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The CBS Defined Contribution Pension Plan is an important part of your total compensation at Canadian Blood Services and was designed to help you build your retirement income.

Although CBS provides you with this opportunity to save, your future financial security is up to you. You play an important role as a member of the CBS Defined Contribution Pension Plan, and understanding your responsibilities as a plan member can help you ensure that you will be satisfied with the savings you accumulate under the plan.

As a member of the CBS Defined Contribution Pension Plan you are responsible for:

  • Allocating the funds in your retirement account (made up of Canadian Blood Services' and your contributions and any investment earnings) among the different investment options offered, and for reviewing and making changes to those allocations at appropriate times. As such, you are responsible for the investment decisions you make, including the investment and financial risk associated with these decisions. For more information, go to the Investing your retirement savings section.
  • Reading the information, attending any seminars and making use of any tools provided by Canadian Blood Services with respect to the DC plan, and for requesting clarification of any item which you do not understand.
  • Obtaining additional information you may need-from sources other than Canadian Blood Services-in order to understand retirement, saving for retirement, investments and any other issues required to make any decisions or choices under the plan. This may include advice from a personal financial advisor.
  • Choosing the retirement income vehicle for your funds when you withdraw your funds from the DC plan (for example, when you retire). Morneau Shepell provides you with the options that are available to you based on applicable legislation and the DC plan provisions, but you are responsible for the decision.
  • Notifying your Human Resources representative if you have a change of name, marital status, address or telephone number.
  • Reviewing and, when necessary, updating your beneficiary for pension benefits payable in case of your death. Go to Designating a Beneficiary under the Joining the Plan section, or contact Morneau Shepell at 1 877 252-4442, for more information.

CBS, the CBS Defined Contribution Pension Plan Advisory Committee and Morneau Shepell also have specific responsibilities with regard to the operation and performance of the Plan. Their responsibilities are outlined below.

CBS, as your employer is responsible for:

  • Establishing and amending the Investment Policy;
  • Selecting the investment options to be offered to Plan members;
  • Reviewing and evaluating the performance of the Fund Managers; and
  • Selecting and confirming the default option. This option is selected on behalf of Plan members who have not chosen an asset

The Advisory Committee is responsible for:

Assisting Canadian Blood Services by monitoring investment performance and plan administration, and making recommendations for any changes in the financial institution involved in the investment of the funds. The committee is made up of representatives of Canadian Blood Services and the unions whose members participate in the plan. Your contributions and Canadian Blood Services' contributions to the plan are invested in funds made available to you through Manulife Financial.

Morneau Shepell is responsible for:

Consulting with CBS and the Advisory Committee on governance, investments, Plan administration (recordkeeping) and communication of the Plan to members.

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