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Pension contributions: it’s never too early to save for retirement

A few days ago you received a note from Human Resources about the semi-annual ?re-opener? for people participating in the defined contribution (DC) pension plan. If you wish to enroll, or change the level of your contributions, you have until June 30 to do so.

If you’re already in the plan, we encourage you to continue, and to make sure you’re contributing as much as you can. If you’re not in the plan, we urge you to reconsider. The minimum contribution is 2% and the employer will match your contributions up to 4% of your salary. If you don’t put any money in, you don’t get the benefit of the employer match.

The sooner you start saving for your retirement, the more options you will have later in life.

In the meantime, your CMG bargaining committee is continuing to push for higher employer-side contributions to the plan, so that unionized employees get the same contributions as non-unionized staff do. We are asking that Shaw contribute 5% to everyone’s pension savings, no matter how much an employee contributes. Pension will be one of the main points on the table as we start conciliation on June 29.

Some of you may have also received a note about the Canwest group RRSP, which is being rolled into the Shaw group RRSP. This is separate from the DC pension plan. If you got the note about the RRSP, make sure you understand how it may apply in your personal financial plan.

For more information, contact Keith Maskell (keith@cmg.ca) at 416-591-5333.

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