News - Changes to GIC sweep Procedures

Staying on top of GIC investments can quickly become complicated if an account holds a number of small-value certificates with sporadic renewal dates. To help simplify the process and reduce the confusion your members may be facing, we’re implementing some important changes to how we manage GICs within our group plans.

In the past, members’ regular contributions would be “swept” into a GIC as soon as the minimum $250 investment level was reached. Over time, some plan members have found themselves with 12 or more different GICs, all maturing at different times.

Under our new procedures being implemented June 17, the minimum investment level for a GIC will be changed to $1,000, with sweeps initiated on a quarterly basis. As a result of these changes, plan members will have fewer GICs to monitor. The result is simple, secure growth that’s easy to manage and easy to understand.