Retirement Savings and Pension Plans
Pacific Employees Benefits offers a variety of group Retirement Savings and Pension options for your employees. Providing these benefits to your employees places you above and beyond! These are an attractive option to showcase when looking to hire new employees. Offering an option where employers and employees can contribute to a retirement plan is found to be one of the most appreciated services to provide to your employees.
Along with finding the best providers, we can facilitate product placement, provide the investment options, and implement the plan. We provide individual investment advice to your employees, and on-going administrative support to you. We’ll set all this up for you, a win/win for both employer and employee!
Group Registered Retirement Savings Plans (Group RRSP’s) can be both an employee and/or employer sponsored plan. Group RRSP’s are administered on a group basis by the employer, and employee contributions are made via payroll deduction. Typically these contributions are matched by the employer up to a pre-determined percentage, however contributions by the employer are not mandatory.
With Defined Pension Plans contributions into the pension plan are typically made by both the employee and the employer according to a matching formula. Usually this a percentage of employee income or a predetermined dollar amount. The employee may include ‘voluntary’ contributions over and above the required formula.
The main difference between the Defined Contribution Pension Plan and a Group RRSP is that Pension Plans are required to follow pension legislation whereas the employer has more flexibility implementing the guidelines of a Group RRSP.