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.
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:
Senior Manager, Communications and Public Relations
651 8977, ext. 2320