Group Benefits and Retirement Solutions
Why invest in Employee Benefit Plans?
If you're the kind of business owner who likes to attract and retain top-tier talent for your workforce, we have a solution for you. Group Benefits and Retirement Solutions are an excellent way to differentiate your compensation packages from your competitors. Offering Group Benefits and Retirement Solutions can: boost employee morale and productivity, protect your business and employees in the case of loss, injury or sickness, and provide tax deferred investment products for retirement planning.
Group Benefits policies are customizable and can be designed to fit the needs of your business model. We work with our clients to determine what benefits are most important for the plan members. Some of the more common benefits include Health, Dental and Life insurance, but there are many other benefits that a business can take advantage of if appropriate. Other traditional group insurance options to consider are Long- and Short-Term Disability, Critical Illness, Extended Health, and Comprehensive Dental.
In recent years, various Wellness options including Employee Assistance Programs (EAP) and Health Spending Accounts (HSA) are becoming more popular due to a growing awareness of the potential returns that a healthier workforce can provide.
During consultation and after the plan is in place, we offer direct access to Ryco's team of Advisors and Group Benefits Assistants by phone, email, or fax.
Group Retirement Solutions
Like Group Insurance, there are a number of strategies to consider when it comes to offering Group Retirement Solutions. The most common plans we administer are described below:
A Group Registered Retirement Savings Plan (RRSP) is a tax-deferred savings vehicle that allows contributions to grow (from interest, capital gains and dividends) tax free. Group RRSPs offer more flexibility than traditional pension plans as they are not subject to pension standards legislation.
Most often, there is a matching contributions program where the employer will match between 3-6% of employee contributions
Like a personal RRSP, contributions to the Group RRSP by the employee are deductible from their taxable income, reducing the income tax they pay. However, Group RRSPs offer lower management fees on funds than individual savings products because the investment is pooled with the larger group.
Deferred Profit Sharing Plan
A deferred Profit Sharing Plan (DPSP) is an excellent way to share business success with employees. It is a profit sharing plan where the employer has the option to link contributions to the profitability of the business to share a portion of the profits with the employees.
DPSPs also offer lower management fees on funds than individual savings products.
Group Retirement Pensions Plan
A Group Retirement Pensions Plan (GRRP) is a more traditional Pension Plan that offers tax-deferred contribution accumulation to use as income in retirement. It is designed to retain employees long-term.
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