We design individual and customized plans to help you with your group retirement savings programs.
Our unparalleled knowledge and guidance provide you with the best options to maximize your retirement plan investment while ensuring maximum value. Our advice will help you with all aspects of your plan including administrative training, educating plan members and finalizing payroll requirements. Our goal is to make your plan rewarding for both your company and your employees.
GROUP RETIREMENT PLAN OPTIONS
At Peak Benefit Solutions, we always work with you to ensure your well-planned retirement policy includes a group savings plan for your employees. Our approach is to ensure you have the education and knowledge to select the proper plan for your company.
TYPES OF GROUP RETIREMENT PLANS
There are several group retirement plans that offer companies and their employees the flexibility, service and performance they need to attract and retain employees. Our industry leading advisors provide you with the education needed to choose the best option including:
SAVINGS PLAN (RRSP'S)
A Group RRSP Plan is an employer-sponsored retirement savings plan that is administered on a group basis by the employer.
Contributions are made by payroll deduction and are often matched by the employer (typically to a maximum of 3-5% of earnings).
It is registered with the Canada Revenue Agency and allows employees to save for their retirement on a tax-sheltered basis.
DEFINED BENEFIT PENSION
A Defined Benefit Pension Plan is a pension plan that guarantees employees a specific monthly benefit at retirement.
The amount of the benefit is known to employees in advance and is usually based on factors such as age, earnings and years of service.
The employer is obligated to make contributions necessary to fund the promised benefit.
Under a Defined Contribution Pension Plan, the contributions of employees and employers are invested towards the funding of retirement income.
Typically, the contribution going into the plan is known while the final benefit is not guaranteed. The contribution made by the employer is tax deductible, but they are not a taxable benefit to the employee.
Investment options for this plan are extensive and typically include guaranteed investment funds, Canadian bond funds, Canadian balanced funds, Canadian equity funds, international and/or global equity funds and segregated funds.
DEFERRED PROFIT SHARING PLANS (DPSP’S)
A Deferred Profit Sharing Plan is like a Defined Contribution Pension Plan where the employer distributes a portion of pre-tax profits to selected employees. This pension amount is not known in advance and is determined by the amount of contributions, investment returns and annuity and interest rates at the employee’s retirement.
Unlike the Defined Contribution Plan, employees cannot make contributions and their employers contribution is dependent on company profits. The contribution made by the employer is tax deductible, but they are not a taxable benefit to the employee.
Investment options are like the options under the Defined Contribution Pension Plan and typically include guaranteed investment funds, Canadian bond funds, Canadian balanced funds, Canadian equity funds, international and/or global equity funds and segregated funds.
TAX FREE SAVINGS
A Group Tax Free Savings Account offers employees a tax-free investment option to help grow their savings with no tax on withdrawal’s.
Employees can use it for retirement savings, but also for big expenses like a new vehicle, vacations or home improvements.
There is no requirement for an employer to contribute to the plan, but deductions can be taken from employee payroll.
THE PEAK BENEFIT SOLUTIONS SERVICE
At Peak Benefit Solutions, we work with you to design a customized retirement savings plan that best meets the needs of your individual company.
Following our guiding principles of integrity, communication and results, we work collaboratively with you to develop a plan that best matches the goals of your organization. We know each company is different and our process ensures your plan is tailored to your needs.
We place strong value in communicating with both the employees and the employer to ensure they clearly understand the benefits of their program.
We are available to answer questions and commit to providing you with an unparalleled level of service.
Following an implementation plan led by us, educating and communicating to employees is the core component of the work we do. Through our face-to-face employee orientation sessions to our ongoing commitment to provide you with employee communication tools, we provide you with the tools and service to educate your workforce on your investment.
During the term of your plan, we review with you regularly on plan usage while assessing plan design. We are consistent in our communication to you and ensure you understand usage and renewals while continually assessing the objectives and value of your plan.
We want you to feel confident in your knowledge of the plan and supported if you have any questions.
Our ongoing commitment to you ensures you are provided with continuous support to ensure you and your team are educated on employee benefit plans, updates on taxation and legislation, and access to both human resource and
ongoing communication tools.