Snapshot of the Retirement and Savings Program →
the FOUR PRODUCTS →
CONTRIBUTIONS →
Investment Options →
prepare financially for your future
The Retirement and Savings Program is a long-term savings vehicle. Here’s a snapshot of how it can help you save and invest for your retirement.
- Four products in the Retirement and Savings Program. The side-by-side comparison highlights key features of each of the following:
- Defined Contribution Pension Plan (DCPP).
- Non-Registered Savings Plan (NREG).
- Group Registered Retirement Savings Plan (GRRSP).
- Tax-Free Savings Account (TFSA).
- One recordkeeper. Sun Life is the recordkeeper. Access your Retirement and Savings Program account balance and all of Sun Life’s tools and resources:
- Online: Via the Sun Life website (you can also download the my Sun Life mobile app from the Apple App Store or Google Play).
- By Phone: At 1-866-896-6976 (representatives are available Monday through Friday, 8:00 a.m. to 8:00 p.m., Eastern Time).
- You contribute. You’re required to contribute a percentage of your plan eligible pay to your DCPP account. Additionally, you can make voluntary contributions to help grow your savings.
- You receive Company contributions. The Company makes a basic contribution to your DCPP account. Additionally, the Company matches a portion of your voluntary DCPP contributions.
- What to consider. When you’re thinking about saving for retirement, consider the following:
- Where will your retirement income come from? You’ll likely draw on three sources—your Retirement and Savings Program, government benefits, and your personal savings.
- When should you begin to save? Saving early and contributing regularly to your Retirement and Savings Program account can significantly impact how much you accumulate.
- How does early action help you save? The earlier you begin to accumulate, the more opportunity your savings have to grow. Compounding happens when the interest and earnings from your savings and investments are reinvested to earn you additional income.
- How much should you save? Decide how much you can afford to put aside each month in your account and then try to save at least that amount on a regular basis.
- How much will you need to save for retirement? Only you can estimate your financial needs. But some experts say you’ll need 60% to 80% of the income you earned during your final year of work to maintain a similar lifestyle during retirement.
CONTACT INFO & APPS
Sun Life
- Sun Life Website
- Phone: 1-866-896-6976
- My Sun Life Mobile App: APPLE APP STORE | GOOGLE PLAY STORE
Use the Sun Life website to:
- Manage your account online
- Transfer your account balance between funds, change investment allocation, view your account balance and online statement
- Access educational materials as well as financial planning tools
- Access Morningstar® investment reports
Looking for more details?
You can access Retirement and Savings Program information via the Sun Life website. You can also call Sun Life at 1-866-896-6976 with questions (representatives are available Monday through Friday, 8:00 a.m. to 8:00 p.m. Central Time).
THE RETIREMENT AND SAVINGS PROGRAM’S FOUR PRODUCTS
Defined Contribution Pension Plan (DCPP)
The DCPP is a registered defined contribution pension plan and it’s tax-sheltered. As a participant:
- You make tax-deductible contributions to an account within the DCPP (up to certain legislative maximums). You’re required to contribute at least 2% of your plan eligible pay, and you can voluntarily contribute more—up to 8% of your plan eligible pay.
- You receive Company contributions to your account within the DCPP (up to certain maximums). The Company automatically contributes 4% of your plan eligible pay. It then makes an additional match on any voluntary contributions you make, up to another 4%—totaling up to 8% of your plan eligible pay in Company contributions.
- You’re immediately vested in your entire account balance, which means that you’re entitled to your contributions and Company contributions (including investment earnings) when you terminate from MDLZ.
- Your entire account balance is “locked in,” meaning you can only use it to provide retirement income (subject to certain exceptions).
- You’re not taxed on any contributions or investment income within the DCPP until you retire and begin receiving income.
Non-Registered Savings Plan (NREG)
The NREG is an after-tax, non-registered savings plan. As a participant:
- Once you reach the legislated maximum contributions allowed to the DCPP, your contributions—as well as Company contributions—are automatically directed to the NREG. The Canada Revenue Agency (CRA) sets the limits.
- You can make voluntary contributions to the NREG, however, these contributions aren’t eligible for a Company match.
- You’re immediately vested in your entire account balance.
- You can withdraw your contributions (and investment earnings on your contributions) while you’re employed by MDLZ. You’re not, however, able to withdraw Company contributions while you’re still a MDLZ employee.
- Your contributions, Company contributions, and all investment earnings are taxable—NREG contributions (and investment earnings) are not tax-deductible.
Group Registered Retirement Savings Plan (GRRSP)
The GRRSP is a registered savings plan and it’s tax-sheltered. If you decide to participate:
- You make contributions from your pay to the GRRSP, up to your personal RRSP limit. The CRA sets the limit, which can change annually.
- You’re responsible for monitoring your contributions. To ensure you don’t exceed your annual RRSP limit, you receive an RRSP tax receipt for your contributions for the first 60 days and last 305 days of each calendar year.
- Your contributions aren’t eligible for a Company match.
- You’re immediately vested in your entire account balance.
- Your entire account balance isn’t “locked in” and therefore always belongs to you.
- Your contributions and investment earnings aren’t taxable until you begin receiving an income or withdraw them in the form of cash.
Tax-Free Savings Account (TFSA)
The TFSA is a voluntary savings vehicle that offers opportunities for tax-free gains. If you decide to participate:
- You make after-tax contributions from your pay to the TFSA.
- There’s an annual contribution limit, set by the CRA, but you can carry forward unused contribution room and anything you’ve withdrawn from previous years.
- You’re responsible for monitoring your TFSA contributions to ensure they don’t exceed your annual limit.
- Your contributions aren’t “locked in” and therefore always belong to you.
- You never have to pay tax on any investment earnings. Investment earnings on your TFSA contributions grow tax free.
Legacy Kraft Employees
If you’re a legacy Kraft employee who was hired before 2011 and you made contributions to the Employee Savings Plan (ESP), you were notified that the ESP closed to new contributions effective January 1, 2020. You were also notified that as of January 1, 2020, you became vested in Employer contributions that were made to the ESP.
You can continue to withdraw your contributions to the ESP and Employer contributions made to the ESP with no restrictions. There is, however, a $25 fee for each withdrawal.
CONTRIBUTIONS TO THE RETIREMENT AND SAVINGS PROGRAM
You and the Company make tax-deductible contributions as follows:
- Required contributions. You’re required to contribute 2% of your plan eligible pay each payroll period.
- Company basic contributions. You automatically receive a Company basic contribution equal to 4% of your plan eligible pay.
- Voluntary contributions. You can contribute an additional 1% to 8% of your plan eligible pay.
- Company matching contributions. The Company then matches 100% of your voluntary contributions, up to the first 4% of your plan eligible pay. With your voluntary contributions and Company matching contributions, you can save up to an additional 12% of your plan eligible pay.
You can change your voluntary contribution percentage at any time via the Sun Life website, or by calling Sun Life directly at 1-866-896-6976 (representatives are available Monday through Friday, 8:00 a.m. to 8:00 p.m., Eastern Time).
Here’s a snapshot of the contributions you make and the Company makes on your behalf to the Retirement and Savings Program.
Contributions to the Retirement and Savings Program are first directed to your DCPP account. Once you reach the DCPP tax deductible limits set by the CRA, your contributions and Company contributions are re-directed to the NREG. The payroll system tracks your DCPP contributions and automatically directs them as appropriate, but you’re ultimately responsible for ensuring that you don’t exceed the limits (or paying any applicable penalties if you do).
You can also elect to make contributions to the GRRSP or NREG. These contributions are tax deductible up to the CRA’s limits, and you’re responsible for ensuring that you don’t exceed your personal limit. If you make contributions to either the GRRSP or NREG, these contributions aren’t eligible for a Company match.
YOUR INVESTMENT OPTIONS
The Retirement and Savings Program offers a broad range of investment options. You’re responsible for deciding how to invest contributions to the DCPP, NREG, TFSA, and GRRSP. You can:
- Take a more hands-off approach and invest in Target Date funds; or
- Build your own portfolio and choose from a mix of investment funds with different objectives, risk factors, and return expectations.
If you’d like help, support is available from Sun Life. A description of each fund is also on the Sun Life website. You can also call Sun Life at 1-866-896-6976 and speak with a representative directly.
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