Personal Finance

Employer Contribution Survey RRSP

  • Last Updated:
  • Jan 4th, 2018 10:33 am

Poll: How much does your employer contribute to your RRSP?

  • Total votes: 75. You have voted on this poll.
6% or higher
 
23
31%
5%
 
5
7%
4%
 
11
15%
3%
 
11
15%
2%
 
6
8%
1%
 
7
9%
None/employer doesn't offer one
 
12
16%
Deal Addict
Apr 6, 2008
1807 posts
1168 upvotes

Employer Contribution Survey RRSP

I currently work for an employer who, in my opinion, takes care of us pretty well. I get a 4% match from the employer in a DC plan after 7 years of service. However, I am considering moving to the public sector, the biggest reason being the "gold plated" pension...either DB or DC with generous employer contributions. For those willing to share their current employer amount...please tell me...

Contribution amount employee
Contribution amount employer
Public/private sector
Employer (vague is ok)
Union or non

Thanks
14 replies
Deal Expert
User avatar
Jan 27, 2004
52935 posts
18144 upvotes
ONTARIO
Hm... Our ESOP program is that they match your contributions 50% up to 6% of your salary. But they have a TFSA option which is amazing (and new). I wish they had it when I started!

As far as retirement planning... They do have a DB plan that doesn't require employee contributions. Company makes contributions for you. I don't know how to quantify it as a %. But my recent pension statement shows a lump sum commuted value of $3000.... that statement was back when it was only 1 year worth of pensionable service.
The calculators say that if I work there at the exact same salary till im 65, I get $1400/month. Which is peanuts 30 years from now. But then again, I don't have to put a single penny into it.
Deal Addict
May 17, 2012
3199 posts
2222 upvotes
ontario
the poll options dont work for me

my company 'matches' my 2.5% contribution at 3.5%. anything i decide to contribute to the group plan above my 2.5% they match at 50-100% based on the company's performance that year.
Deal Guru
Oct 3, 2006
10493 posts
793 upvotes
Toronto
My company contributes 7.5% for my 6% contribution. Private sector.
Last edited by DealMaomi on Dec 31st, 2017 5:05 pm, edited 2 times in total.
Deal Addict
Feb 24, 2008
2331 posts
826 upvotes
My public sector employer contributes matching 9.94% for my 9.94% contribution to the DB plan.
Newbie
Sep 9, 2016
95 posts
23 upvotes
Kitchener ON
My employer contributes 7% for my 5%, private sector.
Deal Fanatic
Nov 24, 2013
6479 posts
3344 upvotes
Kingston, ON
I’m at 3% contribution, 3% match, but it’s either 2%, 3%, or 4% based on years of service. Better than nothing!


OP, there is a flip side to the “gold plated” public sector pensions. If, in the private sector, you contributed the 7%, 8%, 9% these DB plans take to a self-directed RRSP using Couch Potato investment methods, you’d end up with a pretty good nest egg too, even if the employer contribution isn’t quite as high as it is in the public sector. In the private sector you’re bearing the risk instead of the pension fund / employer, but the risk does come with good potential reward.

Some plans are better than others for this. OMERS/HOOPP/Ontario Teachers are really well funded pensions so I believe the contributions are relatively low for the benefit you’re accruing. Federal public service plans are steeper.
Deal Addict
Apr 6, 2008
1807 posts
1168 upvotes
Thanks for the info everyone. It appears that public sector is where it's at, with a few generous private companies out there.
Deal Addict
User avatar
Mar 9, 2012
4102 posts
2980 upvotes
Kitchener
Public sector, it's something like 9.2% each, and a defined benefit, and it would be OMERS.
Job is union.
Why can't we all just get along?
Deal Addict
Dec 5, 2003
1456 posts
158 upvotes
I work for public sector, I contribute 7 employer contributes 8 to defined benefits. My wife works for a private company, 5/5 defined contribution plan to start and 8/8 after ten years.
Sr. Member
Oct 17, 2007
517 posts
141 upvotes
Mississauga
5% matched + 1% Bonus so 6% total.
Deal Addict
Apr 21, 2014
2321 posts
1106 upvotes
Alberta
My current employer doesn’t put a percentage they match dollar for dollar up to 10k. So if I put in 10k they match 10k for a total of 20k going into retirement.

If I put in 7k they match 7k. It’s not based on a percentage of income.
Deal Fanatic
User avatar
Dec 27, 2009
7941 posts
5483 upvotes
Victoria, BC
Where do you all work that you have such generous employer contributions towards your RRSPs? Mine is only 3% match (peanuts).

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