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9/20/2017

​Board of Directors approves RRSP transfer-in policy for inactive members


On August 31, 2017, the CSS Board approved a new policy respecting the transferring in of RRSPs. 

Effective April 1, 2018, inactive members of the CSS Pension Plan (i.e., members who are no longer contributing to the Plan) will be able to transfer in RRSP funds if they wish; for example, to consolidate RRSP and Plan funds in retirement. Such RRSP funds will be treated as non-locked-in funds in the member’s account.  
 
Active members (i.e., those contributing to the Plan) are not affected by this policy change. Current contributing members continue to have the option to make additional voluntary contributions (AVCs) as a means of contributing extra funds to their pension accounts.
 
As has been the case for many years, both active and inactive members can still transfer in funds from another Registered Pension Plan, and locked-in pension funds from a Locked-In Retirement Account (LIRA) or Locked-in RRSP with a financial institution.
 
More details to follow.