With the group potential of 35,000 municipal employees and 1,500 elected officials, the Municipal Finance Authority has negotiated an investment plan through Sun Life Financial that offers a substantial reduction in management fees for plan members. These savings add to your annual return.
The plan is available to all municipal employees, elected officials, and spouses. It offers an extensive selection of funds in the RRSP, non-registered, and tax free savings account categories. Contributions are made through a payroll deduction system which offers the benefit of a tax deduction at source for the RRSP funds.
Being part of a group plan brings many benefits:
- Low investment management fees (25% - 40% less, depending on the fund)
- Access to institutional mutual funds normally only accessible to individuals with a minimum of $10,000 to invest
- Ease of payroll deductions
- Immediate tax savings (RRSP & TFSA)
- No fees to make investment changes
- Lifetime eligibility within group plan
The plan offers:
- RRSP details RRSP Enrolment Form
- NREG details (non-registered) accounts NREG Enrolment Form
- TFSA details (tax-free savings) accounts TFSA Enrolment Form
- Three types of investment classes:
- Money Market / Guaranteed Income
- Bonds (Fixed Income)
- Equities (Stocks)
How to contribute:
- Payroll deduction through your municipality Payroll Deduction
- Payments arranged directly through the MFA Personal Deduction
- Lump sum deposits
- Transfers in from outside accounts
Members of the plan will also have access to:
- An online tool for planning and management of investments
- A Call-centre to assist with choices and answer questions
Retirement & Investment Planning Tools:
How do I choose my investments? How much should I be saving to reach my goals?
Retirement planning information and tools can be found on the Sun Life website.
You can use the generic ID to sign in to mySunLife and utilize some of the planning tools provided
- Generic Access ID: 14577
- Generic PIN: 257986
Contact Sun Life Financial’s Customer Care Centre representatives toll free any business day from 8 a.m. to 8 p.m. ET. They can provide account info, market info, enrolment assistance and more in over 150 languages.
Sun Life Customer Care Centre: 1-866-733-8613
How to Enroll:
To get started in the Municipal Investment Plan please complete an enrolment form for the type of account you would like to open, and either a payroll deduction or personal deduction form (for contributions directly through the MFA) and submit to the MFA by mail or by email.
Forms & additional information related to the Municipal Investment Plan can be found on the Forms page.
NEWS & UPDATES
Maturity of the Sun Life Financial 2015 Milestone Segregated Fund
On June 29, 2015, the Sun Life Financial 2015 Milestone Segregated Fund will reach maturity. At this time the assets in the fund will automatically transfer to the the Sun Life Financial Money Market Fund. No action is required by plan members. Those plan members who hold the Sun Life Financial 2015 Milestone Segregated Fund in a non-registered account will experience a capital gain or loss when the assets are transferred to the Sun Life Financial Money Market Segregatd Fund. There is no tax implication for assets held in an RRSP or TFSA.