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.
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RRSP plan while you are employed by VMware||Employee voluntary contributions (above your basic contributions) can be withdrawn in cash (less applicable taxes), or transferred to another financial institution|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,
New Employees: within your first week of employment, you will receive an email from Manulife containing information on the program as well as the access link and details needed to register for the RRSP & DPSP plans.
Existing Employees: use the dedicated VMware RRSP & DPSP Plan Information Hub . This page provides you with an overview of the plans, options and the needed Policy Numbers and Access Codes that will be required during the enrolment process.
Note: when enrolling into the plans, remember to enroll in both the RRSP and DPSP to avoid delays in contributions being applied.
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 accessing your Manulife account and initiating a change in your fund selections.
Making Change to your Contributions
- Log in to your Retirement Savings Account using the Manulife site .
- Under “My Account” select “View/Change My Payroll Deduction Amount” from the Contributions options.
Follow the on-screen prompts through the process to view and make changes to your RRSP contributions.
Contact Manulife directly if you have any questions: 1-888-727-7766 / firstname.lastname@example.org
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.