A pension plan is an arrangement under which payment is made to RBC Trust (Trinidad & Tobago) Limited as Trustee, by an Employer on behalf of his Employees, to be used in providing the Employee with a pension for life upon retirement. There are various types of pension plans available in Trinidad; though none of them are mandatory. Insured Plans– Where the contributions paid to the Trustee are remitted to an Insurance company of the Employer's choice. The Insurance Company co-mingles the contributions of all pension plans they manage, so that the combined pool is invested at a fixed rate of return. Self Administered Plans - The contributions paid to the Trustee are remitted to an Investment Manager, who invests them in the best interest of the particular plan. The ownership of the assets remain segregated for each plan, as the investment mix is tailored to meet the needs of the separate plans.

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There is therefore no fixed or guaranteed rate of return on contributions, but there is greater diversification of investments. There are two types of self-administered plans: Defined Benefit (DB) Plans- Where the actual benefit that the members obtain at retirement is calculated using a formula outlined within the Plan's rules (usually average salary x years of service x factor subject to a 2/3rds maximum). The Employer is responsible for ensuring that this type of plan is sufficiently funded to provide all future payments to members/beneficiaries. Defined Contribution (DC) Plans - Where the final benefit due to members is determined by that member's total contribution plus interest accrued. Unlike a DB Plan, the onus of funding does not rest with the Employer; rather the member's benefit is a direct function of the levels of contribution and therefore the performance of the fund. Contributory or Non-Contributory Pension Plans - Either both the Employer and the Employee contribute to the Plan, or the Employer alone contributes. This is considered to be a supplement to a pension plan in a large company, or can operate as the sole deferred annuity vehicle in smaller companies.

Contributions to it are made annually by both the Employer and Employee. Benefits:. Employers’ contributions to the Plan, are allowed as a deduction for income tax purposes. Members may withdraw their portion plus interest accumulated without being taxed, unlike a pension plan where Members are taxed to do this before the 5 year vesting period. Members may withdraw from Savings Plans with their non-taxed contributions plus interest at any point, whereas with a Pension Plan, after being a member for 5 years, the contributions become vested in the plan and therefore can no longer be withdrawn until retirement. Savings Plans are much cheaper to operate as the Trustee role is not as onerous, and there is no need for actuarial support, so the fees are less.

Employee can transfer his and the Employer's contributions, plus interest accumulated on both, from one savings plan to another, without being taxed. This is similar to pension plans, except that Employer's contributions in the latter can not be transferred before Employee is a member of the Plan for 5 years Disadvantages:. Employee's contibutions are not deductible for tax purposes, unlike pension plan contributions. On withdrawal from Plan (not transfer), Employer's contributions are taxed at 25% despite the tenure of the Plan. The assets can only be invested locally. An Employee Stock or Share Ownership Plan is an arrangement whereby the whole or part of a company's annual bonus distribution is applied towards the purchase of shares in that company, to be held by RBC Trust (Trinidad & Tobago) Limited, as trustee, on behalf of that company's employees. Shares can be transferred to an employee or his nominee where:.

He is still employed by the company and five years have elapsed from the date of allocation,. He resigns or employment is terminated,. He retires or employment ceases due to ill health, and.

Upon death prior to retirement. In the cases of (1) and (2) above, the shares would be subject to tax while scenarios (3) and (4) are not subject to tax. This is the service of recording all the non-financial and financial data for a plan’s active and deferred membership, for which RBC Trust (Trinidad & Tobago) Limited uses a specially and specifically designed piece of software. For smaller companies, and for simplicity and cost savings purposes, the Employer may elect to be the company's pension plan administrator. As the number of employees grow however, the pension administration task becomes more time consuming and complex. It is worthwhile at that stage for the Employer to hire a professional to be the pension plan administrator.

This will free up valuable human resources within the Employer, as well as provide independence and transparency in having a neutral third party provide these services by acting in the interest of the Plan's participants and not that of the underlying Employer.

Health plan note RBC has multiple employee groups, health plans may vary by position Health plan premium as part of the health plan, the employer pays up to 100% of the premiums Flexible coverage health plan is flexible with adjustable premiums and coverage levels Minimum hours worked for coverage 15 hours per week Waiting period there is no waiting period for coverage Family coverage option yes Retiree coverage with no age limit yes Dental coverage routine, restorative, orthodontics Traditional coverage (e.g. Prescription drugs) yes Other health plan information employee assistance (EAP) plan, semi-private hospital room, physiotherapy, medical travel insurance, homecare, medical equipment and supplies, massage therapy, nutrition planning, podiatrist, osteopathy, chiropractor, alternative coverage (e.g. RBC ushers in the era of 'employee enablement' As one of Canada's biggest employers, RBC has long been a leader in introducing new ways of working. Now it is changing some of the cherished concepts around employee performance, employee learning and even extra jobs people can do. It's all part of 'employee enablement,' says Chief Human Resources Officer Helena Gottschling.

'Our success begins and ends with highly engaged employees,' she says. A key element is a shift from the old idea of 'performance management' to a more dynamic approach of 'performance enablement'. 'This involves creating a culture of feedback and coaching, and upping the leader's role in providing that feedback and coaching,' says Gottschling.

'It's about creating an environment in which all employees have the ability to improve, and giving them the support they need to be the best they can be.' Gone is the former requirement for a formal mid-year review of an employee's goals and performance in favour of regular meetings throughout the year. In the past 12 months, RBC has trained some 11,000 people leaders in 'how to provide more candid feedback,' says Gottschling, 'because candid and transparent feedback helps us all get better.' Employees, too, are encouraged to give feedback to colleagues and leaders. A simplified version of the traditional year-end review for employees is still held, she says, since employees typically like to review how they have measured up against their goals, discuss their development plans for the year ahead, and are on some form of variable compensation. But there is a shift in mindset, she says. 'We're getting more creative, more dynamic, and bringing more accountability to the leader-manager in how they're coaching.'

In employee learning, the bank is moving away from, say, a typical three-day course and expanding its digital offerings that people can view or download in more 'bite-size' pieces on their mobile phones or laptops. 'It's often just-in-time learning that they can apply on the job right when they need it,' says Gottschling. Youtube furious 7 full movie.

'We have a new self-serve portal designed to support employees' own personal learning strategy.' As for work itself, RBC has instituted SPARK!, an online program that allows employees to connect with each other to work on projects in areas that may be outside their job description. 'We are leaning into an internal 'gig economy',' says Gottschling with a smile. For example, with the agreement of a supervisor, an accountant might take a few hours to work as a photographer for another department.

Some 1,000 employees, she says, have taken part in 'unleashing their creativity in areas outside their day-to-day that they're passionate about.' For Truman Wong, all of these initiatives have been a positive experience. As Manager, Operations Process Strategy in Vancouver, he helps colleagues implement the bank's policies and procedures. He has already done several SPARK! Tasks, including logo design. 'It's a great opportunity to dabble and flex my design muscles, and develop some skills outside of my day job,' he says.

He also likes the new performance enablement system. 'It's really fluid,' he says. 'We're evolving from those more regimented, pre-set performance reviews to something much more nimble and responsive to our changing needs on the ground.' Wong has weekly 'check-ins' with his supervisor. 'It is an enablement conversation, where we go over what's going well and whether there are any challenges, any obstacles they can help clear out for me,' he says. After eight years at RBC, Wong is optimistic about the way the bank is evolving.

'All of the tools we've seen come up have been fantastic for fostering more collaboration, reaching out to peers across the country and picking up new skills.' RBC employees share a passion for helping their communities In her work at RBC in Toronto, Sonya Kumar is known as a Scrum Master, meaning she is the facilitator for the HR Workforce Innovation team and helps members stay focused on solving critical problems with the right solutions in the shortest possible time. The innovative system comes from software development, and the term comes from rugby, where players reconfigure themselves quickly in a scrum and restart the flow of the game. 'I'm the Scrum Master and I'm also a team member, accountable for the outcomes of our program,' says Kumar. 'This is a new way that we're working, so there are no set rules and it's a flat structure. I play many roles.' Indeed she does.

Kumar's role in this 'agile lab' is an example of RBC's often cutting-edge approach to the workplace environment. But she also has other roles supported equally strongly by RBC: as a volunteer in the community. In her town of Ajax, Ont., just east of Toronto, Kumar is a member of the School Community Council where her two daughters attend Grade 2 and Grade 5. It takes time, especially when she was chair and 'worked with the principal, directed the business of the council, and worked with the outside community on events and fundraising.'

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RBC, she says, helps with her schedule so she can contribute in a meaningful way. Moreover, in the past year she logged more than 40 volunteer hours, using the bank's myCommunity online tool, and RBC matched the hours and donated $500 to the school in recognition.

'That's been the best part for me,' says Kumar. 'The school did wonderful things with that money.

They were able to buy books for the library and contribute to equipment for the kids to have fun during recess - they really appreciated it.' Kumar also works with Ascend, an organization supporting pan-Asian business leaders; RBC is a Platinum sponsor.

'We leverage our networks and provide programs and events that inspire and educate individuals from the pan-Asian community,' says Kumar. RBC's support for employees' community involvement makes her feel 'great pride,' Kumar says.

'It gives you that sense of purpose in coming into work. It's not just about the paycheque.' That feeling goes right to the top at RBC, where leaders like Patti Shugart, Managing Director and Global Head, Corporate Banking and Global Credit for RBC Capital Markets, are also involved with the community. 'We really do believe in a corporate culture where employees who want more purpose in their day not only help our clients thrive, but help our communities prosper,' she says. 'It's not just lip service, this goes to our firm's core values.' Shugart was an early champion of the RBC Race for the Kids in Toronto, which has raised more than $10 million for Sunnybrook Hospital's Family Navigation Project, helping young people with mental health issues find the treatment they need. She also works with a United Way charity called Women United.

'The notion is to take women living below the poverty line in Toronto and pull them up through funding, job opportunities, coaching and mentoring. When you help to bring a mother out of poverty, you also lift her children which has a ripple effect on our communities,' says Shugart.

Within RBC, she was also co-creator of RWomen, a global networking group for women in RBC Capital Markets and related areas, and is a champion of a new 'Returnship' program that offers support to women who have been out of capital markets for several years, so they can more easily return to a career in finance. Shugart estimates she spends 50-60 hours a year working with the community. 'I want to be a good role model to show people that you can achieve success, have a family and balanced life, and you can also spend time giving back. In our culture, everybody should be giving back to groups they are passionate about.'

Well-being: How RBC takes care of its people Anastacia Chichova knows from personal experience how important it is to have an employer that is committed to wellness and well-being in the workplace. In 2013, she suffered head injuries in a car accident and had to take time off from her job at RBC. 'I had a severe concussion,' she remembers. 'When I came back, RBC made sure I was accommodated in a quiet environment. And there was a coach to help me deal with anything I needed.' At the time, Chichova was working as a business advisor in the large RBC Advice Centre in Mississauga, Ont. Today, she is a Client Effectiveness Coach, developing advisors who deal direct with RBC clients by phone and video conference.

She is also a Wellness Champion, part of the bank's commitment to making sure its people - including new recruits and younger staff like her - feel supported in all aspects of their working lives. At the Advice Centre, Chichova helps organize and deliver programs such as Wellness Days. 'We put the focus on employees' holistic well-being - their physical well-being, their financial well-being and their mental well-being,' she says. 'These are the people who take care of our clients so we need to take care of them.' There are yoga classes, mindfulness and meditation sessions, and outside experts brought in to talk about managing stress. RBC employee resource groups, such as NextGen for young people, also organize events and help employees network with one another. 'We spend a big chunk of our life at work, so it's important to RBC that while we're here, we're well taken care of,' says Chichova.

Across the bank, there are many programs to promote employee well-being, says Nadine Orr, Vice-President, Pension and Benefits. 'Our focus is on creating an inclusive work culture where everybody feels engaged, supported and encouraged to bring their whole self to work and thrive.' There are global wellness campaigns to increase awareness about physical, nutritional and mental well-being, in which employees can earn 'wellness credits' to purchase wellness-related services and merchandise.

In 2016, the bank held its first year-long campaign focused on mental well-being - the 'Your Mind Matters' campaign - which encouraged conversations about the importance of, and link between, mental health and overall well-being. More than 28,000 employees participated in one or more activities.

In 2017, the bank also expanded its medical coverage to include a new core benefit for all Canadian employees and their enrolled dependents - $3,000 worth of psychological coverage, including psychologists, psychotherapy, marriage counselling and other services. Orr sees these benefits and programs as particularly attractive to young people considering a career at RBC.

'We have found that young people feel less stigma about accessing support,' she says. For those feeling stressed by money issues, there is also Invest in Yourself, a program to help people better understand their finances. That is especially top of mind for young people coming out of school with debt from student loans, or saving towards their first home. And Orr points to RBC's commitment to community involvement, including employee volunteer grants, as contributing to a sense of employee well-being and purpose.

'We encourage every RBCer to discover a cause they're passionate about and make it easy for them to get involved in whatever way works best for them,' she says. 'The big focus for us across the board is on making sure that employees are set up to succeed in realizing their full potential and building meaningful careers.' 'RBC went above and beyond went it came to accommodating my needs.

I use a wheelchair, and RBC assisted with an accessible workstation, bathroom, and floor amenities to ensure I would be comfortable and independent. I'm also part of REACH, an employee resource group for persons with disabilities, so I'm able to use my voice to help other RBCers when it comes to disability accommodation. I am very proud to work in an inclusive and supportive environment.' Joel D., Executive Communications Advisor, Office of the CEO. Real pride: How RBC supports the LGBT+ community Sawyer James started work at RBC at a very sensitive time in his life. Only months earlier, he had come out as a transgender male, and he was still in the initial stages of his transition. But once he arrived at the bank in early 2016, things couldn't have gone better.

'It has been great,' says James, who works as a Cards Advisor in the Credit Card Department at RBC's Advice Centre in Mississauga, Ont. 'The support I have received has been more than I could have expected from a company and from the people I work with.' Although legally he was not Sawyer yet, the bank readily respected his new identity, he says. And he was able to join the centre's LGBT+ steering committee. But what impressed James most occurred a few months later in 2016, when he was asked to speak at a panel on transgender issues at the Advice Centre. 'I brought up the fact that I didn't feel comfortable yet using the male washroom.

And just because of that one remark, RBC has created gender-neutral washrooms.' Indeed, the bank created a whole new washroom on the ground floor of the Advice Centre, and now is in the process of creating 22 more such facilities at RBC premises across the country. 'It happened very fast,' says James. 'RBC is not afraid to break new ground and make something happen.' James has also become a minor RBC celebrity. Last June, he was profiled in an online feature on the RBC portal, seen by all 80,000 employees around the globe. The article was among the top three viewed in 2017, and has led to many other bank employees reaching out to him for advice and mentorship, often encouraged by their supervisors.

'I find RBC is very open, they believe in people and the power of their dreams,' he says. 'A lot of managers have the 'safe space' rainbow symbol on their desks. I feel I can speak to anyone about pretty much anything.' In fact, when the controversy erupted in North Carolina in 2016 over use of washrooms according to gender identity, RBC quickly signed on to a court filing by 68 major companies aimed at blocking discrimination against the transgender community. 'Support for diversity and inclusion at RBC is broad, deep and longstanding,' says Karen McCarthy, Vice President, Associate General Counsel and Corporate Secretary.

She should know - when she joined the bank 14 years ago she was able to be completely open about being in a committed same-sex relationship with a four-month-old son. 'Culture is so important in an organization,' says McCarthy. 'RBC had the culture where I felt I could be my authentic self, build new skills and develop as a leader. How do you not discuss children or your partner? I wanted to work in an open and supportive environment, and it has been that way since the moment I started.' McCarthy is an ongoing member of the RBC Diversity Dialogues Mentoring Program, which pairs senior leaders like her with individual employees with diverse backgrounds. They meet regularly for a year to expand awareness of diversity topics, often for both participants.

On LGBT+ issues, the bank continues to be on the leading edge, notes McCarthy. Recently RBC Capital Markets and the industry group LGBT in Capital Markets launched Common Grounds, Canada's first coaching program for LGBT+ capital markets professionals. The bank is also a founding partner of the Canadian Gay and Lesbian Chamber of Commerce, which in 2016 gave its first corporation of the year award to RBC for its support of LGBT+ suppliers. 'Those are the types of areas where RBC really is in the forefront,' says McCarthy. 'We base our ongoing diversity and inclusion journey on a solid foundation of respect for all individuals and the belief that we all benefit when everyone can bring their whole selves to work and contribute to their fullest potential.'

How RBC supports the environment - in a big way When you're as big as RBC - Canada's leading bank, with 81,000 employees worldwide - you have a lot of ways to help the environment and to aid the transition to a low-carbon economy. One way, for example, is to use your public platform to explicitly support measures such as carbon-pricing, which RBC began doing in 2016. It has followed up with a series of economic reports, position papers and executive speeches. Another is to ensure your own environmental footprint is in line with your philosophy. RBC has reduced its greenhouse gas emissions by 23 per cent since 2012, and this year became carbon neutral through purchase of high-quality carbon offsets. But these are just the beginning. The bank has embedded sustainability initiatives throughout its lines of business, notes Valerie Chort, Vice-President, Corporate Citizenship.

'The overarching strategy is that climate change is a pressing issue, we're a large organization, and we can mobilize on a number of fronts,' she says. So within the bank, RBC Capital Markets supported green bond issues worth $5.1 billion in 2017, RBC Wealth Management offers a fossil fuel-free global equity fund, and Personal & Commercial Banking does more than $100 million in business with Clean Technology clients.

At the same time, the bank has taken a leading role in organizations and partnerships that are responding to climate change around the world, from the UN to Canada's Smart Prosperity initiative. There is plenty of reason for a major bank to take a strong position on the environment, notes Chort. 'Climate change will impact all sectors of the economy, whether it be agriculture, transportation, infrastructure - it impacts us all. So we need to better understand what are those risks, what are the opportunities, and be ready for them.

Ignoring it is not in our interest. Preparing and being active in shaping what our future could look like is absolutely in our interest.' RBC is also turning to its own people and partners to mobilize their expertise in critical areas of sustainability research. In a pilot project, the bank is soliciting ideas on how the digital blockchain used for cryptocurrencies could help protect environmental data, how artificial intelligence could assist in developing climate change scenarios, and how a planned app called Swim Drink Fish, produced by an organization of the same name, could monitor water quality with the help of citizen scientists. The bank has long encouraged its people to help find ways to improve its environmental performance.

'Our employees are pretty passionate about the subject matter so finding ways for them to constructively add value is very important,' says Chort. One of those employees is Farhan Peervani, Senior Manager, Operations Process Strategy - Transformation. In his area, people work on improving bank processes for efficiency and for a better client experience. Peervani began looking at the amounts of paper that clients in Personal Banking receive when arranging RRSPs, TFSAs and similar accounts. 'We found it was 30 to 60 pieces of paper,' says Peervani. 'We are now rationalizing the process, and by early next year, our clients will be walking away with only three pieces of paper on average.'

Nationally, he says, this means some 23 million pages will come down to 500,000, a reduction of nearly 98 per cent. 'When we did our presentation, this was an eyeopener for a lot of people.' He estimates that the number of trees needed to produce that paper will fall from 1,800 to 107. Peervani, who joined RBC 13 years ago after finishing a degree in computer science at McMaster University, says he has always admired the bank for supporting green causes. 'I couldn't be happier to work with an organization like RBC,' he says.

'I'm sure we'll be coming out with a lot more initiatives to reduce our carbon footprint.'