If you are a VMware employee, who works a minimum of 20 hours per week, you are eligible to participate in the VMware Group Retirement Program. You must enroll within 30 days of your hire date.
The VMware Group Retirement Program is a voluntary program, composed of a Group Deferred Profit Sharing Plan (DPSP) and a Group Registered Retirement Savings Plan (RRSP). The administration fee for both Group Deferred Profit Sharing Plan (DPSP) and a Group Registered Retirement Savings Plan (RRSP) is paid for by VMware. Both plans are vested immediately.
The differences between the two components are set out in the following table:
Retirement Plan Details
|Policy Number||Contributions||Withdrawals||Voluntary Contribution Withdrawals|
|Deferred Profit Sharing||30004313||VMware matching contributions will be directed to the VMware DPSP||VMware matching contributions must remain in the VMware Group DPSP plan while you are employed by VMware||Not applicable|
|Registered Reitrement Savings Plan||20004313||Employee Basic contributions will be directed to the VMware RRSP||Employee basic contributions must remain in the VMware Group RRSP plan while you are employed by VMware||Employee voluntary contributions (above your basic contributions) can be withdrawn in cash (less applicable taxes), or transferred to another financial institution|
Joining the RRSP / DPSP Plans
To participate in the RRSP & DPSP, please make the selection by going into MyLife [VMware network access required]. Once you select a percentage of payroll deduction, this percentage deduction is applied to both regular income and bonuses.
Members will direct the investment of their account balances under each of the plans, using the investment options available under the program. Changes to your investment options can be made at any time, free of fees, by contacting Manulife.
If investment directions are not provided, a member’s account balance will be invested in the appropriate Retirement Date Fund. The appropriate Retirement Date Fund will be determined using the normal retirement date of age 65.
You can make a basic contribution of 1% to 6% of your earnings (base salary plus overtime/bonus/commission/vacation) to the VMware Group RRSP. VMware will match this basic contribution on a dollar-for-dollar basis up to a maximum of 6% of earnings (not to exceed $1,120 CDN per quarter). The VMware matching contribution will be deposited to the VMware Group Deferred Profit Sharing Plan. Your VMware Group RRSP contributions can be directed to a VMware Group personal RSP or a VMware Group spousal RSP.
You can make voluntary contributions (over and above your basic contributions) to the VMware Group RRSP. These voluntary contributions to the VMware Group RRSP can be directed to a VMware Group personal RSP or a VMware Group spousal RSP. VMware will not match any voluntary contributions.
Overall contributions under the program, by and for each member, are subject to, and may not exceed, the contribution limits set out under the Income Tax Act (Canada). Your personal RRSP limit can be determined via your Notice of Assessment from Canada Customs & Revenue Agency. This RRSP annual limit is your responsibility to monitor.
VMware will be remitting the contributions to Manulife Financial on a semi-monthly basis.
MyLife [VMware network access required]