QUEBEC CITY, Dec. 16, 2016 /CNW Telbec/ - The Universitas Foundation of Canada (hereinafter "the Foundation") announces the addition of a new portfolio manager to its team, a decrease in its administration fee, and changes to the transfer conditions between the REFLEX and INDIVIDUAL Plan.
New Conditions When Transferring from the REFLEX Plan to the INDIVIDUAL Plan
Once a group plan reaches maturity, transferring to the INDIVIDUAL Plan allows a beneficiary to receive the government grants and their income in the form of educational assistance payments (EAPs) if the studies pursued do not qualify for EAPs under the group plan, but would under the INDIVIDUAL Plan.
The conditions for this transfer have been revised. Formerly, the transfer included the contributions, the government grants and the earnings on both sums. Henceforth, the transfer will include the contributions, the government grants and the earnings from the grant money. If the transfer request is processed before a first EAP is withdrawn from the group plan, a portion of the income from the contributions will also be transferred. This sum will correspond to the value of the first EAP under the REFLEX Plan in force at the time of the transfer.
It will now also be possible to request a transfer after a first or second EAP has been withdrawn from the REFLEX Plan, which was not possible under the previous transfer conditions. However, no income from the EAP account will be transferred if the request is submitted after a first or second EAP is issued from the group plan.
New Portfolio Manager
It is with great pleasure that Universitas Management Inc., exclusive distributor of the Universitas Foundation, welcomes State Street Global Advisors (SSGA) to its team of seasoned portfolio managers. SSGA is the investment management division of State Street Corporation, a leading provider of financial services to institutional investors worldwide. This manager has been given the mandate to invest the assets of group plans in Canadian equities in accordance with the organization's instructions and investment policies.
Decrease in the Administration Fee
Universitas strives to reduce the rate of its administration fee to provide the highest possible EAPs to the beneficiaries of its Registered Education Savings Plans. The administration fee rate has been slightly lowered and will now correspond to 1.18%.
About the Universitas Foundation of Canada
The Universitas Foundation of Canada is a non-profit organization constituted in 1964 under Part III of the Companies Act (Quebec). It is one of the main providers of scholarship plans qualified for registration as RESPs in Canada. The company's new mission is: "We offer the stepping stone to a bright future for those who dare to dream!" The Foundation, active in Quebec and New Brunswick, has over $1.2 billion in assets under management and has issued nearly $630 million in educational assistance payments (EAPs) and returned savings.
SOURCE Gestion Universitas inc.
For further information: Media Contact: Tina Fournier Ouellet, Senior Advisor, Communications and Public Relations, 418 651-8977, ext. 2314, 581 999-6857 (mobile), [email protected]