Retirement

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RRSP plan while you are employed by VMware Employee voluntary contributions (above your basic contributions) can be withdrawn in cash (less applicable taxes), or transferred to another financial institution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.

Investment Direction

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.

Default

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.

Basic Contributions

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.

Voluntary Contributions

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.

Contribution Limits

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.

Remittance Schedule

VMware will be remitting the contributions to Manulife Financial on a bi-weekly basis.

Contact us

HR Source
ASK HR [VMware network access required]
Internal Phone: ext. 29200


Manulife Financial Member Services
Phone: 1-888-727-7766
Email: gromail@manulife.com
Visit website

Resources

Investment Options for
Members

MyLife [VMware network access required]

MyLife Guide: Change Your RRSP Contributions

Manulife Beneficiary Designation Form