Embark Student Corp. Announces the Results of a Subscriber Vote to Transfer All Family Single Student and Flex First Plans to Embark Student Plan and Embark Select Conservative Plan
TORONTO, December 15, 2023 – Following subscriber votes, Embark Student Corp. (“Embark”), Canada’s education savings and planning company, today announced that it has secured plan holder approval to wind-up the Family Single Student Plan (“Family Single Student”) and Flex First Plan (“Flex First”), transferring all existing RESP assets to the Embark Student Plan and Embark Select Conservative Plan (collectively, “Embark Plans”).
The move to wind-up and transfer assets to the Embark Plans will give subscribers many enhancements towards their education savings. This includes a tailored investment strategy, industry-leading digital tools to track, forecast and visualize their savings and simplified account management features to help grow and use their funds when the time comes.
To carry out the proposed plan changes, a majority of votes cast by subscribers in favour of the transfer of the assets of the Family Single Student and Flex First plans was required. The votes were held at a Special Meeting conducted at Embark’s office and virtually on December 12, 2023, at 11:00 a.m. EST for Flex First subscribers and at 2:00 p.m. EST for Family Single Student subscribers.
In total, 85.09% and 80.47% of votes were cast in favour of the proposed changes by Flex First and Family Single Student subscribers, respectively. As a result, all Flex First and Family Single Student subscribers will have their net contributions, grants, grant income and contribution income transferred to a new Embark Plan agreement by July 1, 2024, or such other date as may be determined by the Embark Student Foundation in its sole discretion.
About Embark Student Corp.
Embark Student Corp. is Canada’s education savings and planning company. With over $6 billion in assets under management, the company is committed to empowering families along their post-secondary journeys by giving them the resources and tools they need to better plan and save for all that comes with an education. As a wholly owned subsidiary of Embark Student Foundation, a not-for-profit Canadian corporation, the company, registered as a Scholarship Plan Dealer across Canada, manages almost 600,000 RESPs for Canadians nationwide and helped approximately 53,600 students through post-secondary studies last year.