Re: Transferring Funds from Sunlife DC plan to College DB plan using an app?

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From: Steve Kates <steven_kates@sfu.ca>
Sent: July 25, 2022 2:20 PM
To: Cheryl Prophet
Cc: Anke Kessler; Oliver Schulte; academic-discussion@sfu.ca
Subject: Re: Transferring Funds from Sunlife DC plan to College DB plan using an app?

Hello colleagues.

I just spoke to a Sunlife representative and she told me that if we do nothing, SFUs arrangement with Sunlife continues until we retire or leave SFU.

Anke, I was careful to specify our situation but this sounds like different advice than what you received.

Comments?

Also - will the College pension allow us to buy fewer years than what they specify in their communications to us, or do we have to buy exactly the amount they state? Does anyone know?

who would be a good person to talk to at the college pension plan to answer this question?

Thanks. Take care, everyone.

Steve

On Jul 25, 2022, at 2:03 PM, Cheryl Prophet <cheryl_prophet@sfu.ca> wrote:

Hello Anke,

I’m responding to your email regarding buying back partial service years and the issue of what happens with the remaining money in the Sun Life DCP Fund. I received different advice from my Sun Life financial advisor. I was informed that after purchasing service years, any remaining money in the DCP can remain in this fund until the end of the year in which I turn 71. Then it must be transferred to a LIF or RRIF fund.

I have already done some of this. To explain, my retirement began last fall, before the buy-back details were available. Because I needed some funds while I was waiting for the offer, I moved some of my funds from the DCP into a LIF fund.

I have now completed the process of buying back some service years. I filled out the forms and Sun Life mailed them and issued a cheque to the CPP. There are still funds remaining in my DCP. I now have the option of moving them into a LIF or RRIF within SunLife, or leaving them where they are until the end of the year in which I turn 71.

I hope this makes sense.

Cheryl Prophet

On Jul 25, 2022, at 12:20 PM, Anke Kessler <akessler@sfu.ca> wrote:

Hello Oliver

I just talked to a Sun Life agent. He told me that, yes, you can submit the documents through the app. Scan or take a picture.

If there is any issue, they would get back to you.

Everyone - also note: even if you only buyback partial service, you have to take all of the remaining money out of the SFU Pension Plan (your RRSP is unaffected by this rule as far as I know).

Hope this helps!

Anke

Anke Kessler (she/her)
Professor and Department Chair | Department of Economics
Simon Fraser University | West Mall Complex
8888 University Dr.. Burnaby, B.C. V5A 1S6

http://www.sfu.ca/~akessler/
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Located on territories of the Tsleil Waututh (səl̓ilw̓ətaʔɬ), Kwikwetlem (kʷikʷəƛ̓əm), Squamish (Sḵwx̱wú7mesh Úxwumixw) and Musqueam (xʷməθkʷəy̓əm) Nations.

On Jul 22, 2022, at 8:00 AM, Oliver Schulte <oschulte@cs.sfu.ca> wrote:

Hi all,

as you know we can now buy past years of service by asking Sunlife to transfer funds from our old Defined Contributions Plan to our new BC College Defined Benefit Plan. The College Plan has sent us forms to effect this transfer. I've heard that instead of filling in paper forms and snail mailing them to Sunlife, it's possible to request the transfer using the Sunlife App.

Has anyone managed to do the transfer using the App?

Regards,

Oliver

P.S. Apropos the pension, I'd like to thank our pension plan trustees for all their hard work towards our community.

--------------------------------------------------------------------------------------------------

Oliver Schulte E-mail: oschulte@cs.sfu.ca

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