Traditional Approaches
With traditional approaches, you have access to a larger selection of investments funds to choose from and you can build your portfolio accordingly.
Established plans with a large number of employees and assets in the plan can also benefit from reduced investment fees and a higher level of service.
You have access to Professional Active Management with options of various different funds and portfolio managers.
Benefits of New Platforms
Enterprises with less than 500 employees are underserved and overcharged – with high fees, this means that there are lower returns for plan members. That’s where modern group retirement plans come into play, as a tech-forward and simplified solution.
These tech-forward solutions utilize passive investment strategy using index-tracking ETF’s, which means you will have the lowest fees available even for smaller groups. Portfolios are chosen for the employee based on a 5-minute online questionnaire to determine their specific investment objectives, time horizon, and risk tolerance to cater and customize it to their goals and needs.
You can have Group RRSP, TFSA, DPSP (Deferred Profit-Sharing Plan), and DCCP (Defined Contribution Pension Plan) all on the same platform, which makes it a convenient one-stop shop for all things group retirement. Time-consuming and costly pension plans with strict governance and reporting is a thing of the past, and our services will ensure ease of access and swift user experience.
ReFrame Extra Services
Products We Offer
Group Registered Retirement Savings Plan (RRSP)
- a tax-assisted arrangement, usually sponsored by an employer, to help employees save for retirement
- Employer and employee contributions are tax-deductible to the employee
- Termination Options: cash (subject to tax withholding) or transfer to an RPP, an RRSP, or an RRIF
- 2021 Contribution Limit 18% of previous years earnings to a maximum of $27,830
Group Tax Free Savings Account
- Withdrawals during employment allowed at any time
- Not tax deductible for the employee, investment earnings are tax exempt.
- Contributions deducted from pay after income tax
- Termination option Take as cash or transfer to another TFSA tax free
- 2021 contribution limit $6,000
Group Deferred Profit-Sharing Plan
- No payroll taxes on contributions
- Withdrawals are not permitted before vested but Plan rules may elect not to permit withdrawals while employed.
- Termination Options take as cash (subject to tax withholding) or transfer to an RPP, an RRSP, the DPSP of a new employer or a RRIF
- 2021 Contribution limit 18% of current years earnings to a maximum of $14,605
Group Defined Contribution Pension Plan AKA Multi-Employer Pension Plan
- No payroll taxes on contributions
- Withdrawals are not permitted while employed but may be allowed for voluntary contributions, as per plan rules
- Termination Options to transfer to another pension plan, a LIRA, a LIF or purchase a deferred life annuity (if the plan allows and if the employee is at least 50 years of age)
- 2021 Contribution limit 18% of current years earnings to a maximum of $29,210
MEPP vs. RRSP
Multi-Employer DC Pension Plans (MEPP)
In true pension plans, all contributions are locked in until retirement and are designed to provide a retirement income.
Features & Benefits of a modern tech-forward DC Pension Plan solution:
- Significant savings of time and cost compared to traditional Pension Plans
- Employer contributions not subject to payroll tax
- Employee contributions tax deductible for the employee
- Pension assets protected from creditors
- A strategy to attract top talent
- A workplace pension may reduce employee financial stress
- A reward for long serving employees
- Workplace pensions promote retirement readiness
- A workplace pension creates a culture of caring
Group Registered Retirement Savings Plans (Group RRSP)
Regular employer-sponsored retirement savings plans offer:
- Employer not required to contribute
- Employer can structure to achieve specific goals
- Pre-tax contributions through payroll deduction
- Contributions may lower marginal tax rate
- Spousal RRSPs permitted
But our RRSP offers
- Simplified online enrollment
- Plan administration
- Member education and communication
- Tailored member portfolios
- Fee transparency
Group Deferred Profit Sharing Plan (DPSP)
DPSPs are tax-assisted arrangements, sponsored by an employer, and are great ways to motivate and engage your workforce and reward their contribution to your company’s bottom line. This plan allows for profit sharing through a registered savings plan and complements group RRSPs well. Employee contributions are locked in until fully vested or the employee retires, and will therefore not attract a payroll tax and helps you save costs.
How We Work
CONSULT
Understanding your business and your vision for its future enables us to effectively evaluate your current benefits offering. We conduct relevant market analysis and research, observing trends and emerging best practices to ensure we find the right fit for your company.
TAILOR
By combining our research, experience and key insights into your business, we are able to design a group benefits solution that supports your culture, strategic objectives and drives employee engagement. You then have complete freedom to further customize any aspect of the plan.
IMPLEMENT
When implementing changes to people-based programs, it’s easy to overlook change readiness, which can have adverse impacts despite best intentions. We guarantee implementation is supported through communication and understanding that respects all stakeholders and groups.
SUPPORT
We deliver on our client promises. Our ongoing partnership with you allows us to identify critical success factors and create a quality assurance and service program that supports your specific needs.
