The AECOM Canada Retirement and Savings Plan, administered by Sun Life Financial, includes the Defined Contribution Pension Plan (DCPP), Group Registered Retirement Savings Plan (Group RRSP), and a Tax-Free Savings Account (TFSA).
The Defined Contribution Pension Plan (DCPP) is the only plan that includes an AECOM contribution.
Defined Contribution Pension Plan (DCPP)
AECOM contributes an amount equal to 2% of your base earnings every pay. Also, when you contribute to the DCPP (up to a maximum of 4% of your earnings), AECOM matches those contributions to 50%, up to a maximum of 4% of your earnings.
For example:
- AECOM contributes: 2%
- You contribute: 4%
- AECOM match: 2%
- Total DCPP contribution: 8% of your eligible earnings
There is a six-month waiting period for temporary and on-call employees.
All contributions to the DCPP are considered “locked-in money” and can only be withdrawn when you’re ready to retire.
Group Registered Retirement Savings Plan (Group RRSP)
The Group Registered Retirement Savings Plan (RRSP) allows you to set aside up to 10% of your income, up to the maximum allowed by the Income Tax Act.
There are no employer contributions in the RRSP.
Bonus to RRSP transfers
There’s a new process for bonus to RRSP transfers! Instead of completing a payroll RRSP Authorization Form, employees will now request to have their bonus transferred to their RRSP by logging on to their Sun Life account and using the bonus tool. To learn how to direct your bonus to your RRSP online, click here.
Bonus to RRSP transfers Deadline
To ensure your bonus transfer to RRSP is processed, please submit your request before the deadline. If you have any questions regarding the deadline, contact PayrollCanada@aecom.com. If the request is not processed in time your bonus will be paid in full on the following payroll.
Bonuses cannot be transferred to AECOM’s Defined Contribution Pension Plan (DCPP). Bonuses can only be transferred to the AECOM’s Registered Retirement Savings Plan (RRSP).
RRSP Enrolment
If you do not have an AECOM RRSP account with Sun Life, here are the instructions to enrol:
- Sign in to mysunlife.ca and select Manage plan, then my plan.
- From the Make a change drop-down menu, select Enrol in products.
- Once you’re on the page click the Let’s get started button to begin.
- Follow the enrolment flow to personalize your contributions, investments and beneficiaries. If you’re making contributions to your spousal RRSP, your spouse will need to select their investments and beneficiaries.
If Sun Life does not have record of an active Sun Life RRSP account under the AECOM plan, the bonus to RRSP transfer will not be processed, and the funds will be paid out.
Tax-Free Savings Account (TFSA)
The Tax-Free Savings Accounts (TFSA) is a multi-purpose savings account to which you can contribute on an after-tax basis, up to the maximum allowed each year by the Income Tax Act.
There are no employer contributions in the TFSA.
Contribution limits
DCPP: AECOM will keep track of the limit for you. Contributions to the DCPP will be reported each year on your T4 slip issued by payroll. This amount is included in determining your Pension Adjustment (PA). Your PA will reduce the amount you can contribute to your RRSP in the following year.
RRSP: It’s up to you to know and track your limit. You share your limit with all RRSPs you contribute to, including Spousal RRSPs. Contributions to the RRSP will be reported each year on a T4A tax slip issued by Sun Life Financial. Find your limit on your most recent Notice of assessment from the Canada Revenue Agency (CRA).
TFSA: It’s up to you to know and track your limit. You share your limit with all TFSAs you contribute to. Find your limit on your most recent Notice of assessment from the Canada Revenue Agency (CRA).
Related Links
my Sun Life Canada
Set up the app using your online account credentials.
