Explore how the FTQ Fund's latest initiative boosts retirement savings for Quebecers
The Fonds de solidarité FTQ has introduced a random selection process to facilitate one-time bank withdrawals (OBW) and accept new pre-authorized bank withdrawal (PBW) requests for share subscriptions, aiming to help more Quebecers prepare adequately for retirement.
This initiative anticipates the issuance of at least $75 million in shares.
Registration for those interested in subscribing through an OBW or a new PBW will be open on the Fonds's website from May 6 to May 20.
All Quebecers aged 18 and older, regardless of whether they are new or existing shareholders, are eligible to participate, with the maximum allowable amount set at $5,000.
Starting on June 1, selected individuals will be issued a one-time code and will have 10 days to use this code for subscription via OBW or to set up a new PBW for withdrawals scheduled between June 1, 2024, and May 31, 2025.
The Fonds may also introduce an additional random selection period before the end of May 2025.
Isabelle Renaud, head of Retirement Savings Development and of the Economic Training Center at the Fonds, emphasized the organization's dedication to retirement preparedness, noting “Saving for retirement remains a cornerstone of the Fonds de solidarité FTQ's mission.”
“We are committed to helping Quebecers retire with dignity. The reinstatement of bank withdrawals will give more Quebecers the opportunity to save in order to avoid retirement insecurity,” he continued.
