RIFs provide retirement income to an individual by directly transferring money from an RRSP.
The University had been exploring the possibility of moving their in-house managed $250m RIF to an external provider and received approval from the Western Board of Governors in November to enter into an agreement with Sun Life Financial.
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Western human resources associate vice president Jane O’Brien said: "When it comes to our employees, we have specific and demanding requirements to ensure that they receive the highest level of service.
"We selected Sun Life because they offer the best value – quality investment options, and an excellent client service model.
"We’re confident in Sun Life’s commitment to meeting our needs as a fund provider and helping our employees in their retirement."
The new RIF program offers competitive fees, familiar investment choices and a various features and benefits that are not currently available to Western retirees.
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By GlobalDataOffered by Sun Life Financial Trust, the RIF program’s investment options and administrative services are provided by Sun Life Assurance Company of Canada.
