Employee Retirement

Employee Retirement Plans

Consulting and Brokerage Services

At Benefex, we have a long history of building ideal retirement plans for businesses, and supporting them by advising employees on their retirement strategies. The goal of implementing an employee retirement plan is to grant your employees access to a plan that is far better than they could obtain as an individual. One of the ways in which we achieve this is to work with a wide variety of financial institutions to offer plans containing funds from all leading fund management companies. Another way is to negotiate with each financial institution to ensure that your investment management fees are lower than certain set benchmarks. Lastly, we support your plan by offering on-demand investing advice to employees. By helping your employees maximize returns and minimize undesired risks, we will maximize the positive outcomes and minimize the administrative challenges of your group retirement offering.

We help to develop a plan that suits the needs of each of our clients:

Which retirement plan type is preferential?

Which financial institution will best meet the needs of the employer and its employees?

Which investment funds should be made available to employees?

What is the ideal employee communication strategy?

Products We Offer

Defined Benefit Pension Plan (DBPP)

Locked-In retirement plans where an employee’s retirement compensation is a known and pre-determined amount. The retirement benefit is a set amount and employer contributions may fluctuate to achieve the target. Such plans come with powerful peace of mind for employees and make it easy to plan for retirement.

 

Defined Contribution Pension Plan (DCPP)

Locked-in retirement plans where an employee’s retirement compensation is a function of their contributions and investment choices. Employer contributions are set and the retirement benefit will depend on market performance. Such plans are often easier to fund than Defined Benefit Plans.

 

Deferred Profit Sharing Plan (DPSP)

A plan whereby the amounts an employer contributes to the retirement of their employees in any given period is directly dependent on company profits.
Group Registered Retirement Savings Plan (RRSP) with and without Employer Contributions

Flexible plans where the employer and employee often have freedom to choose contributions and investment selection and the resulting retirement benefit will depend on market performance. Like any of the above plans, contributions are tax deductible and investments grow on a tax-deferred basis. Withdrawals are taxed as income.

 

Tax Free Savings Accounts

Flexible plans with versatile contributions and market dependent retirement benefits, except that contributions are made after tax, grow on a tax-deferred basis, and withdrawals are not taxable.

Capital Accumulation Plan (CAP) Guidelines

Most retirement programs, excluding Defined Benefit Pension plans, are considered Capital Accumulation Plans. These plans are attractive for employers since they do not have to commit to the promise of a specific amount for retired employees (retirement benefit is dependent on contributions, investment choice, and market performance). However, employers still have liability in the way that an employee’s retirement benefit will be somewhat dependent on the resources available within the program offered by the employer. All employers need to take measures to ensure that they are not held accountable should an employee choose poorly performing investments. CAP Guidelines help employers to reduce their liability through proper governance of their retirement program. Benefex Consulting Inc. will be the professional firm that helps your business to ensure compliance with CAP Guidelines.

Investment Advice for Employees

Individuals should have a clear idea of potential returns, and how setbacks can impact their retirement plans. We help employees to establish their retirement dreams and create an investment portfolio that suits their own unique risk profile. This is achieved by helping them understand their own personal feelings towards investment risk and how that will affect their everyday lives.

Benefex will develop corporate communication strategies, including materials covering such topics as:

– The need for retirement asset accumulation
– The basis for “how much is enough?”
– The types of investment instruments available
– The determination of individual risk profiles
– Introductory skills for personal portfolio development

Benefex Consulting will offer custom tailored investment advice to employees via formal group presentations, one-on-one physical meetings, telephone, or e-mail.