A Summary of SB Partners Employee Benefits

The benefit period runs from January 1st to December 31st of each year. The group benefits booklet is available electronically through your group member online services account. We encourage you to read the group benefits booklet (found on the Collage homepage) thoroughly, so you understand what is and is not covered under the plan. Should you have specific questions about coverage or claims, please contact Empire Life directly using one of the methods below.

Website: http://www.empire.ca
Phone number: 1-800-267-0215
E-mail: group.csu@empire.ca

Changes to benefit plans and/or coverage may occur at any time. Team members will be notified if/when amendments are made. Participation in our group benefits plan is mandatory. Team members who are covered for Extended Health and Dental Benefits by a spouse’s plan are eligible to opt out of those benefits but, must be enrolled for the remaining benefits available under the firm’s group insurance plan. Exceptions may apply while a team member is on an approved leave.

The group benefit enrollment form must be completed within 31 days of your start date with the firm, otherwise you may be required to provide evidence of insurability to Empire Life and benefits may be refused or limited coverage offered. Should a life event (i.e., birth, adoption, marriage, divorce etc.) result in a change of dependents on your group benefit plan, you must complete the necessary form within 31 days, otherwise coverage may be denied, or you may be required to provide evidence of insurability.

The premium costs of the plans are shared by the team member and SB Partners as follows:

• 80% paid by SB Partners
• 20% paid by the team member. The monthly premium is divided equally over two pay periods per month. Team members pay 100% of the LTD premium.

The EAP is a third-party confidential service provided through Workplace Options. The service is available for all SB team members and their immediate family members. The EAP provides personal, family, workplace and legal/financial support. Please see contact information below.

Freephone: 1 -877-847-4525
E-mail: support@worldwideassist.co.uk
Website: http://wpoglobal.powerflexweb.com, company code: SBP

The principal sum insured is $10,000, premiums for which are paid 100% by SB Partners. Allstate also offers the opportunity to purchase additional critical illness insurance, which is paid by the team member. You can register for your account using this website: https://mybenefits.allstatevoluntary.ca/

The firm self-insures in the event a team member is off on short-term disability.

• The firm will pay 95% of the team member’s salary for the first week of STD. This payment will be made on the next regularly scheduled payroll date following the team member providing proof of confirmation that their Employment Insurance (EI) claim for sickness benefits has been approved.
• For the remaining STD period, the firm will top-up the EI benefit such that the team member will receive a combined amount equal to 50% of the team member’s normal weekly gross salary. This will be paid on the regularly scheduled payroll dates. In order for the firm to pay the remaining 16-week top-up, the team member must provide confirmation showing their EI claim for sickness benefits has been approved and the approved weekly benefit rate.
• Eligible team members will be able to apply for long term disability (LTD) after 17 consecutive weeks of STD leave.

Our wellness program is provided by Advica Health and Maple, Canada’s leading virtual care provider. Through Advica, you and your eligible dependents can access the Maple app, to connect with Canadian – licensed general practitioners from the comfort of your home.

Other services offered are virtual navigation and medical concierge to support ongoing complex health needs or setup appointments, expert medical opinion for obtaining a virtual second opinion and mental health navigation to connect virtually with a mental health expert.

Although this service is paid for 100% by the firm, all interactions are confidential. For questions or to use Advica services, please contact: navigation@advicahealth.com

Maximum $500 per year, per SB team member (not available to family members). If not used in one year, it cannot be carried forward to the next. Items eligible for reimbursement are as per the examples below:

Exclusions include but are not limited to:

• Physical fitness or athletic clothing, accessories, and shoes
• Fitness watches and trackers
• Martial arts supplies and equipment which are considered weapons or combative devices, such as knives, swords, nun chucks, batons
• Service, maintenance agreements or repair costs for equipment. Examples include bike repairs, tennis racket re-stringing, golf club shaft repairs etc.
• Any expenditures related to motorized vehicles or equipment (i.e., golf carts, boats)
• Cost of rental fees or expenses associated with storing or maintaining physical fitness equipment used to participate in a fitness activity

Process for reimbursement:

• Eligible reimbursable expenses will be reimbursed three times a year on pay cheques as follows – April 30th, August 31st, and December 31st – based on receipts submitted. Receipts must be submitted by the 15th prior to the payment date i.e., April 15th for payment April 30th.
• Please send eligible reimbursable expense receipts to fitness@sbpartners.ca and include a brief description of the expense as it pertains to the reimbursable expense policy if it is not evident within the receipt itself. In addition, include receipt as a PDF attachment in the email and if multiple receipts, please sum the total (i.e. use a calculator tape).
• Entitlement will be prorated based on a team member’s start date. Should a team member leave the firm, the team member will be required to reimburse the firm a prorated amount as determined. Any amount required to be reimbursed by the team member will be deducted from the team member’s final pay.
• Co-op students are also eligible to participate in the Let’s Get Moving Fitness Benefit during the months of their co-op program. The maximum reimbursable amount will be prorated based on the duration of their placement and reimbursements will be made on their last pay cheque after successful completion of their placement.
• These eligible reimbursed expenses are taxable benefits, therefore amounts reimbursed to you will have the appropriate deductions taken and will appear on your T4 for the year.
• Receipts submitted that do not fall within the above noted guidelines will not be reimbursed. If you have any doubts prior to incurring an expense and submitting it, please speak with the Director, HR.

Plan Overview

SB Partners encourages all team members to prepare for their long-term financial wellness. To help you save for retirement, we have established a Group Retirement & Savings plan through the RBC Group Advantage program.

We are offering team members the option to enroll in a Group Retirement Savings Plan (GRSP) and/or a Group Tax-Free Savings Account (GTFSA) through the RBC.

To be eligible to enroll in SB Partners GRSP or GTFSA matching program you must be a permanent full-time employee and have completed your probationary period. Upon completion of your probationary period, you will receive a communication from RBC with details of your enrolment. Once you have completed the enrolment process you will be eligible to participate in the program.

Contribution Limits

The firm will match 100% of your GRSP or GTFSA contributions up to 2% of base salary per pay. The total maximum matching contribution by the firm is 2% of your annual base salary; excluding bonuses, commissions and overtime. Employee contributions are required in order to be eligible for firm matching.

Plan Fees

The investment funds that constitute your investment options are no-load funds, which means that you don’t pay a commission when you buy or sell units of such funds. Management fees and administrative expenses are charged directly to the investment funds. Please refer to the prospectus for the investment funds for more detailed information.

A transfer out fee is charged for each transfer from a financial institution that is not Royal Bank of Canada or any of its affiliates.

Legislated Leaves of Absence

During any statutory leave of absence from work granted in accordance with the applicable employment standards legislation, team members can choose to continue to participate in their GRSP/GTFSA or cease contributions until they have returned to work. To continue receiving matching contributions from the firm the employee must allow the firm to withdraw funds from their personal account throughout their legislated leave of absence. HR will reach out ahead of leaves of absence to discuss in more detail and obtain the employees decision in writing.

Cessation of Employment

In the event you cease to be an employee of SB Partners (regardless of the reason):

• Your GRSP will be converted into an individual Registered Retirement Savings Plan (RRSP) with no transfer of assets or redemption of funds required. Matching by the firm will cease on the later of: the date you cease to perform services for SB Partners; or the last day of any statutory notice period you may be entitled to as required by the applicable employment standards legislation.  SB Partners will pro-rate up to the last day of entitlement.
• Your GTFSA will be converted to an individual Tax-Free Savings Account (TFSA) with no transfer of assets or redemption of funds required. Matching by the firm will cease on the later of: the date you cease to perform services for SB Partners; or the last day of any statutory notice period you may be entitled to as required by the applicable employment standards legislation. SB Partners will pro-rate up to the last day of entitlement.

Retirement

As you approach retirement, you will have the opportunity to meet with an RBC Advisor to help you evaluate the various options available to generate the most tax-efficient plan that is in line with your situation today and your personal plans for the future.

Participation

Participation in this program is optional; you will be contacted by an RBC Advisor near your probation date. They will document if you want to participate, the type of plan you would like to participate in, your contribution amount and how you would like to invest.

Further to the overview above, additional details regarding the GRSP and GTFSA program are below. Please ensure you take time to read the full details of each option.

Group Retirement Savings Plan (GRSP)
Plan #31547

Your GRSP allows you to contribute directly from your pay, using pre-tax, deductions dollars, which makes saving for retirement convenient.

Eligibility

To be eligible to enroll in SB Partners matching GRSP or GTFSA you must be a permanent full-time employee and have completed your probationary period. Upon completion of your probationary period, you will receive a communication from HR with details of enrolment. Once you have completed the enrolment process you will be eligible to participate in the program.

Contributions

The firm will match 100% of your GRSP or GTFSA contribution of up to 2% of base salary per pay. The total maximum matching contribution by the firm is 2% of your annual base salary; excluding bonuses, commissions and overtime. Employee contributions are required in order to be eligible for firm matching.

Contribution Limits

For any tax year, contributions to all of your RRSPs, including the RRSP issued as part of the GRSP, are limited to the lesser of:

1. 18% of your previous year’s earned income, as defined under the Income Tax Act (Canada), and
2. the RRSP dollar limit under the Income Tax Act (Canada) for the year the contributions are made,

reduced by the value of any benefits earned in the previous year under all registered pension plans and deferred profit sharing plans, and reported as a “pension adjustment” or “PA” and reported on your T4 slip. The PA reduces your RRSP contribution room. Unused RRSP contribution room is carried forward. It is your responsibility to ensure that no more than the maximum allowable contribution is made to your RRSP.

There are annual contribution limits for RRSP; you have one limit that applies to all RRSPs in your name. Unused contribution room from previous years can be carried forward indefinitely and any employer contributions count towards your limit. You can view your individual available contribution room by signing in to CRA’s MyAccount. To find out the exact amount that can be contributed to your RRSP, refer to your most recent Notice of Assessment you receive from the Canada Revenue Agency.

Spousal Plans

The GRSP allows spousal RRSPs. Where an RRSP is a spousal RRSP, the spousal RRSP is opened by, and belongs to, your spouse and you contribute to it. Such contributions count towards your maximum contribution limit. Please note that there are attribution rules under the Income Tax Act (Canada) which may attribute to you, rather than to your spouse, the taxable income generated by withdrawals from a spousal RRSP within three years following the contribution to the spousal RRSP.

Withdrawals

Withdrawals are allowed for the Home Buyer’s Plan and Lifelong Learning Plan.

Tax Considerations

Receipts for RRSP contributions made from March to December are provided in late January and receipts for RRSP contributions made in the first 60 days of the year are provided in mid-March. Your receipt will include all contributions made to your RRSP and any spousal RRSP. If you do not receive a contribution receipt or require a duplicate, please contact Royal Bank at 1-888-769-2566 or visit an RBC Royal Bank branch.

Amounts withdrawn from your RRSP are subject to the applicable withholding taxes. Any withdrawals for the year are reported on a T4RSP slip and provided to you by the end of the February of the year following the year of withdrawal. RRSP over contributions are subject to a penalty of 1% per month.

GRSP Investment Options

Your employer has made it possible for you to access your investment options through one or more of the following RBC channels:

• RBC Royal Bank, RBC Dominion Securities or RBC Direct Investing

An RBC advisor can meet with you one-on-one to provide advice tailored to your needs and help you build a well-diversified portfolio; 8am-8pm, Monday to Friday EST@ 1-888-769-2566.

Group Tax-Free Savings Account (GTFSA)
Plan #31548

Your GTFSA allows you to contribute directly from your pay, which makes saving convenient. While contributions are after-tax dollars, returns on investments are tax-free, even at withdrawal.

Eligibility

To be eligible to enroll in SB Partners matching GRSP or GTFSA you must be a permanent full-time employee and have completed your probationary period. Upon completion of your probationary period, you will receive a communication from HR with details of enrolment. Once you have completed the enrolment process you will be eligible to participate in the program.

Contributions

The firm will match 100% of your GRSP or GTFSA contribution of up to 2% of base salary per pay. The total maximum matching contribution by the firm is 2% of your annual base salary; excluding bonuses, commissions and overtime. Employee contributions are required in order to be eligible for firm matching.

Contribution Limits

There are annual contribution limits for TFSAs; you have one limit that applies to all TFSAs in your name. Unused contribution room from previous years can be carried forward indefinitely and any employer contributions count towards your limit. You can view your individual available contribution room by signing in to CRA’s MyAccount.

Tax Considerations

There is no tax deduction for contributing to a GTFSA. However, the returns your investments generate (interest, dividends or capital gains) are not taxable (except for any foreign tax on foreign investments). In addition, your withdrawals are tax-free. It is your responsibility to ensure you are not exceeding your TFSA contribution limit. Both employer and employee contributions count towards your limit. If you over contribute to your GTFSA, a penalty of 1% per month will be assessed by Canada Revenue Agency (CRA) on your excess contribution.

GTFSA Investment Options

Visit the RBC Investments (https://www.rbcroyalbank.com/investments/index.html) site to learn more about the different types of investment options available. An RBC advisor can meet with you one-on-one to provide advice tailored to your needs and help you build a well-diversified portfolio. You can also locate an advisor by visiting Maps (https://maps.rbcroyalbank.com/). On the phone, a Group Advantage advisor will be pleased to assist you 8am-8pm, Monday to Friday EST@ 1-888-769-2566.

Plan Fees

The investment funds that constitute your investment options are no-load funds, which means that you don’t pay a commission when you buy or sell units of such funds.

Management fees and administrative expenses are charged directly to the investment funds. Please refer to the prospectus for the investment funds for more detailed information. Updated copies may be obtained from any RBC Royal Bank® branch.

A transfer out fee is charged for each transfer from a financial institution that is not Royal Bank of Canada or any of its affiliates.

Other Details:

Administration

In its capacity as Trustee, The Royal Trust Company is responsible for ensuring that the Plan is administered in accordance with the Income Tax Act (Canada).

Termination

In the event employment is terminated:

• Your GRSP will be converted into an individual Registered Retirement Savings Plan (RRSP) with no transfer of assets or redemption of funds required. Matching by the firm will cease on the later of: the date you cease to perform services for SB Partners; or the last day of any statutory notice period you may be entitled to as required by the applicable employment standards legislation. SB Partners will pro-rate up to the last day of entitlement.
• Your GTFSA will be converted to an individual Tax-Free Savings Account (TFSA) with no transfer of assets or redemption of funds required. Matching by the firm will cease on the later of: the date you cease to perform services for SB Partners; or the last day of any statutory notice period you may be entitled to as required by the applicable employment standards legislation. SB Partners will pro-rate up to the last day of entitlement.

Amendments

SB Partners intends to continue the Plan indefinitely, but reserves the right to amend the Plan at any time with the concurrence of the Trustee.

Your Advice Team

For additional information in regards to your plan visit www.rbcroyalbank.com or call our dedicated Member line at 1-888-769-2566. Your Dedicated Group Financial Advisor – Stephanie Shipley- stephanie.shipley@rbc.com

Unenrollment

If you decide you would like to cease participating in the matching program (keeping in mind employee contributions are required to be eligible for firm matching), please reach out to HR and your RBC Advisor. Unenrollment must be submitted 14 days prior to the next pay period to take effect for the upcoming pay period.