Sun Life Financial Inc. (TSX:SLF) is taking over management of Western University’s $250 million Retirement Income Fund (RIF), which is currently managed in-house.
The insurer said Tuesday it has been tapped by Western manage the university’s RIF on behalf of its current and future retirees. It says that the university received approval from its board of governors to move its in-house RIF to an external provider in November.
The new RIF program, which will offer a number of features and benefits that are not available to Western’s retirees today, will be offered by Sun Life Financial Trust Inc.; with Sun Life Assurance Company of Canada providing its investment options and administrative services.
Kevin Dougherty, president of Sun Life Financial Canada, reports that the firm currently serves retirement plan members in 45 academic institutions in Canada. “We appreciate the confidence that Western has placed in us, and look forward to supporting their employees in their retirement years,” he says.
“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,” said Jane O’Brien, Western’s associate vice president, human resources.