Knowledge First Foundation Announces the Results of the Vote to Transfer Heritage Group and Self-Determined Plans to Knowledge First Family Single Student Plans
TORONTO, May 7, 2021 /CNW/ - Knowledge First Foundation ("Knowledge First"), the parent company of Knowledge First Financial Inc., Canada's largest RESP company, today announces following a subscriber vote that it has secured approval to wind-up the Heritage Group Plan ("Group Plan") and Self-Determined Plan ("SDO"), transferring existing Heritage RESPs to Knowledge First's Family Single Student Education Savings Plan ("Single Student Plan").
The move to wind-up and transfer subscribers from group to individual plans will provide greater flexibility, ownership, and ease of use for customers, giving them more control of their plan while creating more certainty about what they will have in their RESP when it comes time for their beneficiary to receive a post-secondary education.
To carry out the proposed plan changes, a majority of votes cast in favour of the transfer by Group Plan and SDO customers was required. The vote was held at a virtual Special Meeting held on May 6, 2021, with 70.70% and 95.63% of votes cast "FOR" the proposed changes for Group Plan and SDO customers, respectively.
Each Group Plan and SDO customer will see their net contributions, grants, grant income and contribution income transferred to a new Single Student Plan agreement by no later than June 30, 2022. In addition, Group Plan customers will also receive a proportionate share of the Plan's remaining attrition income in their cohort group.
About Knowledge First Financial
Knowledge First Financial Inc. is Canada's largest registered education savings plan company. With approximately $7.0 billion in assets under management and a network of over 1,750 sales representatives, Knowledge First Financial is committed to empowering students by giving them the resources they need to financially and mentally succeed along their academic journeys. As a wholly owned subsidiary of the Knowledge First Foundation, a not-for-profit Canadian corporation, the company manages over 600,000 RESPs for customers, helping approximately 60,000 students through post-secondary studies each year. Since 1965, the company has paid out approximately $8.2 billion to subscribers and students through their plans.
SOURCE Knowledge First Financial Inc.
Michael Jesus, Sr. Manager PR & Communications, Knowledge First Financial, [email protected], 647-783-1807
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