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Municipality of the District of St. Mary's
Councillor Group Savings Plan Policy
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Purpose:
The purpose of this policy is to establish and maintain a group savings plan for all eligible council members.
Eligibility requirements are set out within the RBC group savings plan.
1. Participation:
1.1
Participation in the group savings plan shall be voluntary for municipal elected councillors at any point
during their term in office following their oath of office.
1.2
Participation age of entering and remaining in the plan will be as determined by the RBC Group
Advantage Program and the Provincial Pension Benefits Act where applicable.
2. Nature of the Plan:
Option #1
2.1
Option #1 the plan shall be a group retirement savings plan (GRSP) through the Royal Bank of Canada
consisting of individual RRSP accounts. The GRSP allows councillors to contribute directly from their
monthly honorarium at either a flat rate or percentage rate determined by each individual councillor
and provided in writing to municipal administration. Administration fees for the group plan will be as
determined by the Royal Bank of Canada and the responsibility of the members involved.
2.2
The councillor GRSP, in accordance with the Provincial Pension Benefit Act, is classified as a defined
contribution benefit plan. The Municipality will not match or contribute to the councillor group
retirement savings plan unless by way of council motion and amendment to this policy.
Option #2
2.3
Option #2 is a group tax-fee savings account (Group TFSA) administered through the Royal Bank of
Canada. This Group TFSA is a collection of individual TFSA accounts which councillors can contribute
to directly from their monthly honorariums, contributions are after tax dollars, returns on investments
are tax-free even at withdrawal.
2.4
The Municipality will not match or contribute to the TFSA for individual councillors unless by way of
council motion and amendment to this policy. Administration fees for the group plan will be as
determined by the Royal Bank of Canada and the responsibility of the members involved.
3. Termination/Exiting Plan:
3.1 A councillor may, in writing to municipal administration and following all regulations as set out by the
Provincial Pension Benefits Act and the Royal Bank of Canada, as the administrating agent leave the
group plan.
Municipality of the District of St. Mary's
Councillor Group Savings Plan Policy
Page 2 | 3
3.2 Upon a councillor not re-offering/resigning for Municipal Council or not being re-elected to council,
the councillor is no longer eligible to be part of the councillor GRSP. The former councillor is then
individually responsible for any further activity with their group plan as per the regulations set out in
the RBC Group Advantage Plan.
_________________________________________
_________________________________________
Municipal Clerk
Date of Approval
Municipality of the District of St. Mary's
Councillor Group Savings Plan Policy
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SCHEDULE A
"Policy Record"
This policy will be reviewed at least once annually. The "Policy Review Record" will be updated accordingly to
reflect policy review and amendment dates.
Date of Review
Section(s) Updated
Council Approval Date
Adoption of Policy
January 11, 2021