The Universitas Foundation of Canada Puts an End to the Automatic Transfer of Group Plans towards the INDIVIDUAL Plan at Maturity

QUEBEC CITY, June 27, 2014 /CNW Telbec/ - Following a decision by Employment and Social Development Canada (ESDC), with regard to the application of government grant management rules, the Universitas Foundation of Canada (Universitas) has announced it is ceasing all automatic transfers (conversions) of group plans to the INDIVIDUAL Plan at maturity. The amounts involved in these transfers included the contributions, the government grants and the earned income on the grant amounts.

This modification concerning the administration of group plans does not impair the right of beneficiaries to receive their educational assistance payments (EAPs) from Universitas, under the terms of the group plan subscribed.

This change will be effective as of June 27, 2014.

About Universitas

Universitas is a non-profit organization constituted in 1964 under the Companies Act, Part III (Quebec). The organization is a leading promoter of scholarship plans qualified to be registered as Registered Education Savings Plans (RESPs) in Canada. The mission of the Foundation is to place its expertise and sense of commitment at the service of young Canadians by offering its RESPs to their parents and relatives. Every effort is made to provide students with the highest possible Educational Assistance Payments (EAPs) on the market, giving them the means to achieve their dreams. Active in the provinces of Quebec and New Brunswick, Universitas has over $1 billion in assets under management and has paid out, since 1964, more than $500 million in EAPs and returned savings.

SOURCE: Gestion Universitas inc.

For further information:

Contact person for the media:
Isabelle Lessard
Senior Manager, Communications and Public Relations
651 8977, ext. 2320
isabelle.lessard@universitas.ca


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