Group Retirement
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Secure your employees financial future while attracting top-tier talent, reducing your turnover rate, and boosting business productivity.
What is Group Retirement?
A Group Retirement plan is arranged by an employer for employees as a workplace benefit. Contributions to Group Retirement plans are tax-deductible. This acts as an employee incentive. You’ll attract top-tier talent, reduce your turnover rate, and boost business productivity. Your employees will work harder knowing that their financial future is being protected by you.
Employee contributions are invested in pre-selected investments offered under the plan. Employers often match a percentage of those contributions. It’s a simple way for employees to save for retirement.
Why should I purchase Group Retirement for my employees?
Group fees are generally lower than purchasing individual plans. It’s also easier for employers to monitor and manage. Employee satisfaction greatly influences their job performance. Group Retirement helps you maintain workplace morale while reducing turnover rates.
Group Retirement attracts top-tier talent to your organization. When your employees feel that they are being taken care of, it incentives them to work hard and be loyal to the company. This is a plan that helps your employees build good habits that they can continue to use for life.
What are the advantages of Group Retirement plan?
Are you thinking about getting Group Insurance for your business? The pay off for this investment can be significant. You’ll get:
- Comprehensive coverage for you and your employees
- The cost of your insurance will be split amongst you and your employees
- No strict eligibility requirements to receive basic coverage
- Employees will feel cared for and productivity will rise
- Reduce employee turnover rate while attracting top tier talent
- Maximize tax compensation
Group Retirement is a smart investment for your organization. By investing in your employees, you increase morale, productivity, and reduce turnover rate.
How much do Group Retirement plans cost?
Employers must pay a minimum of 50% up to 100% of Group Insurance costs. Contributions towards Group Benefits are tax-deductible for the company.
Typically, contributions are divided equally amongst employees. Even with 50% cost-sharing, employees will end up paying less for benefits through group plans than if they were to purchase individual plans.
The cost of Group Benefits are mainly determined by the chosen benefits, the level of coverage you wish to purchase, the industry your company operates in, the location of your company, and employee demographics.
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Types of Group Retirement in Canada
We offer different types of Group Retirement plans that allow your employees to choose their own investment mix from our wide selection of expertly managed funds.
Tailor your benefits to fit your company’s needs with our variety of plans. Whether you’re looking for a Group RRSP, a Group TFSA, or a Group Pension Plan, we have access to the best coverage for the best price.
Group RRSP
A Group Registered Retirement Savings Plan (RRSP) is an easy way to help employees save for their retirement. This plan has a minimal cost for the plan sponsor. Since the plans are not subject to provincial pension legislation, regulatory reporting is minimized and all the filings for the Canada Revenue Agency. Additionally, employee contributions are also tax–deductible and can be adjusted by the plan sponsor.
Group TFSA
A Group TFSA is a savings plan that many people combine with a Group Retirement plan. The goal of a TFSA is to help employees with their savings goals. You can also get a TFSA as a standalone plan. The income earned is tax-free and contributions are not tax-deductible. The annual contribution limit is indexed to inflation and unused contributions can be carried forward indefinitely for greater potential growth. If you withdraw from a Group TFSA, it does not affect eligibility for federal plans (Guaranteed Income Supplement and Old Age Security).
The plans are not subject to provincial legislation, so regulatory reporting is minimized. We complete all filings for the Canada Revenue Agency.
Group Pension Plans
Our Defined Contribution Registered Pension Plans (RPPs) allow plan members to receive the benefit of a secured retirement savings plan, while the plan sponsors control costs through tax-deductible, fixed contributions. RPPs are also known as money purchase pension plans. These require some government compliance and reporting.
How to Save Money on Group Retirement?
We want to help you save your money. The best way to save money on Group Retirement is to compare rates from multiple providers. This can be extremely time consuming. Luckily, Alliance Income Services Corp. does all the hard work for you! By simply requesting a quote online through our website, we check what rates you can get from every major Canadian insurer.
Hire More Employees
Your premiums will be lower with the more employees you have working at your company. This is due to risk being divided across a larger pool of people.
Reduce Average Employee Age
The younger your workforce is, the less your Group Benefits will cost.
Adjust Benefits
Business productivity and company morale are improved when you show your employees that you care about them. However, to save the most money, it’s best to make sure the benefits you provide are needed and remove any redundant coverage.
Adjust Cost Sharing
Employees are already likely to pay less for employer coverage than for individual plans. Adjust your cost sharing to a percentage that makes the most sense for your company.
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