Employee Group Retirement

Access to funds usually aligns with retirement age regulations in Canada, though some plans may allow earlier access under specific circumstances like financial hardship or health issues.

Contributions to a Group Retirement Plan are typically made with pre-tax dollars, reducing taxable income. Additionally, investment growth in the plan is tax-deferred until withdrawal.

The employee will have several options:

1. Leave the funds in the current plan;
2. Transfer them to a new employer's plan; or
3. Move them to a personal retirement account, or withdraw the funds (which may have tax implications).

Yes, many plans offer a range of investment options and allow employees to choose how their contributions are invested, though the options are typically curated by the plan provider.

Employer contributions are not mandatory in Canada, but many employers choose to contribute as a benefit to attract and retain employees. The structure of contributions varies by plan.

Group Retirement Plans are set up by employers and often include contributions from both the employer and employee. Personal retirement plans, like RRSPs, are individually managed and funded solely by the individual.