Group Retirement Savings
By providing a creative and affordable group retirement savings plan, the employer provides security and peace of mind along with the feeling of being a valuable part of the organization which improves productivity and loyalty to your company.
We can help you design a group retirement savings plan that meets the needs of your business and your employees.
As a business owner, you understand the importance of attracting and retaining high-quality employees.
One way to do this is by offering a comprehensive benefits package, including a Group Retirement Savings Plan (GRSP). Consider the following reasons why you should set up a Group Retirement Savings Plan:
- As a business owner, you know attracting and retaining quality employees is key to your success.
- Employers increasingly understand the growing need to support employees’ financial issues beyond the paycheque.
- A vested interest in your company’s success is created when an employer takes a vested interest in the financial success of its employees.
- Attractive compensation packages are more than just a pay cheque. Employees seek out competitive and creative benefits packages. Competitive and innovative benefit packages attract quality employees to your firm and help retain the employees that are part of your firm.
- By creating this culture of mutual interest within your organization, quality employees will be attracted to your company, and the desire of your employees to remain with your company for the long term is multiplied. The result – a company’s profitability is positively rewarded if their employees are succeeding financially.
However, when it comes to GRSPs, business owners often face challenges in plan design, product selection, implementation, and management. That’s why at Sageview Strategies Inc., we specialize in providing guidance and consultation to help our clients navigate these challenges. We work with you to determine the best retirement plan for your company and assist with compliance to reduce liability.
There are several types of Group Retirement Savings Plans to choose from, including:
A Registered Pension Plan (RPP)
A Registered Pension Plan is an employer-based savings plan registered with the Canada Revenue Agency. It’s an account where employees and their employers deposit pre-tax income until the employee retires or leaves the company. Upon retirement, the employee can withdraw the money to fund their retirement.
Group Registered Retirement Savings Plan (Group RRSP)
A Group RRSP is similar to an individual RRSP, but the employer establishes it. It encourages employees to save for retirement through payroll deductions, and both the employee and employer may contribute to the plan. In addition, a Group RRSP can offer additional benefits such as lower fees than an individual plan.
Deferred Profit-Sharing Plan (DPSP)
A DPSP is a plan that is set up on its own or in conjunction with a Group RRSP. It fosters a sense of partnership by allowing the employer to share profits with employees. Only the employer can contribute to a DPSP, and there is no mandatory minimum contribution. This gives the employer flexibility to adjust contributions based on company profitability.
Why choose Sageview Strategies Inc. as your employee benefit service provider?
- Extensive understanding of employee benefits, pension legislation, product availability and other related rules – Bev and Dwayne have combined knowledge of over 70 years in this industry.
- Consistency of service offered in all geographical areas – We utilize technology and on-site service to assist employers with information, knowledge sharing and plan service.
- Quality level and continuity of services offered – We represent you, the employer, and as such, we meet the level of expectation that you define.
- Cost of the service – Through our broker agreements, our selected insurance companies pay Sageview a commission to provide your employee benefits plan.
- Creativity, ingenuity, and innovation – offering creative solutions for your employee benefits program.
Let us help you to attract and retain your most valuable assets – your employees.