Overview
Your group plan's withdrawal rules determine when and how employees can access their money while they are still working at your company. Plan administrators have the flexibility to establish these rules to align with their company's savings goals or retirement strategy.
Note: It's important to communicate any changes to these rules to your employees, as it directly affects how they manage their accounts.
How to check or change your withdrawal rules
If you would like to confirm your current withdrawal rules or make any changes to your policy, please follow these steps:
- Review the Sponsor Plan Implementation form you shared with your dedicated Client Success Manager to check your current permissions. Your organization filled out plan eligibility, offered account types, and withdrawal rules in the Plan specifications section.
- Reach out to your dedicated Client Success Manager. If you don't have a manager, please email our support team.
Frequently asked questions
Who can change the withdrawal rules?
Only the plan administrator has the authority to change the withdrawal rules for the group plan.
Can employees see these rules in the app?
Employees will be notified of the withdrawal permissions applicable to their accounts based on the rules you have set.
Does Wealthsimple charge fees for updating withdrawal rules?
No, we don't charge any fees for updating your plan's withdrawal rules.
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