Retirement Plan - RCRUL
The RCRUL is a defined contribution plan with voluntary enrolment.
A defined contribution plan is one in which all costs are known in advance, for all participants, but the end value of the pension depends of the interests generated.
The voluntary enrolment means that it is not mandatory to join in. However, in order to receive the Employer’s part of the benefits, you have to enroll. Without your enrolment, the university does not put in any money.
In order to have access to the RCRUL, you need to fulfill ONE of the two following conditions, either in the current year or the previous one.
To have worked at least 700 h (For example: 20 weeks at 35 h per week)
To have earned at least 19215 $ (For example: 25 weeks at 40 000 $ per year)
How does it cost?
When you join the plan, you start to contribute 7.6 % of your gross income. For example, if you earn $40,000 per year, it means $3,040 per year or $116.92 per pay period.
On top of that, the university contributes 8% of your gross income. For example, if you earn $40,000 per year, it means $3,200 per year, or $123.08 per pay period.
Both of these contributions are now entirely yours, on top of the interests they generate, and are non-taxable when put into the plan. They will however be taxable when they are taken out of the plan.
Withdrawing your money or retiring
In order to know exactly how much money you have in the plan and what your options are, you need to contact the Bureau de la retraite before the end of your fellowship
In general, there are 5 options:
- Transferring the money in a Compte Retraite Immobilisé in a bank OR transfer it to another retirement plan;
- Deferred pension: The money stays in the RCRUL until you turn 55 years old, then you get a pension;
- Refund OR transfer to a personal RRSP: available only if the total is less than $10,720.
If you have left Canada for more than 2 years, you can withdraw the entire amount, even if it is greater than $11,060.
If you are over 55 years old, these 2 options are also available
- Immediate pension
- Life income fund
For more information:
Bureau de la retraite de l'Université Laval
Pavillon Maurice-Pollack bureau 3121
2305 rue de l’Université
Québec QC G1V 0A6