Retirement plan

Saving for retirement is an important part of financial well-being. The best time to start saving for retirement is now!

Eligibility

Permanent full-time and permanent part-time employees

You can enroll in voluntary benefits and start contributing after three months of continuous employment. Eligible employees receive a matching contribution up to five percent of their RRSP contribution. You are fully vested in the company match after two years in the NOV Group Retirement Savings Plan. A spousal RRSP is also available.

Plan options

1. Looking for retirement income? Registered Retirement Savings Plan (RRSP)
   You contribute money to an account dedicated to your retirement savings. Payroll deductions are taken before taxes, so you won’t be taxed until you take the money out. You can also contribute to a spousal RRSP in your spouse’s name.
2. Want to share in the profits? Deferred Profit Sharing Plan (DPSP)
   NOV will help you save by contributing money to your DPSP based on your RRSP contribution amounts.
3. Want to make extra contributions or limit overages? Non-Registered Savings Plan (NREG)
   Once the RRSP and DPSP have reached their limits, you may contribute to the NREG to save extra money. Contributions to the NREG are made after-tax and while there is no limit on how much you can contribute, you may be taxed on investment income and capital gains.

Enrollment

Within 3 months of your hire date, you will receive a Welcome Letter from Sun Life with information required for online enrollment in the NOV Retirement Plan. This will be mailed to your home address. If you need assistance, or if you did not receive the package, please call Sun Life.