Overview

 

A group retirement savings plan is integral to employee financial wellness. When combined with government benefits and personal savings, a group retirement savings plan provides the third pillar necessary for a prosperous retirement for Canadians.

The future of group retirement? 

Canadians are not saving enough. When combined with the rapidly increasing cost of living, current government benefits will be insufficient to provide the retirement lifestyle that employees desire. As such, there is ongoing dialogue as to what should be expected from employers. Our team is always on top of the latest industry trends to keep our clients informed.

Key considerations for a group retirement plan:

  • How do you currently transition employees into retirement?

  • Is it designed to support a diverse team?

  • Will your team value it?

  • Is the cost sustainable?

  • Is it easy to administer?

  • Does it complement your overall compensation strategy?

Whether you are a first-time buyer or a veteran plan administrator, we will tailor our approach to you. If you have existing coverage in place, with just one signature we can start supporting your organization today. If you are new to group retirement plans, let us make things easy for you and start the conversation.

 

Our Approach

Many of our competitors take a siloed approach to group benefits and group retirement savings plans and view one another as an afterthought. A diverse team consisting of individuals at various stages in life requires a compensation structure that caters to their individual needs. This is why we combine the budgets for both of these programs to provide the greatest flexibility and to achieve the best outcome for all.

 
 

HOW WE DEFINE SUCCESS

  • Strong employee participation

  • Ease of administration

  • High perceived value

  • First class employee experience

 
 

HOW WE GET THERE

 
 
 

Identify

  • Corporate objectives

  • Desired corporate culture & values

  • Compensation strategy

  • Budget & cash flow

  • Administrative resources

  • Pain points

  • Needs and expectations

Evaluate

  • Status of the program for merger or acquisition

  • Benchmark against industry & best practices

  • Member demographics

  • Economic environment

  • Emerging trends

  • Administrative requirements

  • Financial analysis of prospective cost at full participation

  • Cost sharing strategy

  • Executive benefit needs

  • Communication strategy

Recommend

  • Recap of identified needs, opportunities, and expectations

  • Presentation of customized solution

  • Receive feedback

  • Refine and arrive at consensus

Implement

  • Review proposed agreements

  • Provide feedback on all administrative agreements and contracts

  • Coordinate enrollment procedure

  • Review implementation timelines

  • Assess and prepare applications

  • Participate in implementation meetings

  • Monitor progression

  • Review accuracy of plan designs, modifications, certificates and amendments

  • Ensure appropriate taxation and billing on go live date

  • Coordinate and execute communication strategy to employees

  • Host onsite, in-person & recorded employee training program

Engage

  • Training of plan administrators in plan administration & carrier software

  • Educate employees on the value of participating in the program

  • Encourage employees to actively participate in their own retirement planning

  • Empower employee financial wellness with various tools and resources

  • Financial analytics & forecasting

  • Monitor trends and develop communication strategies

  • Updates regarding plan specific legislative changes

  • Compliance review

  • Review of changes in the marketplace

  • Monitor and manage the evolution of the plan

Support

  • Manage special projects as required

  • Eligibility concerns

  • Plan/investment inquiries

  • Account management issues

  • Withdrawal inquiries

  • Provider customer service inquiries

  • Provider performance management

  • Coordination of plan amendments

  • HR department support

  • Support administrative process

  • Assist with enrollments, terminations, asset transfers etc.

  • Ongoing tax reporting support

  • Miscellaneous inquiries

Review

  • Plan design review and comparison to updated benchmarks

  • Review of plan performance for the year including asset growth and investment performance

  • Fund performance review and recommendations

  • Review of investment portfolio to ensure options offered are appropriate

  • Ensure all plan sponsor fiduciary responsibilities are fulfilled

  • Guidance on pension reporting requirements

  • CAP reporting

  • Fund fee reduction negotiations based on enrollment, contributions, and plan assets

 
 

Products

 
 

Every organization is different which is why we remain flexible and can accommodate any budget. Our goal is to partner with you to get Canadian’s saving more for their retirement. To accomplish this, we draw from a wide range of products and services to create a sustainable solution that your team will understand and value. These include, but are not limited to:

Group Registered Retirement Savings Plans (RRSP’s)

Deferred Profit-Sharing Plans (DPSP’s)

Tax Free Savings Accounts (TFSA’s)

Executive Pension Arrangements

Defined Contribution Pension Plans (DCPP)

Defined Benefit Pension Plan (DBPP)

 

Let Us Help You Prosper

Our company name was chosen to reflect our purpose, which is to help organizations and individuals prosper. Whether you are exploring for yourself or your business, we would love the opportunity to support you on your path to prosperity.