You can let us know when an employee has left the plan through an updated employee info file. One of the unique features of this plan is portability. This means that members actually have options if/when they leave their employer:
- Members can keep their accounts in this plan and even continue to contribute to them directly from their bank accounts.
- Members can also decide to cash out of the plan and move their money to another TFSA or RRSP account. Once a member initiates a withdrawal of all of their plan assets, they are no longer eligible to participate in the plan, and there is a transaction fee to complete each transfer.