Financial & Retirement Planning
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Financial Wellness Services
All Team Members have access to a number of FREE financial wellness services from Mercer in the areas of:
- Budgeting
- Saving
- Retirement Planning
- One-on-One Credit Counseling
Visit the link below to access the Mercer Financial Wellness Hub, and take advantage of these resources and more!
You will need to log in using the following credentials:
- Username: Michaels
- Password: Wellne$$1
Retirement Savings Program
Michaels is here to help you create your retirement nest egg. The Michaels group retirement savings program offers two plans to help you save, administered by Manulife Financial: the Registered Retirement Savings Plan (RRSP) and the Deferred Profit Sharing Plan (DPSP).
- Team Members may enrol in the RRSP at any time.
- Michaels matches 100% on the first 3% of pay you contribute to the RRSP, plus 50% on the next 2% you contribute.
- Save at least 5% to receive the maximum matching contribution from Michaels.
- The money from Michaels in your DPSP is immediately vested.
- You receive 100% of DPSP contributions if you leave Michaels or retire.
Plan Options
| Registered Retirement Savings Plan (RRSP) | Deferred Profit Sharing Plan (DPSP) | |
|---|---|---|
| Information |
|
|
| Policy Number | 20001861 | 30001861 |
| Access Code | GRWStQ6e | GRWStQ6e |
Password: Michaels2022
Eligibility for Matching Contributions
- Full-time Team Members are eligible for matching contributions after three (3) months of continuous employment.
- Part-time Team Members are eligible for matching contributions after six (6) months of continuous employment.
Important Note
The Canada Revenue Agency (CRA) will send you a “Notice of Assessment” informing you of your RRSP maximum contribution limit for the current year. It is your responsibility to ensure you do not make contributions in excess of the maximum amount.