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Small and medium-sized companies often feel unable to match the sophisticated benefit plans offered by large organizations. As a business owner, you should consider adding a group registered retirement savings plan (“GRRSP”) as an employee benefit. GRRSPs will help both businesses and employees set aside money for the future.
Reasons organization should have a Group Retirement Savings Plan*
- Increased Productivity*
When plan members spend less company time attending to their personal financial matters, plan sponsors can expect less absenteeism.
*Source: Pensions and Benefits Monitor – April 1999
- Reduced Turnover*
56% of individuals surveyed said they would be reluctant to leave employers who have a Group RRSP plan and other benefits.
*Source: The Benefits Canada survey on Capital Accumulation Plan Members Nov. 2006
- Incentive To Attract And Retain Employees *
Having a group plan can help employers retain existing employees and attract new, qualified candidates because it differentiates them from competitors.
*Source: Advisor’s Edge, April 2004
A Group RRSP is simply an effective way to bundle retirement plans belonging to several individuals with a common employer who are making contributions by way of at-source payroll deductions.
Group plans offer an effective way to save.
A Group RRSP is an affordable and flexible alternative to assist your employees with their retirement if it is not feasible to implement a traditional pension plan, and it does not burden the employer with large financial or legal commitments.
Financial Planners are here to help recommend solutions. To learn more, please contact a Financial Planner today.
Strategies that involve the use of insurance and related products and services are offered by licensed representatives operating through our Affiliate company, Burgeonvest Insurance Corporation.
“Reasons organizations should have a Group RRSP” courtesy of Mackenzie Financial.