Common use of Group RSP Clause in Contracts

Group RSP. If the Plan is a Group retirement savings plan, you or your spouse are required to be an employee of the Employer named in the Application. You acknowledge that the Employer is acting as your agent. If you cease to be an employee of the Employer, the following will apply following receipt of such notice from the Employer to us: a. We will accept no further contributions to this Plan; b. You shall direct us to amend the Plan to transfer the value of the Plan to another retirement savings plan (which is not a group plan and which may be with us). Should you fail to provide such written notice within 15 days, we are hereby directed to amend the Plan to transfer the investments to another retirement savings plan which is not a group plan, or alternatively and in our sole discretion, to a registered retirement income fund with us and to apply for registration of the said plan.