What happens when an employee leaves our organization?

You can let us know when an employee has left the plan through an updated employee info file. One of the unique features of the Common Good Plan is portability. This means that members actually have options if/when they leave their employer:

  • Members can keep their accounts with Common Good and even continue to contribute to them directly from their bank accounts. There would be a change in the fees and who pays them: members who leave their employer but continue with the plan would be responsible for a $3/month membership fee + 0.7% of assets under management. If there are any employer matching contributions, those would stop at this time.
  • Members can also decide to cash out of the plan and move their money to another TFSA or RRSP account. Once a member initiates a withdrawal of all of their plan assets, they are no longer eligible to participate in the plan, and there is a transaction fee of $75 to complete each transfer.