Your Retirement Savings Plan (“Plan”): Your Actra Fraternal Benefit Society Retirement Savings Plan (RSP) consists of this Memorandum of Agreement and an application for registration once the following conditions have been met:
a) the Application is completed and signed by you the “Annuitant” (the “Planholder”);
b) the completed and signed application is accepted by an authorized officer of Actra Fraternal Benefit Society (“AFBS”), as the issuer; and
c) the application and Memorandum of Agreement are accepted for registration by the taxation authorities under the Income Tax Act (Canada) (the “Tax Act”) and the associated Income Tax Regulations, as amended from time to time, and any applicable provincial income tax legislation (collectively referred to in this material as “the applicable tax legislation”).

As long as this “Plan” remains a Registered Retirement Savings Plan (RRSP), the assets and retirement income under the Plan may not be pledged as collateral, assigned, or otherwise encumbered.

Exclusive Benefit: No benefit, loan, or indebtedness that is conditional in any way on the existence of the Plan or any “advantage,” within the meaning of the Tax Act, may be extended to the Annuitant or to a person with whom the Annuitant does not deal at arm's length.

Amendment: AFBS shall have the right to amend this Plan, subject to the approval of the Executive Council of ACTRA, the Board of Directors of the Writers Guild of Canada (WGC), and the CRA. Any such amendments will be effective upon approval by the CRA. Within sixty (60) days of approval, a copy of any amendments will be mailed to you by ordinary mail at the address shown by you in the application, or at the last address reasonably known to AFBS in connection with this Plan.

Eligibility: Members and employees of ACTRA, WGC, AFBS, such groups as may be designated by AFBS from time to time, and their respective spouses and children are eligible to have an RSP with AFBS. The term “spouse” in the Plan shall include a person recognized as a common-law partner for the purposes of the Tax Act.

Contributions: ACTRA and WGC Members If you are a member of ACTRA or WGC, your engager will remit to AFBS on your behalf and deposit to the credit of your Plan such percentage of your gross earnings as is provided for in the collective agreements negotiated by ACTRA and the WGC in force from time to time. In addition, you may increase the amount of your savings for retirement by making voluntary contributions to your Plan. The total of your annual fixed and voluntary contributions must not exceed the maximum contributions allowed by the applicable tax legislation.

Contributions: ACTRA, WGC and AFBS Employees If you are an employee of ACTRA, WGC, or AFBS, you may be required to contribute a percentage of your annual employment income to your Plan. In addition, you may increase the amount of your savings for retirement by making voluntary contributions to your Plan. The total of your annual required and voluntary contributions must not exceed the maximum contributions allowed by the applicable tax legislation.

Contributions: Spouses and Children If you are a spouse or child of an ACTRA or WGC member, or of an employee of ACTRA, the WGC, or AFBS, any contributions you make to your Plan are fully discretionary, subject to the maximum contribution limits allowed by the applicable tax legislation.
No contributions can be made to your Plan after maturity of your Plan except as permitted under the Tax Act.

Investments: All contributions made to your Plan will be invested (and reinvested periodically), in accordance with your written instructions, in investment funds offered by AFBS from time to time.

Retirement Income at Maturity: Upon the maturity of your Plan, which must be on or before December 31 of the year in which you reach the age of 71, or such other year as specified under the applicable tax legislation from time to time (the “Conversion Year”), you must receive either a lump sum amount or a “retirement income” as defined in subsection 146(1) of the Tax Act. A retirement income in the form of an annuity must provide for equal annual or more frequent periodic payments until such time as there is a payment in full or partial commutation of that annuity and where such commutation is partial, equal annual or more frequent periodic payments thereafter. Where the funds in your Plan are insufficient to purchase an annuity with minimum monthly payments of at least twenty-five dollars ($25), a lump sum payment will be made to you. If you are the beneficiary of another registered retirement savings plan, you may combine any entitlement under this Plan with such other plan to purchase a larger annuity or convert to a retirement income fund (RIF).

In the event of your death, the commuted value of any remaining payments payable under the annuity may be payable to your designated beneficiary or to your estate. At any time that you are a Planholder, but no later than September 30 of the Conversion Year, you may instruct AFBS in writing to use the proceeds of your Plan to provide you with a retirement income.

AFBS may take up to one hundred (100) days to comply with these instructions, provided that it does so before the end of the Conversion Year.

If AFBS has not received instructions from you by September 30 of the Conversion Year, AFBS shall have the right to convert your Plan to a RIF or to de-register the Plan before December 31 of the Conversion Year and refund the total value, less applicable taxes, to you.

The aggregate annual annuity payments payable after your death to a surviving spouse may not exceed the aggregate of the annual annuity payments made in a year before your death.

Designation of Beneficiary upon Your Death Prior to Maturity of the Plan: If you wish (and the law in your province permits), you may designate one or more beneficiaries to receive the proceeds of your Plan in the event of your death prior to its maturity. If no such beneficiary is designated, or if he/she predeceases you, the proceeds of the Plan will be paid directly to your estate.

A designation of beneficiary for the purpose of this Plan may only be made, changed, or revoked if it is in the form of a written document (including a will or codicil whether or not it is a valid will or codicil) in a form acceptable to AFBS, which adequately identifies this Plan and which is signed by you before a competent witness. This document must be delivered to AFBS within a reasonable period of time before AFBS makes any payment out of the proceeds of your Plan following your death. If AFBS is provided with more than one such document before payment is made, it will make payment only in accordance with the most recently dated document, even though it may be invalid as a will or codicil.

Death Prior to Maturity of Plan: Upon receiving notification of your death prior to the maturity of this Plan, and when AFBS receives such documentation respecting your death as AFBS may reasonably require, AFBS will deduct any fees to which it is entitled together with any taxes it is required to withhold, and deliver the remaining net assets in a lump sum to the beneficiary designated as outlined above, or to your estate in the absence of such designation or where all beneficiaries so designated predecease you.

Withdrawals: Contributions made to your Plan may be withdrawn prior to the maturity of your Plan. All withdrawals are subject to the applicable tax legislation and require thirty (30) days written notice to AFBS. Any withdrawal is subject to the terms and conditions of the investments in the Plan and is subject to any withholding tax as prescribed in the applicable tax legislation and any fees charged by AFBS.

Payments may also be made from your Plan to reduce the amount of tax otherwise payable by you under Part X.1 of the Tax Act.

Statements: AFBS will send you an annual statement of account for your Plan to the last address reasonably known to AFBS in connection with the Plan.

Limit of Liability: AFBS shall not be liable in for any loss or damage suffered or incurred by your Plan, you, or by any beneficiary designated by you unless caused by, or resulting from, AFBS' dishonesty, gross negligence, willful misconduct, or lack of good faith.

Privacy: Protecting your confidentiality is of the utmost importance to AFBS. AFBS collects personal information about you, as required, in order to accurately manage and administer your account. Any personal information held by AFBS is only available to you or your representative, as authorized by you in writing. Unless a longer time frame is specified in your authorization, it is valid for one year only.

If you have any questions or issues about privacy and confidentiality of your personal information, please let AFBS know. AFBS is committed to treating your confidential information with the greatest respect and consideration, and providing the highest possible level of service. AFBS staff will resolve any privacy issues with you as quickly as possible. If there is a privacy or confidentiality issue that is not resolved to your satisfaction, please provide a written outline to the Privacy Officer at AFBS.

Administration and Fees: AFBS shall decide all matters respecting the administration and interpretation of the Plan. AFBS reserves the right to charge administration fees, which are subject to change at any time. Any proposed changes in the fee schedule will be mailed to you by ordinary mail at the address shown by you in the Application, or at the last address reasonably known to AFBS in connection with this Plan not less than thirty (30) days prior to the effective date of such changes.

Miscellaneous: This Memorandum of Agreement shall be binding upon you, your heirs, and legal personal representatives and upon AFBS, its successors, and assigns. It shall be construed, administered, and enforced in accordance with the laws of the Province of Ontario.

Failure by AFBS to exercise any of its rights under this Memorandum of Agreement in any one or more instances shall not be deemed a waiver by AFBS of such rights at any time.