District 3 Savings Plan

USW District 3 has negotiated a “District 3 Savings Plan” with the CUMIS Life Insurance Company that provides a Group Registered Retirement Savings Plan (RRSP) plan for our members, for those who are not able to negotiate a traditional pension plan. CUMIS is part of The Co-operators Group of Companies and is a leading provider of financial products and services for the Canadian credit union system and their members.

There are two ways to access the Group RRSP:

The USW District 3 Savings Plan delivers a consistent solution across the district and is governed by members in the plan. The Group RRSP rules and the investments are designed with our member’s needs in mind. Plans are established for an employer following the negotiation process, and contributions owing to the plan are determined by the collective agreement. USW District 3 members are immediately entitled to 100% of all employer and member contributions made to the plan.

Investment option fees under the program are significantly reduced due to the economies of scale achieved. Lower fees provide increased savings for our members at retirement.

For example, the typical retail balanced fund carries an annual fee in the range of 2.00% – 2.50%, while the balanced funds in the District 3 Savings Plan have an annual fee of 0.75% to 0.80%.

District 3 members can also boost their own personal savings by completing an RRSP application, TFSA application form, or both. CUMIS has arrangements with experienced fund managers who offer a diversified fund line-up. The investment options available to our members are:

Money Market Funds

Target-Date Funds

CUMIS Money Market Fund (Addenda)

CUMIS LifePlan Retiree Fund (MFS)

Yield Pass Through Fund

CUMIS LifePlan Retirement 2020 (MFS)

CUMIS Retirement Security Fund (CUMIS)

CUMIS LifePlan Retirement 2025 (MFS)

Fixed Income Funds

CUMIS LifePlan Retirement 2030 (MFS)

CUMIS Bond Fund (PH&N)

CUMIS LifePlan Retirement 2035 (MFS)

Balanced Funds

CUMIS LifePlan Retirement 2040 (MFS)

CUMIS Balanced Fund (MFS)

CUMIS LifePlan Retirement 2045 (MFS)

CUMIS Balanced Fund (Mawer)

CUMIS LifePlan Retirement 2050 (MFS)

Canadian Equity Funds

CUMIS LifePlan Retirement 2055 (MFS)

CUMIS Canadian Equity Fund (Mawer)

Russell Asset Allocation Funds

CUMIS Canadian Equity Fund (Franklin Bissett)

CUMIS Multi-Asset Income Strategy Portfolio (Russell)

CUMIS Dividend Income Fund (PH&N)

CUMIS Balanced Growth Portfolio (Russell)

Foreign Equity Funds

CUMIS Long-Term Growth Portfolio (Russell)

CUMIS U.S. Equity Fund (Mawer)


CUMIS International Equity Fund (Mawer)


CUMIS Global Equity Fund (Addenda)



For more information about the plan, please contact your USW District 3 staff representative.