USW District 3 has negotiated a “District 3 Savings Plan” with the CUMIS Retirement Services 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:
- By joining the plan because of a collective agreement
- By joining on an individual basis
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
CUMIS Money Market Fund (Addenda)
Yield Pass Through Fund
CUMIS Retirement Security Fund (CUMIS)
Fixed Income Funds
CUMIS Bond Fund (PH&N)
Balanced Funds
CUMIS Balanced Fund (MFS)
CUMIS Balanced Fund (Mawer)
Canadian Equity Funds
CUMIS Canadian Equity Fund (Mawer)
CUMIS Canadian Equity Fund (Franklin Bissett)
CUMIS Dividend Income Fund (PH&N)
Foreign Equity Funds
CUMIS U.S. Equity Fund (Mawer)
CUMIS International Equity Fund (Mawer)
CUMIS Global Equity Fund (Addenda)
Target-Date Funds
CUMIS LifePlan Retiree Fund (MFS)
CUMIS LifePlan Retirement 2025 (MFS)
CUMIS LifePlan Retirement 2030 (MFS)
CUMIS LifePlan Retirement 2035 (MFS)
CUMIS LifePlan Retirement 2040 (MFS)
CUMIS LifePlan Retirement 2045 (MFS)
CUMIS LifePlan Retirement 2050 (MFS)
CUMIS LifePlan Retirement 2055 (MFS)
CUMIS LifePlan Retirement 2060 (MFS)
CUMIS LifePlan Retirement 2065 (MFS)
NEI Asset Allocation
CUMIS Select Income RS Portfolio (NEI)
CUMIS Select Income & Growth RS Portfolio (NEI)
CUMIS Select Balanced RS Portfolio (NEI)
CUMIS Select Growth RS Portfolio (NEI)