{"id":8588,"date":"2023-08-15T07:05:27","date_gmt":"2023-08-15T07:05:27","guid":{"rendered":"https:\/\/elcicgsi.ca\/?p=8588"},"modified":"2024-10-17T18:40:38","modified_gmt":"2024-10-17T18:40:38","slug":"august-2023-pension-newsletter","status":"publish","type":"post","link":"https:\/\/dev.elcicgsi.ca\/?p=8588","title":{"rendered":"August 2023 Pension"},"content":{"rendered":"[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; bottom_padding=&#8221;0&#8243; bottom_margin=&#8221;0&#8243; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column bottom_padding_desktop=&#8221;0&#8243; bottom_margin=&#8221;0&#8243; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221; column_padding_type=&#8221;advanced&#8221; gradient_type=&#8221;default&#8221;][image_with_animation image_url=&#8221;8630&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; animation_easing=&#8221;default&#8221; animation_movement_type=&#8221;transform_y&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;&#8221; border_radius=&#8221;none&#8221; box_shadow=&#8221;none&#8221; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; top_padding=&#8221;0&#8243; bottom_padding=&#8221;0&#8243; top_margin=&#8221;0&#8243; bottom_margin=&#8221;0&#8243; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column top_padding_desktop=&#8221;5&#8243; bottom_padding_desktop=&#8221;0&#8243; top_margin=&#8221;0&#8243; bottom_margin=&#8221;0&#8243; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; el_class=&#8221;enews&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221; column_padding_type=&#8221;advanced&#8221; gradient_type=&#8221;default&#8221;][vc_custom_heading text=&#8221;In this Issue&#8221; font_container=&#8221;tag:h3|text_align:left&#8221; google_fonts=&#8221;font_family:Domine%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal&#8221;]<div class=\"nectar-fancy-ul\" data-list-icon=\"icon-salient-check\" data-animation=\"false\" data-animation-delay=\"0\" data-color=\"accent-color\" data-spacing=\"default\" data-alignment=\"left\"> \n<ul>\n<li><span style=\"color: #005c84;\"><a style=\"color: #005c84;\" href=\"#statement\">Reminder to Review Your Pension Statement<\/a><\/span><\/li>\n<li><a href=\"#planning\"><span style=\"color: #005c84;\">Can I Contribute to Pension AND Cover Living Expenses?<\/span><\/a><\/li>\n<li><span style=\"color: #005c84;\"><a style=\"color: #005c84;\" href=\"#result\">Investment Results Jan 1 &#8211; Jun 30, 2023<\/a><\/span><\/li>\n<\/ul>\n <\/div>[\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; bg_color=&#8221;rgba(113,199,216,0.24)&#8221; scene_position=&#8221;center&#8221; top_padding=&#8221;0&#8243; bottom_padding=&#8221;0&#8243; left_padding_desktop=&#8221;0&#8243; right_padding_desktop=&#8221;0&#8243; top_padding_tablet=&#8221;5&#8243; bottom_padding_tablet=&#8221;5&#8243; left_padding_tablet=&#8221;5&#8243; right_padding_tablet=&#8221;5&#8243; top_padding_phone=&#8221;5&#8243; bottom_padding_phone=&#8221;5&#8243; left_padding_phone=&#8221;5&#8243; right_padding_phone=&#8221;5&#8243; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;20px&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;statement&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; left_margin=&#8221;0&#8243; left_margin_tablet=&#8221;5&#8243; left_margin_phone=&#8221;5&#8243; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221; column_padding_type=&#8221;default&#8221; gradient_type=&#8221;default&#8221;][image_with_animation image_url=&#8221;8620&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; animation_easing=&#8221;default&#8221; animation_movement_type=&#8221;transform_y&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;center&#8221; border_radius=&#8221;custom&#8221; box_shadow=&#8221;none&#8221; top_left_border_radius=&#8221;20&#8243; top_right_border_radius=&#8221;20&#8243; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221; el_class=&#8221;enews-banner&#8221;][\/vc_column][vc_column column_padding=&#8221;padding-3-percent&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;left-right&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221; column_padding_type=&#8221;default&#8221; gradient_type=&#8221;default&#8221;][vc_custom_heading text=&#8221;Check Your Statement!&#8221; font_container=&#8221;tag:h2|text_align:center&#8221; google_fonts=&#8221;font_family:Domine%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal&#8221;][vc_custom_heading text=&#8221;Pension Plan statements were sent on July 27, 2023.&#8221; font_container=&#8221;tag:p|font_size:16px|text_align:left|color:%23003366|line_height:1.5&#8243; google_fonts=&#8221;font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:400%20regular%3A400%3Anormal&#8221;][vc_custom_heading text=&#8221;Please review yours carefully to ensure that:&#8221; font_container=&#8221;tag:p|font_size:16px|text_align:left|color:%23003366|line_height:1.5&#8243; google_fonts=&#8221;font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:400%20regular%3A400%3Anormal&#8221; css=&#8221;.vc_custom_1691739953883{padding-left: 0px !important;}&#8221;][vc_column_text css=&#8221;.vc_custom_1691739927244{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-bottom: 0px !important;padding-left: 20px !important;}&#8221;]\n<ul>\n<li style=\"text-align: left;\"><span class=\"TextRun SCXW37942885 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW37942885 BCX8\">your personal information is correct<\/span><\/span><\/li>\n<li style=\"text-align: left;\"><span class=\"TextRun SCXW37942885 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW37942885 BCX8\">your beneficiaries are up to date<\/span><\/span><\/li>\n<li style=\"text-align: left;\"><span class=\"TextRun SCXW37942885 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW37942885 BCX8\">all of your pension contributions are recorded on the statement. <\/span><\/span><\/li>\n<\/ul>\n[\/vc_column_text][vc_custom_heading text=&#8221;If there are any changes or corrections needed, please contact the GSI office.&#8221; font_container=&#8221;tag:p|font_size:16px|text_align:left|color:%23003366|line_height:1.5&#8243; google_fonts=&#8221;font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:400%20regular%3A400%3Anormal&#8221; css=&#8221;.vc_custom_1691739786781{padding-top: 10px !important;}&#8221;][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; top_padding=&#8221;0&#8243; top_margin=&#8221;0&#8243; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;planning&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8647&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; animation_easing=&#8221;default&#8221; animation_movement_type=&#8221;transform_y&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;center&#8221; border_radius=&#8221;custom&#8221; box_shadow=&#8221;none&#8221; top_left_border_radius=&#8221;20&#8243; top_right_border_radius=&#8221;20&#8243; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221; el_class=&#8221;enews-banner&#8221;][vc_custom_heading text=&#8221;Contribute to Pension AND Cover Living Expenses?&#8221; font_container=&#8221;tag:h2|text_align:center&#8221; google_fonts=&#8221;font_family:Domine%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal&#8221;][vc_column_text css=&#8221;.vc_custom_1691868445306{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-bottom: 0px !important;}&#8221; el_class=&#8221;byline&#8221;]<em>from the desk of Lisa Thiessen, GSI Executive Director<\/em>[\/vc_column_text][vc_column_text css=&#8221;.vc_custom_1692288600462{margin-top: 0px !important;border-top-width: 0px !important;padding-top: 0px !important;border-radius: 1px !important;}&#8221; el_class=&#8221;enews&#8221;]<span class=\"TextRun SCXW267403356 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW267403356 BCX8\" data-ccp-parastyle=\"No Spacing\">My daughter is just graduating with her Masters Degree and has r<a href=\"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2023\/08\/Lisa-Alexa.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-8820 alignright\" src=\"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2023\/08\/Lisa-Alexa-300x193.jpg\" alt=\"\" width=\"300\" height=\"193\" srcset=\"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2023\/08\/Lisa-Alexa-300x193.jpg 300w, https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2023\/08\/Lisa-Alexa.jpg 500w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>eceived an offer of employment in her chosen field. Finally, <strong>good-bye to retail<\/strong> and office temping, hello to an \u2018adult\u2019 job. <\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW267403356 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW267403356 BCX8\" data-ccp-parastyle=\"No Spacing\">The offer has a competitive salary and benefits, but wait \u2013 <strong>no pension plan<\/strong>? <\/span><span class=\"NormalTextRun SCXW267403356 BCX8\" data-ccp-parastyle=\"No Spacing\">Apparently, so \u2026 s<\/span><span class=\"NormalTextRun SCXW267403356 BCX8\" data-ccp-parastyle=\"No Spacing\">he will be working for a small firm that <\/span><span class=\"NormalTextRun SCXW267403356 BCX8\" data-ccp-parastyle=\"No Spacing\">doesn\u2019t offer a company pension plan. This is a common situation: Stats Canada reports that in 2021, <strong>only 38% of all paid workers were covered by a Registered Pension Plan<\/strong>. This is down from 39.7% in 2020. <\/span><\/span><span class=\"EOP SCXW267403356 BCX8\" data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span>[\/vc_column_text][vc_custom_heading text=&#8221;Why Wouldn&#8217;t Employers Offer a Pension?&#8221; font_container=&#8221;tag:h3|text_align:left|color:%23005c84&#8243; google_fonts=&#8221;font_family:Domine%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal&#8221; el_class=&#8221;enews-h3&#8243; css=&#8221;.vc_custom_1691866479120{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-top: 00px !important;padding-bottom: 0px !important;}&#8221;][vc_column_text el_class=&#8221;enews&#8221;]Those of us who work in the ELCIC are fortunate because unless we work very part-time, employers are required to provide us with pension and benefits.<\/p>\n<p>The main reason other employers may choose not to offer them is <strong>money<\/strong>. Adding an extra 5 &#8211; 9% to employees&#8217; salaries is a significant cost. Additionally, <strong>managing a pension plan is complicated,<\/strong> and many employers decide not to bother.[\/vc_column_text][vc_custom_heading text=&#8221;Why Is Pension Important?&#8221; font_container=&#8221;tag:h3|text_align:left|color:%23005c84&#8243; google_fonts=&#8221;font_family:Domine%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal&#8221; el_class=&#8221;enews-h3&#8243; css=&#8221;.vc_custom_1691866439771{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-top: 10px !important;padding-bottom: 0px !important;}&#8221;][vc_column_text el_class=&#8221;enews&#8221;]<strong>Retirement is expensive.<\/strong> Many of us will live for decades after we leave our salaried career. Even if we have paid off our mortgage and remain in <strong>good enough physical and mental health to stay in our own home<\/strong> \u2014 which is not guaranteed \u2014 we will need to cover our living expenses.<\/p>\n<p><a href=\"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2023\/08\/mountain.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"enews-banner alignright wp-image-8655 size-medium\" src=\"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2023\/08\/mountain-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2023\/08\/mountain-300x200.jpg 300w, https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2023\/08\/mountain.jpg 500w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Often retirees want to <strong>travel<\/strong>. <strong>Medical expenses<\/strong> not covered by insurance can be quite costly for seniors. We may wish to continue our <strong>charitable giving<\/strong> so that the organisations we value (e.g., our faith community) are able to continue their work. Gifts for and <strong>activities with grandchildren and other loved ones<\/strong> can also be very enjoyable but expensive.<\/p>\n<p>Relying on CPP and OAS payments simply will <strong>not provide the lifestyle<\/strong> that most of us will want in our senior years.[\/vc_column_text][vc_custom_heading text=&#8221;What Can Be Done Without Employer-Sponsored Pension?&#8221; font_container=&#8221;tag:h3|text_align:left|color:%23005c84&#8243; google_fonts=&#8221;font_family:Domine%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal&#8221; el_class=&#8221;enews-h3&#8243; css=&#8221;.vc_custom_1691864918850{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-top: 00px !important;padding-bottom: 0px !important;}&#8221;][vc_column_text el_class=&#8221;enews&#8221;]<span class=\"TextRun SCXW164694547 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW164694547 BCX8\" data-ccp-parastyle=\"No Spacing\">After years of hearing me talk about them at our dinner table discussion, my daughter realizes that <strong>she needs a pension plan.<\/strong><\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW164694547 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW164694547 BCX8\" data-ccp-parastyle=\"No Spacing\">Pension plans, like the one GSI sponsors, offer a <strong>disciplined way to save<\/strong> for the time when one&#8217;s career \u2014 or at least the paying part of it! \u2014eventually ends. But i<\/span><\/span><span class=\"TextRun SCXW164694547 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW164694547 BCX8\" data-ccp-parastyle=\"No Spacing\">t can be very hard to look ahead that far when you are in your 20\u2019s and 30\u2019s and maybe even your 40\u2019s. <\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW164694547 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW164694547 BCX8\" data-ccp-parastyle=\"No Spacing\">I am encouraging my daughter to <strong>make her own pension plan<\/strong> under an RRSP and start to save. <\/span><span class=\"NormalTextRun SCXW164694547 BCX8\" data-ccp-parastyle=\"No Spacing\">This suggestion was met with a heavy sigh as she tries to balance student loan repayments, car payments, a professional wardrobe, saving for a down payment or even just a couple of months rent. Where will this extra RRSP money come from?<\/span><\/span><span class=\"EOP SCXW164694547 BCX8\" data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span>[\/vc_column_text][vc_custom_heading text=&#8221;How You Can Strengthen Your Own Pension&#8221; font_container=&#8221;tag:h3|text_align:left|color:%23005c84&#8243; google_fonts=&#8221;font_family:Domine%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal&#8221; el_class=&#8221;enews-h3&#8243; css=&#8221;.vc_custom_1691867250922{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-top: 00px !important;padding-bottom: 0px !important;}&#8221;][vc_column_text el_class=&#8221;enews&#8221;]<span class=\"TextRun SCXW52081035 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW52081035 BCX8\" data-ccp-parastyle=\"No Spacing\">Some financial advisors use the phrase, \u201c<strong>pay yourself first.<\/strong>\u201d This does not mean <a href=\"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2023\/08\/piggybank.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"enews-banner alignleft wp-image-8656 size-medium\" src=\"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2023\/08\/piggybank-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2023\/08\/piggybank-300x200.jpg 300w, https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2023\/08\/piggybank.jpg 500w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>that the first thing you should do on payday is go out for an expensive dinner. Rather, it means that you should <strong>decide how much of your paycheque<\/strong> you will put into a saving account (in this case, RRSPs), and make sure that &#8220;bill&#8221; is paid <strong>before any others<\/strong>.<\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW121077505 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW121077505 BCX8\" data-ccp-parastyle=\"No Spacing\">I\u2019ve suggested to my daughter that she consider a<strong> small automatic transfer<\/strong> to an RRSP or TFSA from each paycheque. Even small regular contributions now can make a <strong>tremendous difference<\/strong> to the amount of funds a person will have available in the future.<\/span><\/span><\/p>\n<p><span class=\"TextRun SCXW121077505 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW121077505 BCX8\" data-ccp-parastyle=\"No Spacing\">I would encourage ELCIC Pension Plan<\/span><span class=\"NormalTextRun SCXW121077505 BCX8\" data-ccp-parastyle=\"No Spacing\"> members<\/span><span class=\"NormalTextRun SCXW121077505 BCX8\" data-ccp-parastyle=\"No Spacing\"> to consider doing this too. Make up to a <strong>3% voluntary contribution<\/strong> to the Plan or to your own RRSP or TFSA. Pay yourself first and <\/span><span class=\"NormalTextRun SCXW121077505 BCX8\" data-ccp-parastyle=\"No Spacing\">take a moment to dream about your retirement, even if it is a long way away.<\/span><\/span><span class=\"EOP SCXW121077505 BCX8\" data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p>The <strong>GSI office is happy to help<\/strong> you set up voluntary contributions and to answer other questions you may have about your pension plan.[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; bottom_padding=&#8221;0&#8243; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; id=&#8221;result&#8221; 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top_left_border_radius=&#8221;20&#8243; top_right_border_radius=&#8221;20&#8243; bottom_right_border_radius=&#8221;20&#8243; bottom_left_border_radius=&#8221;20&#8243; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221; column_padding_type=&#8221;default&#8221; gradient_type=&#8221;default&#8221;][image_with_animation image_url=&#8221;8619&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;Fade In&#8221; animation_easing=&#8221;default&#8221; animation_movement_type=&#8221;transform_y&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;center&#8221; border_radius=&#8221;custom&#8221; box_shadow=&#8221;none&#8221; top_left_border_radius=&#8221;10&#8243; top_right_border_radius=&#8221;20&#8243; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221; el_class=&#8221;enews-banner&#8221;][vc_row_inner column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; text_align=&#8221;left&#8221; row_position=&#8221;default&#8221; row_position_tablet=&#8221;inherit&#8221; row_position_phone=&#8221;inherit&#8221; overflow=&#8221;visible&#8221; pointer_events=&#8221;all&#8221;][vc_column_inner column_padding=&#8221;padding-2-percent&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;left-right&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; overflow=&#8221;visible&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221; column_padding_type=&#8221;default&#8221; gradient_type=&#8221;default&#8221;][vc_custom_heading text=&#8221;Pension Plan Year-to-Date Results&#8221; font_container=&#8221;tag:h2|text_align:center&#8221; google_fonts=&#8221;font_family:Domine%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal&#8221; el_class=&#8221;enews-h2&#8243;][vc_raw_html css=&#8221;.vc_custom_1691737151455{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-bottom: 0px !important;}&#8221;]JTVCdGFibGUlMjBpZCUzRDY5JTIwJTJGJTVE[\/vc_raw_html][vc_custom_heading text=&#8221;ELCIC Pension Plan&#8221; font_container=&#8221;tag:h3|text_align:left|color:%23005c84&#8243; google_fonts=&#8221;font_family:Domine%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal&#8221; el_class=&#8221;enews-h3&#8243; css=&#8221;.vc_custom_1691738921078{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}&#8221;][vc_custom_heading text=&#8221;The global markets had another positive quarter as inflation slowed and volatility settled.&#8221; font_container=&#8221;tag:p|font_size:16px|text_align:left|color:%23003366|line_height:1.5&#8243; google_fonts=&#8221;font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:400%20regular%3A400%3Anormal&#8221;][vc_custom_heading text=&#8221;Some economists are still predicting a mild recession in the US later this year or in 2024, depending largely on what happens with inflation.&#8221; font_container=&#8221;tag:p|font_size:16px|text_align:left|color:%23003366|line_height:1.5&#8243; google_fonts=&#8221;font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:400%20regular%3A400%3Anormal&#8221;][vc_custom_heading text=&#8221;The pension Plan\u2019s consultants report that economic growth has been strong but focused on a small number of companies or sectors. Consumers continue to support the economy as well with their spending, likely due to a strong job market and residual COVID-era savings.&#8221; font_container=&#8221;tag:p|font_size:16px|text_align:left|color:%23003366|line_height:1.5&#8243; google_fonts=&#8221;font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:400%20regular%3A400%3Anormal&#8221;][vc_custom_heading text=&#8221;Please note that information is not intended to be investment advice or to be a recommendation for your personal investment portfolio. The content is intended for information purposes only and should not be disclosed to other third parties or used for the purposes of market timing or seeking to gain an unfair advantage.&#8221; font_container=&#8221;tag:p|font_size:.9%20rem|text_align:left|color:%23005c84|line_height:1.5&#8243; google_fonts=&#8221;font_family:Open%20Sans%3A300%2C300italic%2Cregular%2Citalic%2C600%2C600italic%2C700%2C700italic%2C800%2C800italic|font_style:400%20italic%3A400%3Aitalic&#8221;][vc_custom_heading text=&#8221;Growth Fund&#8221; font_container=&#8221;tag:h3|text_align:left|color:%23005c84&#8243; google_fonts=&#8221;font_family:Domine%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal&#8221; el_class=&#8221;enews-h3&#8243; css=&#8221;.vc_custom_1691875734244{margin-right: 5px !important;margin-bottom: 0px !important;margin-left: 5px !important;border-bottom-width: 0px !important;padding-top: 20px !important;padding-bottom: 0px !important;}&#8221;][vc_column_text el_class=&#8221;enews&#8221;]\n<p style=\"text-align: left;\"><span class=\"TextRun SCXW244089064 BCX8\" lang=\"EN-CA\" xml:lang=\"EN-CA\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW244089064 BCX8\" data-ccp-parastyle=\"No Spacing\">Here is<\/span><span class=\"NormalTextRun SCXW244089064 BCX8\" data-ccp-parastyle=\"No Spacing\"> a closer look at each portfolio within the Growth Fund.<\/span><\/span><span class=\"EOP SCXW244089064 BCX8\" data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n[\/vc_column_text][vc_raw_html css=&#8221;.vc_custom_1691874898940{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-bottom: 0px !important;background-color: #dd9933 !important;border-radius: 4px !important;}&#8221;]JTVCYWNjb3JkaW9ucyUyMGlkJTNEJTIyODYzNCUyMiU1RA==[\/vc_raw_html][vc_custom_heading text=&#8221;Fixed Income Fund&#8221; font_container=&#8221;tag:h3|text_align:left|color:%23005c84&#8243; google_fonts=&#8221;font_family:Domine%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal&#8221; el_class=&#8221;enews-h3&#8243; css=&#8221;.vc_custom_1691810413036{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-top: 20px !important;padding-bottom: 0px !important;}&#8221;][vc_column_text el_class=&#8221;enews&#8221;]\n<p style=\"text-align: left;\"><span class=\"TextRun SCXW91426601 BCX8\" lang=\"EN-CA\" xml:lang=\"EN-CA\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW91426601 BCX8\" data-ccp-parastyle=\"No Spacing\">The Fixed Income portion of the portfolio is managed by PH&amp;N and holds <\/span><span class=\"NormalTextRun SCXW91426601 BCX8\" data-ccp-parastyle=\"No Spacing\">several<\/span><span class=\"NormalTextRun SCXW91426601 BCX8\" data-ccp-parastyle=\"No Spacing\"> Funds. <\/span><span class=\"NormalTextRun SCXW91426601 BCX8\" data-ccp-parastyle=\"No Spacing\">Here is<\/span><span class=\"NormalTextRun SCXW91426601 BCX8\" data-ccp-parastyle=\"No Spacing\"> a closer look at each portfolio within the <\/span><span class=\"NormalTextRun SCXW91426601 BCX8\" data-ccp-parastyle=\"No Spacing\">Fixed Income<\/span><span class=\"NormalTextRun SCXW91426601 BCX8\" data-ccp-parastyle=\"No Spacing\"> Fund.<\/span><\/span><span class=\"EOP SCXW91426601 BCX8\" data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n[\/vc_column_text][vc_raw_html css=&#8221;.vc_custom_1691863507333{background-color: #dd9933 !important;border-radius: 4px !important;}&#8221;]JTVCYWNjb3JkaW9ucyUyMGlkJTNEJTIyODY0MCUyMiU1RA==[\/vc_raw_html][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;center&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_direction_desktop=&#8221;default&#8221; column_element_spacing=&#8221;default&#8221; desktop_text_alignment=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_backdrop_filter=&#8221;none&#8221; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][image_with_animation image_url=&#8221;8514&#8243; image_size=&#8221;full&#8221; animation_type=&#8221;entrance&#8221; animation=&#8221;None&#8221; animation_movement_type=&#8221;transform_y&#8221; hover_animation=&#8221;none&#8221; alignment=&#8221;&#8221; border_radius=&#8221;custom&#8221; box_shadow=&#8221;none&#8221; top_left_border_radius=&#8221;20&#8243; top_right_border_radius=&#8221;20&#8243; image_loading=&#8221;default&#8221; max_width=&#8221;100%&#8221; max_width_mobile=&#8221;default&#8221; el_class=&#8221;enews-banner&#8221;][vc_custom_heading text=&#8221;Have a Question for GSI?&#8221; font_container=&#8221;tag:h2|text_align:center&#8221; google_fonts=&#8221;font_family:Domine%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal&#8221;][vc_column_text el_class=&#8221;enews&#8221;]We welcome your questions and feedback!<\/p>\n<p>Information and resources can also be found on the <a href=\"https:\/\/dev.elcicgsi.ca\">GSI website<\/a>.<br \/>\nGSI Website:\u00a0\u00a0<a href=\"https:\/\/dev.elcicgsi.ca\">elcicgsi.ca<\/a><br \/>\nWinnipeg Residents: 204-984-9181<br \/>\nToll Free: 1-877-352-4247[\/vc_column_text][nectar_btn size=&#8221;large&#8221; open_new_tab=&#8221;true&#8221; button_style=&#8221;regular&#8221; button_color_2=&#8221;Accent-Color&#8221; icon_family=&#8221;fontawesome&#8221; el_class=&#8221;enews-button&#8221; text=&#8221;Email Us&#8221; url=&#8221;mailto:admin@elcicgsi.ca&#8221; icon_fontawesome=&#8221;fa fa-envelope-o&#8221;][\/vc_column][\/vc_row]\n","protected":false},"excerpt":{"rendered":"<p>A reminder to review your pension statement, an article about the importance of having a pension plan, and the presentation of investment results from January &#8211; June 2023<\/p>\n","protected":false},"author":13,"featured_media":10967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[34],"post_folder":[18,20],"class_list":{"0":"post-8588","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-planmembers","8":"tag-pension"},"featured_image_src":"https:\/\/dev.elcicgsi.ca\/wp-content\/uploads\/2024\/10\/Pension-News.jpeg?ver=1727747854","author_info":{"display_name":"Faithful Servant","author_link":"https:\/\/dev.elcicgsi.ca\/?author=13"},"_links":{"self":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/posts\/8588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8588"}],"version-history":[{"count":0,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/posts\/8588\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=\/wp\/v2\/media\/10967"}],"wp:attachment":[{"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8588"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/dev.elcicgsi.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fpost_folder&post=8588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}