Group Savings and Retirement Plans

Group Savings and Retirement Plans

Matching the right type of savings/retirement plans based on the company’s specific needs and objectives.

1 IDENTIFY YOUR PLAN
2 REVIEW YOUR FEES
3 STUDY DEMOGRAPHICS
4 EXPLORE FUNDS
5 PREPARE EMPLOYEES
IDENTIFY YOUR PLAN

Identify your company’s goals and objectives and offer the appropriate group retirement solution:

  • Voluntary Retirement Savings Plan (VRSP)
  • Group Registered Retirement Savings Plan (RRSP)
  • Deferred Profit Sharing Plan (DPSP)
  • Defined Contribution Pension Plan (DCPP)
  • Group Tax-Free Savings Account (TFSA)
  • Individual Pension Plan
REVIEW YOUR FEES

Review your funds on a fee to performance basis. Management fees differ from one plan to another. The size of the plan and its annual cash flow are the two major factors that affect the fees on a plan.

STUDY DEMOGRAPHICS

Match the proposed fund line up to the plan demographics.

EXPLORE FUNDS

Target Date vs Asset Allocation vs Specialty funds.

Target date funds are generally the preferred management method for minimizing risks when managing retirement plans. Target date funds rebalance automatically when the employee is nearing retirement.

PREPARE EMPLOYEES

HR specialists are not permitted to offer investment advice. The advice of a specialist is key to successful retirement planning. MGC advisors are equipped to offer personalized investment advice to your employees to help them achieve their retirement goals. We will review:

  • Your fund lineup
  • The default fund to ensure its suitability
  • The funds that are on the “watch list” to make sure they are still suitable
  • Members who have not selected a beneficiary

Voluntary Retirement Savings Plan (VRSP)

Designed specifically for small-medium sized businesses with no group savings in place.

Group Registered Retirement Savings Plan (RRSP)

An employer sets up an RRSP in which employees can contribute through payroll deductions.

Deferred Profit Sharing Plan (DPSP)

An employer-sponsored profit sharing plan. This type of plan is often combined with a group RRSP.

Defined Contribution Pension Plan (DCPP)

Plan in which employer and employee contribute a set amount on an annual basis.

Individual Pension Plan

A type of defined-benefit pension plan designed for business owners and executives.

Group Tax-Free Savings Account (TFSA)

Plan in which contributions are not tax deductible and investment income isn’t taxed.

Employee-focused Presentations

The presentations we offer with the help of different professionals such as notaries, mortgage brokers etc.

INVESTMENT PLANNING

Importance of diversification

RETIREMENT PLANNING

Are you prepared for your retirement?

INSURANCE STRATEGIES

Example: Life insurance vs. mortgage insurance

ESTATE PLANNING

Notarial presentation on importance of wills and mandates

HOME BUYERS PLAN (HBP)

How your employees can optimize their HBP to purchase their first home

REGISTERED EDUCATIONS SAVINGS PLAN (RESP)

How employees can maximize grants from the government for the education of their children

MORTGAGE RATES

Fixed interest rates vs. variable interest rates in rising rate environment

DEREGISTERING ASSETS

RRSP/RRIF meltdown strategies