Employee Self-Directed Registered Retirement Savings Plan Sample Clauses
The Employee Self-Directed Registered Retirement Savings Plan clause establishes an arrangement where employees can contribute to a retirement savings plan that they manage themselves. Under this clause, employees are typically responsible for selecting their own investments within the plan, and contributions may be made by the employee, the employer, or both, subject to applicable limits and regulations. This clause empowers employees to tailor their retirement savings according to their individual financial goals and risk preferences, while also providing a tax-advantaged way to save for retirement.
Employee Self-Directed Registered Retirement Savings Plan a. The Board and Association agree to the establishment of a self-directed RRSP, hereinafter called the Plan.
b. Employees participating in the Plan agree that neither the Board nor the Association will be liable for any financial losses of the Plan or participating Employees.
c. Scotia ▇▇▇▇▇▇ shall be the investment company for the Plan.
d. Employees will contribute to the Plan by payroll deduction.
e. The Board and the Association will nominate one representative each to a Group RRSP committee. When necessary, the committee will meet to recommend:
i. New procedures to administer the Plan; and ii. a change in the investment company for the Plan.