Do more in your retirement
For a growing number of employees, finding the right employer that will make things easier by offering and contributing on their behalf to a group savings plan, is important. Some of these options include:
- Group Retirement Savings Plan (GRSP)
- Deferred Profit Sharing Plan (DPSP)
- Registered Pension Plan (RPP)
- Tax-free Savings Account (TFSA)
Employees want a group savings plan because it provides them with a simple way to save for their retirement while providing them with additional advantages:
- Instant tax savings – This happens because employees participating in a group savings plan can have their contributions reduce their taxable income each month before the tax deductions are taken off their paycheques.
- Higher rates of return on investments – With higher volumes of pooled money from payroll savings plans, Management Expense Ratio (MER) fees are usually lower than “retail” individual MER fees, leaving employees with more money in their investment pockets.
- Reduced payroll taxes for the employer – Some payroll savings plans are structured in such a way that they do not attract employer payroll taxes, like CPP and EI.
If you already provide your employees with a group retirement savings plan, you likely already know these facts, and understand that it’s an important tool for attracting and retaining employees. After all, Canada’s retirement income crisis continues to escalate as our population ages, and more Canadians are turning to their employers to help them come out ahead.
Wiegers Financial & Benefits’ Group Retirement Savings (GRS) Division specializes in providing expert advice and top-level service to our GRS clients and their employees. We work hard to deliver our clients with good value for their money. But, don’t just take our word for it. If you answer any of the following questions about your GRS consultant, it’s an ideal time for us to start talking about how our division does things differently.
- Has your plan been reviewed recently?
- Does your consultant regularly conduct fee audits to ensure that your plan is competitive?
- Does your consultant recommend cost-saving strategies?
- Does your consultant have an unbiased brokerage relationship with the top GRS suppliers in Canada?
- Does your consultant give you full transparency on the fees you are paying?
- Are you receiving the service and support you are paying for?
- Does your consultant provide plan administrator training and support?
For more information, please call.