There are a number of different benefits we can add to your group plan. These benefits can be tailored and designed for your needs. The benefits may include:
Dependant Group Life:
Short and Long Term Disability
This is income replacement whilst off work due to accident or injury. There are various level of income replacement (i.e., 60%, 66%, 85%, graded formula). Different benefit periods (pay for 5 years, 10 years, to age 65). There are different definitions of disability. (any occupation, 2 year own occupation, 5 year own occupation, 10 year own occupation, own occupation to age 65). One can also include a number of options:
A Payroll Deduction Registered Retirement Savings Plan (GRRSP) can be an important component of your total employee benefits package. It's an ideal, low-cost way to encourage your employees to prepare for eventual retirement.
A Payroll Deduction RRSP is simply a collection of individual RRSPs, where routine administration is centralized and members benefit from convenience and other advantages of regular monthly or bi-weekly payroll deductions.
There are basically two types of Registered Pension Plans:
The Money Purchase RPP is by far the simpler, more flexible plan. The Defined Benefit plan, while providing the employee with a guaranteed amount of retirement income, can be complex and expensive. The Money Purchase concept is therefore more popular today, particularly with small to medium size businesses. An important advantage is that the employer can easily control and forecast the cost of the program, which is always a fixed percentage of payroll. Total plan expenses are typically about 5% of the covered payroll, but can start lower if necessary.
The unique features and tax treatment of the plan made an MP-RPP one of the most highly-appreciated benefits an employer can provide. It is an effective way to attract and keep well-trained, motivated employees. An RPP can also be used in conjunction with a Payroll Deduction RRSP or Deferred Profit Sharing Plan.