Congratulations and welcome to the Wealthsimple family!
If your company currently has a group retirement plan with another provider, follow these steps to transfer your plan to Wealthsimple Work.
- Complete your Docusign agreement
Wealthsimple will send over a Docusign agreement via email for you to review and sign digitally.
- Send a termination letter to your current provider
You must send this letter prior to setting your Wealthsimple plan. We have a termination letter template at the end of this help article to help you craft this communication.
- Introduce the Wealthsimple team to your current rep
Introduce Wealthsimple by email to your current provider rep (cc email@example.com), letting them know you have sent the letter of termination and they are to work with Wealthsimple on facilitating the transfer. We will take it from here.
- Announce your new offering to the company
a. Internal Communications (mandatory)
It’s time to spread the good news! Let employees know they will soon have access to a retirement savings plan by sending out communication on all your most popular channels (email, Slack, company intranet, etc.). Communicating early and often about this benefit will help increase enrollment and help employees feel valued – which can go a long way toward retention!
Note: When transferring retirement plans, this employee communication is not just a great idea – it’s also mandatory.
Use the templates at the end of this article to help you frame your communications.
b. External Communications (optional)
Why not also let customers, candidates and company fans know about your new offering? Communicate not only that you’ve added Wealthsimple Work to your growing list of amazing company perks but also why you’ve added the plan – why taking care of your employees aligns with your overall mission and philosophy. This can help boost your employer brand and attract new talent to apply for your open roles.
We also have these template that can help you frame external communications.
- We handle the transfer – you get started with your new plan
Transfers usually take about 4–6 weeks from the time the termination letter is sent. In the meantime, move on to the next steps below and get your employees started with Wealthsimple. Many of our employers begin making contributions before transfer funds have been deposited, since it’s always best to start saving now versus waiting.
NOTE: The funds are received in cash and reinvested according to which portfolio each employee selects when they set up their Wealthsimple account.
- Sign up for a Wealthsimple Invest login
Navigate to the Wealthsimple Invest desktop platform, then sign up for a new account using your name and work email. You do not need to fill out any personal information. Multiple admins can be added and we can always add or delete admins in the future.
Once this account has been completed, our team will connect your Wealthsimple Invest login with your employer dashboard. You’ll be able to access this dashboard through the top left drop-down menu.
- Add employees to your dashboard (individually or bulk)
You can input employees' information on your employer dashboard through a bulk upload or a manual input of each employees' data. After you input your employee information, you can assign them into a plan (see step X).
Option 1: Bulk upload many employees
a. Go to the tab Employees.
b. Complete the CSV template with your employees' data (name, surname, email, ID, salary, start date). Please make sure to use the format as shown on the template, otherwise your data won't upload to W4W. Save this file on your desktop. Here is the file template.
c. Click on Add many employees.
d. Click on Upload your employees CSV and choose the completed CSV file.
Option 2: Add individual employees
a. Go to the tab Employees.
b. Click on Add a new employee.
c. Fill in the employee's information. Mandatory fields are: name, surname, email, reference ID, salary, start date.
d. Click on Save employee information
Please note that once the employee has started their on-boarding process with Wealthsimple, you will only be able to adjust their salary.
To update any of the other fields, please write to firstname.lastname@example.org.
- Create one or more group plans
a. To create a new group plan, navigate to the Plans section on the top of your employer dashboard. From here you can choose to create either a matching plan or a non-matching plan.
b. Select Create Plan.
c. Choose to fill out either a base contribution, matching contribution, or neither if the employer will not be contributing to this GRSP.
A base contribution is a percentage of salary or dollar amount that the employer contributes regardless of whether the employee contributes anything. Even if your employee contributes zero from their own paycheque, this amount will be contributed from the employer’s account every pay period.
A matching contribution is a percentage of salary or dollar amount that the employer contributes only when the employee contributes the same amount (assuming it is dollar for dollar), up to a maximum.
Leave this section blank if you are offering a non-matching plan.
d. We should also specify that the plan creator only supports 100% matching contributions up to the set cap. We can't support partial contributions yet.
e. When choosing a base contribution or matching contribution, you can toggle between the $ and % depending on your preference for offering either a flat dollar amount or a percentage of the employee’s income.
f. Once you are satisfied with your plan, select Create this plan.
- Assign each employee to a plan
There are 3 different ways you can add employees to a plan.
a. Adding employees individually
Navigate to the Employees tab and click on one employee’s profile. Scroll down to the Account Setting section and you’ll be able to choose the relevant plan for the employee.
b. Adding employees in a batch (all on the same plan)
To quickly assign plans to all employees with the same plan, you’ll navigate to the Employees tab. There is the option to click Select All where it’ll prompt a pop-up bar to assign all 15 employees on that page to the plan
NOTE: If you have more than one page of employees, you’ll need to make sure to click on the other pages to assign the employees to a plan as well
c. Adding employees in a batch (on the same or different plans)
The best way if you have several different plans is to use the employee template file – it’s the same CSV when adding many employees to the admin dashboard. Download the CSV template directly by going into the Employees tab and clicking on Add Many Employees. Download the template and open the CSV file.
Beside each employee name, there will be a column called “contribution plan identifier.” To find the contribution plan identifier number, you’ll go into the Plans section of the admin portal and click on the plan that you want to assign. Within the URL, you can find the contribution plan identifier at the end of the web address.
You can see it here in this sample URL: https://my.wealthsimple.com/app/employers/corporation-dNDDhTSjxxTdNc2jYLgrScYv59A/plans/contribution_plan-gksl1j0wiy7vlq
This will automatically trigger an email from Wealthsimple, inviting that employee to join the Group RRSP.
- Fee reimbursement
Wealthsimple will reimburse transfer fees from your previous providers if:
a.Your employees are charged individually and their account is over $5,000.
b. You as the employer are charged for the collective transfer.
Email your receipt to email@example.com and we’ll make sure the reimbursement is processed as soon as possible.
- Set up a Lunch and Learn
Wealthsimple Work offers two different sessions as Lunch and Learns for your employees. The first session is an introduction to Wealthsimple and a Group RRSP. The second session discusses the “5 Simple Rules of Investing,” and is hosted by one of our portfolio managers. We believe Lunch and Learn sessions are a really great opportunity to drive engagement and excitement. This gives your employees the chance to as questions about Wealthsimple and the account they are contributing to.
To book a Lunch and Learn, please reach out to firstname.lastname@example.org and we will coordinate a time and date that works best for your team.