Group RRSP and Group Benefits
A Group Registered Retirement Savings Plan (Group RRSP) provides plan members a simple, convenient and disciplined way to save for retirement while deferring income tax on their contributions and savings growth. Employees’ contributions are deducted from their taxable income, reducing the income tax they pay. Income earned within and RRSP (including interest, dividends and capital gains) is not taxed until the money is withdrawn.
Group RRSP’s typically offer lower Investment Management Fees compared to individual savings products. HSI has access to leading fund managers not generally available to individual investors, as well as, a diversified fund line-up.
HSI supplies the necessary documents and helps the organization every step along the way ensuring that both the employer and employee understand the process and investment options while providing timely, relevant, high quality advice. Employees have the option of engaging HSI to also provide personalized financial and retirement planning.
HSI utilizes the following process:
- Reviewing your existing Group RRSP plan for possible improvements and identifies organizational goal and compensation philosophy in order to determine the best available options for the employer
- Design and proposes changes to the existing plan, if needed, or creates a new plan
- Develop a Group RRSP plan governance regimen which complies with industry best practices. All plan governance related material will be provided in an organized, easy to follow binder
- Undertake an extensive comparative analysis with multiple service providers
- Meeting with the Human Resources Department and/or Company Stakeholders to recommend options and undertake implementation
- Ensure the service provider implements the plan according to the needs of your group
- Meeting staff to provide clear explanations of the plan’s features and benefits. Discussing investment choices which allow each employee to develop an investment strategy reflecting his/her unique objectives, risk tolerance and time horizon
- Continuously educating group members on investment and retirement planning issues through informative communication materials such as email, letters, conference calls and seminars
Insurance companies base rates for group benefits on the value of anticipated claims. At renewal, the company compares actual claims with anticipated claims and can adjust rates up or down. So, maintaining reasonable claim patterns is important for rate stability.
To stabilize a company’s claim patterns and rates, HSI consults and collaborates on cost containment strategies to build into your new plan design. Both employer and employee is coached on making them work within their group benefit plan.
HSI utilizes the following process:
- Reviewing your existing plan design for improvement
- Surveying the market, analyzing quotes and recommending options
- Recommending plan changes when necessary
- Presenting and explaining renewal information promptly
- Meeting with the Human Resources Department and/or Company Stakeholders for implementation
- Meeting staff to explain benefits, claim procedures, administration and service
- Servicing and assisting your administration needs when required
- Monitoring claims and usage patterns to help keep premiums at reasonable levels
- Coaching and instructing group members through education and regular assessments on methods to maintain future rate stability
Why HSI for Group Services
- 17 years of experience managing Group Programs
- Professional program advice, placement and servicing
- Cost effective plans that align with Capital Accumulation Plans
- Expertise in meeting company and employee needs and objectives