GROUP RETIREMENT
GROUP RETIREMENT
In today’s competitive business environment, offering a creative and affordable group retirement savings plan is not just a perk but a strategy for building a resilient and committed workforce. A well-designed group retirement savings plan signifies an investment in your employees’ future, fostering a culture of loyalty and productivity. Understanding the diverse needs of businesses and their employees is crucial in crafting a plan that aligns with both.
Registered Pension Plan (RPP)
A Registered Pension Plan is a collaborative savings scheme, sanctioned by the Canada Revenue Agency, where both employees and employers contribute pre-tax income. This plan comes into effect upon an employee’s retirement or departure from the company, providing a substantial financial resource for their later years.
Group Registered Retirement Savings Plan (Group RRSP)
This plan operates similarly to an individual RRSP but is established by the employer. It promotes retirement savings through employee payroll deductions, with contributions potentially made by both employees and employers. A Group RRSP often presents advantages like lower fees compared to individual plans.
Deferred Profit-Sharing Plan (DPSP)
A DPSP, often paired with a Group RRSP, creates a partnership dynamic by enabling employers to share profits with their employees. This plan is exclusively employer-contributory, offering the flexibility to adjust contributions according to the company’s profitability.
Choosing the right partner for your group retirement savings plan is pivotal. With extensive experience in employee benefits and pension legislation, we provide a comprehensive service, encompassing everything from plan design to implementation and ongoing management. Our approach is characterized by creativity, ingenuity, and a commitment to meeting your specific needs. Reach out to explore how we can tailor a group retirement savings plan that bolsters your company’s success by investing in the financial well-being of your employees.