Group Retirement
Group retirement plans, also known as group Registered Retirement Savings Plans (RRSPs), are retirement savings plans that are sponsored by an employer. They are designed to help employees save for retirement by allowing them to contribute a portion of their income to the plan on a regular basis. Employers may also choose to contribute to the plan on behalf of their employees.
Group retirement plans can have a positive impact on RRSPs in Canada by making it easier for employees to save for retirement. By automatically deducting contributions from employees’ paychecks and offering the plan through their employer, employees may be more likely to participate in a retirement savings plan and save more for retirement. Employers can also offer to match employee contributions which can encourage employees to save more.
It is important to note that group retirement plans have different rules and regulations compared to individual RRSPs. For example, group RRSPs may have different contribution limits, withdrawal rules and penalties. Additionally, employees may not have the same level of control over their investments as they would with an individual RRSP.
It’s recommended that employees should consult with their employer, a financial advisor or tax professional to understand the specific rules and regulations of their group RRSP and how it can work together with their individual RRSP.
Why Financial Wellness Pays Off for Employers
When employees are financially well, employers reap the rewards of a healthier, more productive...
Group Retirement Plan That Will Benefit You
If you're part of a company or organization like an association, or group who is looking for ways...
Benefits of Group Retirement Plan
A group retirement plan promises tax-free income. There are two main types of retirement plans,...
What to Look for When Hiring Group Retirement Planning Services?
Retirement planning is the process of figuring out how you want your retirement to look and feel....
Benefits Alliance Group- 2019 Summary of Government Benefits
A group benefits plan, and/or retirement savings plan, can be integrated with benefits paid by...
Ontario to Raise Payroll Exemption on Employer Health Tax | Benefits Canada
Ontario’s smallest companies will be saving on their employer health tax come Jan. 1, 2019. The...