEIU’s community retirement fund initiative. This program represents a significant step towards improving retirement security for thousands of care-workers, the majority of whom are women. I’m impressed by the careful plan design; low fees will preserve assets and the use of a TFSA structure means savers will not be penalized with claw-backs from guaranteed incomes. CARP strongly supports this initiative and would like to see similar projects developed to reduce senior poverty even further.
Mainstream RRSPs just don’t pass the logic test for people earning less than $50 thousand per year. They need a savings plan that won’t end up costing them money in their most vulnerable time of life. SEIU’s plan allows them to hold on to all the retirement income they’re entitled to, and that makes so much sense.
This plan is a concrete step forward that will help workers in precarious jobs save for their retirement. It has an innovative approach, using tax policy to benefit low-wage workers. It is tailored to increasing retirement security and incomes for low-wage workers who take care of vulnerable Ontarians.
|Plan member-costs||From $7/month plus investment fees|
|Plan design and set up||Varies depending on your organization’s needs|
|Governance and distribution support||Varies depending on your organization’s needs and the needs of the plan|
How we work together
What we do
- Design and build a plan that’s customized for your organization and your membership
- Provide the services and technology to administer the plan
- Support the governance of the plan
- Support your organization in promoting the plan
What our partners do
- Help us understand your membership and organizational needs/assets
- Appoint members of a non-profit board to oversee the plan
- Use your organizational assets to get members enrolled in the plan through various channels (e.g., member communication, collective bargaining, sector-based partnerships)
JEA Evans and Associates (JEA)Our Technology Partner
Common Wealth has partnered with JEA to create a simple, self-service plan administration and record keeping software to support its plans.
James Evans and Associates (JEA) is a Canadian pension administration software company with nearly four decades of pension experience. JEA provides pension solutions for many public-sector organizations, health care workers, and large unions, as well as most of the federal government pension plans. These plans together administer the pensions of nearly 1.5 million members.