Retirement Benefits
Types of Retirement Accounts
Employees are automatically enrolled in a Defined Contribution (DC) plan on their start date. Outside of the contributions made to your DC and/or GRSP/GERSP Plan by both you and CF Industries, employees have the option of making additional contributions to their Group Employee Retirement Savings Plan (GRSP/GERSP), Tax-Free Savings Account (TFSA), and/or a Non-Registered Savings Plan (NRSP), which can be used to save for any purpose.
Eligibility
All current and future employees can benefit from our retirement options. The automatic company contributions begin on your first full pay period following the start of regular employment and require no action to be taken beforehand. The transition to the newly enhanced retirement plan will take place between January 1, 2023, to January 1, 2026, depending on the employee’s current retirement plan.
Employee Contributions At-a-Glance
| Payroll Contributions | Yes | Yes | No | Yes |
| Before-tax Contributions | Yes | Yes (if made through payroll) | No | No |
| Tax-deferred Growth | Yes | Yes | Yes | No |
| Contributions Limits | Varies each year; please contact your local HR to confirm limits for the current plan year | |||
| Tax-free Withdrawals | No | No | Yes | Yes |
| Accessibility | No access while employed; locked until minimum age of 55 for retirement | Unlimited access but subject to tax | Unlimited access | Unlimited access |
Company Contributions
CF Industries contributes to your DC account in two ways:
- Automatic contributions
- Company-matching contributions
Automatic contributions
These contributions are made to your DC account each pay period based on the employee’s percentage of eligible earnings, and length of service (if you are a Medicine Hat employee). No action is required to receive this benefit.
Company-matching contributions
Beginning January 1, 2024, CF will be making enhanced company contributions to employees’ DC accounts based on eligible earnings. Eligible earnings will include base pay, actual bonus paid (AIP/VIP), and other various earnings (maximum of $500,000 CAD) to raise the match percentage that CF Industries will provide*. Employees must contribute to their DC and/or GRSP/GERSP account to receive up to an additional 6% of company-matching contributions.
*New for Courtright employees: company-matching contributions will be increased to 100% on the first 6% contributed to their DC plan or GRSP.
Vesting
Company contributions to your account are vested immediately.
Investment Options
Employees can choose how they would like the savings made in their DC and/or GRSP/GERSP account invested, in accordance with CF provided options, beginning January 1, 2024. If you would not like to invest, your account will be invested in the target date fund for your assumed retirement age.