Who is eligible to join this plan?
All associates are eligible to join the plan immediately upon hire. However, the employer match in the DPSP will not begin until the contribution eligibility criteria is met.
When can I join?
You are eligible to join the Plan immediately.
How much can I contribute?
You may contribute voluntary amounts by payroll deduction or make lump sum contributions immediately upon hire.
Full-time employees are required to contribute according to the following scale after 1 year of employment and part-time employees are required to contribute according to the following scale after 2 years of employment:
Less than 4 years of service: 2.50% of your earnings*
Greater than 4 but less than 6 years of service: 3.0% of your earnings*
Greater than 6 but less than 8 years of service: 3.5% of your earnings*
Greater than 8 but less than 10 years of service: 4.0% of your earnings*
Greater than 10 of service: 5.0% of your earnings*
Associates may also contribute over and above the minimum required contribution, up to the CRA limits.
Total annual contributions cannot exceed the lesser of 18% of your previous year’s annual earnings or your maximum set by CRA.
*Earnings include your base employment compensation, including any overtime pay, bonuses and commissions.
Does the company contribute to my RRSP plan?
Luxottica will match 100% of your required RRSP contributions according to your years of service and the rates indicated in this chart:
Less than 4 years of service: 2.50% of your earnings*
Greater than 4 but less than 6 years of service: 3.0% of your earnings*
Greater than 6 but less than 8 years of service: 3.5% of your earnings*
Greater than 8 but less than 10 years of service: 4.0% of your earnings*
Greater than 10 of service: 5.0% of your earnings*
Note: Luxottica does not match any additional voluntary contributions you make above the percentage indicated on your years of service.
*Earnings include your base employment compensation, including any overtime pay, bonuses and commissions.
Can I take money out of the plan while I am employed?
Withdrawals are not permitted from your required contributions until termination or retirement. Your additional voluntary contributions may be withdrawn, but may be subject to withholding taxes and fees.
What happens if I leave the company?
The full value of your RRSP account belongs to you and the full value of your DPSP account (Company contributions) belongs to you when you have completed two years of membership.
If employees need assistance with the enrollment or their account – they can reach out to Penmore at 1-866-229-2212 ext 236 or by email at retirement@penmore.com.