Members can log into their account and view their current holdings and transaction history in the “My Investments” section. They can also select a different target date fund here.
How can members view their transaction history?
Members can log into their account and view their transaction history in the “My Contributions” section. They can view any upcoming or past transactions, including withdrawals and fees.
How can members check on the progress of their retirement plan?
Members can log into their account and view their progress in the “My Plan” section. On this dashboard, they can view the current value of their TFSA and RRSP and the total contributions into the plan.
If a member is interested in seeing their progress towards their retirement income, they can click on the “This plan” section of the retirement income bar chart.
Members also receive an annual statement that is available online in their account, and they will receive an email notifying them when it becomes available.
What kind of support and guidance does Common Good offer for plan members?
Part of the value that the Common Good Plan can offer its members is in the education they can access through the plan. This ranges from planning suggestions during enrollment, to a library of educational articles, and education sessions with specialists from Common Wealth, the plan provider. All of these resources are aimed at equipping Common Good Plan members with more and better information on saving for their retirement, so they can make the right decisions for their savings goals. Members can also reach Common Wealth support staff via email or phone (admin@commongoodplan.ca).
In addition to all of the above, you (as the employer and plan sponsor) can choose an enhanced onboarding package to give your team members access to a Common Wealth specialist to help set up their individual plan through a guided enrollment.
What help is available to employees to determine how much income they will need in retirement?
Common Good uses a member’s current income to determine a target retirement income that will allow them to maintain their current standard of living as they enter retirement. We help members understand how multiple sources of retirement income, including other savings, and government benefits will help them reach that target. We then provide members a personalized savings plan for today and over time (auto-escalation feature) in order to meet their retirement goals.