Group Solutions

Group Benefit Plans

As a business owner, you face unique challenges every day. These challenges evolve as your business grows and establishes itself.

Our business solutions can help you pull it all together: whether you need a straightforward plan that’s easy to get started and easy for your employees to use and understand, or if you are seeking a wider selection of benefits products and services with greater flexibility for your company. We assist business owners with everything from managing business costs, to attracting the best employees, and growing personal wealth.

Our group benefits programs for small business:

  • are affordable
  • are easy to purchase
  • can be tailored to meet your company’s specific needs will form an important part of your long-term business plan and your long-term business success

A benefits program gives you:

  • a competitive edge in the job market
  • a cost-effective method to protect employees and their families
  • a tax effective form of compensation

Group Retirement Plans

Group retirement plans provide one of the best tax-sheltering opportunities available and can be a significant benefit to employees. With the long term viability of government sponsored pension plans in question, group retirement plans together with individual RRSP plans play a major role for most Canadians in saving for their retirement. From the viewpoint of the plan sponsor, group retirement plans can play a very significant role in attracting new employees and increasing employee retention.

There are many options available when putting together a group retirement plan. Factors that should be taken into consideration when determining which options are appropriate include:

  • Contribution levels: Should the plan be contributory or only funded by the employer? What percentage should the employer contribute? Should there be a matching formula?
  • Contribution Flexibility: Should contributions be uniform? Linked to profitability? Discretionary? Linked to years of service?
  • Vesting and Eligibility: Should the plan vest immediately (maximum vesting period is 2 years)? Who should be eligible for the retirement plan and after how long?
  • Administration: Is plan administration practical given the size of the workforce and the objectives of the plan?
  • Costs: What are the costs associated with each option? Are the costs reasonable given the objectives of the plan?

Only after a very thorough review of all the retirement options and the implications of each can an appropriate group retirement plan be developed.

Talk to us. We can help.