Payroll Savings Program & Canada RSP 2010/2011

To:	To all Monthly Paid employees
From:	Kelly Read - Payroll & Payment Services
Date:	September 30, 2010
Subject:	Payroll Savings Program & Canada RSP 2010/2011

 

The University is offering the automatic payroll deduction to monthly paid employees, for both the Payroll Savings Program & Canada RSP program. The online application process is accessed through a web link for the Bank of Canada. You can register for a new payroll savings program or modify a prior year payroll deductions for both the Payroll Savings Program & Canada RSP.

The Payroll Savings Program & Canada RSP plans are simple, convenient and secure ways to save for tomorrow. Your fixed contribution amount is deducted from each month-end paycheque and you start earning interest when your funds are received by the Bank of Canada.

Program Features remain unchanged from prior campaigns:

• Secure online access. You can view and manage your savings program at www.mybonds.gc.ca. Participating employees can check their Plan balance or request redemption virtually anytime.
• Current plan interest rates are displayed within the payroll area on the Plan's web site
• You can make transaction inquiries, request redemptions, and check your plan balances at anytime through secure online website
• Annually a statement is sent to bondholders, outlining the amount that has been invested and the interest earned.

Rules for the Payroll Savings Plan:

• Minimum monthly deduction for Payroll Savings plan is $10.00 - increase in $5.00 increments
• Minimum monthly purchase for RSP Plan is $40.00 - increase in $5.00 increments
• Any unmatured Canada Savings Bond you already hold can be converted to the Canada RSP for tax-deferred growth
• Please note that you are liable and responsible for any portion of the investment that does not qualify or becomes unqualified for an RRSP under the applicable laws

To register to purchase Canada Savings Bonds access the online application process go to:

www.e-campaign.csb.gc.ca The University of Saskatchewan ORGANIZATION ID is 12750

Note: First time applicants will be taken through a step by step process to create an account

For more information on the Canada Saving Bond options access their web site at:

http://csb.gc.ca (Select employee option)
Customer Information Line at 1-877-899-3599 (Monday to Friday 8am - 8pm ET)

If you require additional assistance contact us at payroll_inquiries@usask.ca

Existing Plan Account Holders

• To maintain current savings deductions - no action is required.
• Should you wish to increase or decrease Payroll Savings deductions or to open a new account for another person(s) (ie) child - go to the e-campaign web site
• Name/address/phone number changes are handled directly through the Canada Savings Bond web site or the Customer Information Line.
• Increases or decreases changing to the original amounts indicated by the employee on the application form for the current campaign are not permitted between campaigns.
• Catchup due to maternity leaves, seasonal lay-offs, and leave of absences are NOT allowed by the Canada Savings Bond program.

Cancellations

• An employee may cancel the payroll deduction at any time during the campaign year. Written notification to the Payroll Department or email to payroll_inquires@usask.ca
  (Note: no interest will be paid if cancelled within the first three months of the purchase.) The employee may restart the deduction ONLY at the beginning of the new campaign year.

Redemptions

• Plan owners may contact the Canada Savings Bond program at any time to arrange either partial or full redemption of their contributions.  NOTE: If redemption is requested in the first three months after issue date "NO INTEREST WILL BE PAID". The employee's most recent purchase amount will be held for 15 days from the date the Bank receives that purchase amount.
• The Canada Savings Bond program will arrange for the redemption payment to be deposited directly into your personal bank account or generate a cheque.  If the contributions are owned by more than one person, arrangements for redemption can be made by contacting the Customer Information Line.

Terminations

When an employee terminates employment with the University the automatic payroll deductions are cancelled at the end of that month. Departing employees have three options:

• The owner can hold the plan with the Canada Savings Bond program with no further contributions.
• The owner of the plan can have the full amount of contributions deposited directly to their personal bank account.
• The terminating employee can make arrangements to continue to make contributions to their plan by contacting the Customer Information line.