July 30, 2018
Considerations of an Employee Pension Plan
What to Consider About a Company Pension Plan
It's not too soon to start getting details about company pension plans. This is a big, long term commitment which will take lots of thought and planning. Allowing good discussion and planning will help insure future ease of administration, clarity of understanding, and enthusiastic participation by all involved.
Why are you considering an employee pension plan?
Attract new qualified employees.
Reward employees for the continued success of the business.
Retain a trained and talented workforce.
How would a pension plan be structured?
Monthly deposits would be made by both the Company and Employees.
Deposits would be put into varied investment funds as chosen by individual employees.
Can also be set up as Tax Free Savings Accounts or Group RRSP's.
Annual reviews and changes can be made.
Minimal fund and/or administration costs.
On line investment monitoring for all to review.
What about employee participation?
Participation is optional for employees but recommended.
Participation is encouraged because of the company contribution portion.
Company participation is mandatory.
How much would a pension plan cost?
The amount of the monthly contributions is decided by the company. The monthly administration costs are as low as $0.00 per month.
The monthly "fund admin fee" depends on the fund selected.
Fund fees are competitive, depending on the carrier.
Have The Benefit Guys join your team. We'll tell you what your options are in setting up a company pension plan. We'll help you choose the right one.
The Benefit Guys offer affordable, meaningful options. Whether you already have a benefits plan or are considering implementing your first one, give John or Jordan a call for a personal, confidential discussion. We have access to the best plans and the best advice available today.
"No matter how many employees you have - it's perfect. And it starts with one!"
Our Best Practices Annual Review is available for download. You need to reduce your benefits liability exposure. The content in this document will help you.
Get your preliminary questions answered immediately.