- What options are available to the surviving spouse when the member of the plan passes away?
- For the CBPP, the surviving spouse may remain in the plan. Contact Sun Life and advise them of your spouse’s passing, and let them know that you desire to keep your assets in the CBPP. You can continue to take advantage of the savings, due to the very low management fees.
- For active members, with health and dental benefits, your health and dental coverage will continue for a period of 2 years, or until they no longer qualify. After this period, your coverage will be terminated.
- For retired plan members, who have selected the current retiree plan, benefits will continue for 3 months at no charge. After 3 months, you must notify the administrator of your intent to continue coverage and pay the monthly premiums.
- What are my options if I resign or am terminated?
- Your group health benefits will end on the effective date of your last day of work.
- You have the following options for your pension assets (as allowable under plan terms and applicable legislation):
- Transfer to another RPP, if that plan permits it;
- Transfer to a RRSP or other retirement savings plan;
- Transfer to a RRIF or LIF;
- Purchase a life annuity;
- Take a lump sum cash payout of any non locked-in amounts, less withholding tax; or
- Remain in the plan (subject to plan terms and conditions).
- What are the minimum standards for participating in the plans (for part-time employees)?
- Benefits plan: Permanently employed and work a minimum of 20 hours per week
- Pension Plan: Each province has slightly different minimum requirements. See your plan booklet for details.
- How do I change my CBPP investments?
You can change your investments online at www.mysunlife.ca. It’s important to periodically review your investment selections to make sure they continue to accurately reflect your risk tolerance and your time horizon to retirement.
- How do I register for an online Sunlife account?
You can register online at: https://www.sunnet.sunlife.com/mysunlife/mbrregistration/req/pub/register?
How do I enroll in the TFSA?
- Log-in to mysunlife.ca.
- Once logged in, select myfinancialcentre > Requests > Enrol.
- Select Let’s get started! to begin and follow the enrollment flow.
- Be sure to designate a beneficiary for your TFSA, so your assets are distributed according to your wishes in the event of your death.
- What is enhanced generic substitution?
Your drug coverage includes enhanced generic substitution. This means if you submit a claim for a brand-name drug and a generic equivalent drug is available, the plan will reimburse you based on the cost of the generic drug, if that cost is lower (subject to compliance with provincial legislation). It’s important to understand that generic drugs are just as effective as brand-name drugs – but they typically cost a lot less.
If there’s a medical reason you must take the brand-name instead of the generic drug, you will need to go through a pre-approval process with Great-West Life before the plan will cover it. Your physician will need to complete a Request for Brand Name Drug Coverage form and provide medical information about why you require the brand-name drug. If your request is approved, you will be reimbursed for the cost of the brand-name drug. This approval process is important to help maintain your benefits coverage and keep the plan costs affordable.
You can always choose to get the brand-name drug if you want to – you will just have to pay the difference out of your own pocket or use your HCSA to cover it (up to the annual dollar limit).
For more information, please visit www.greatwestlife.com.