As a follow up to our previous article on Group Benefits, we wanted to dive into the wonderful world of group retirement benefit plans. Any quality benefits package will include a comprehensive retirement plan as well, however many business owners in British Columbia, Alberta and Saskatchewan still do not have a decent group retirement option.
To start, here is a list of the most common objections to offering a group retirement benefit plan:
Cost – Everything in this world comes down to price and retirement plans are no different. If an inappropriate plan is chosen it can be very expensive to implement. However, low-cost plans that benefit the employee and employer are available to the experienced consultants at DENT Benefits.
Time – With everything involved in the day-to-day operations of your business, who has time to set group retirement benefit plans? Getting set up can be easier than you think, especially if you are using an expert that has experience setting up plans for many industries across Canada.
Employee Education – Employees will have questions that you or your HR department may not be able to answer. Especially when it comes to investments that affect their retirement, you are not qualified to give financial investment advice and should not be placed in that position. A properly set up plan can reduce many of these questions and properly educate your employees on the options available.
Many studies have shown that group retirement benefit packages improve employee attraction and retention. This is common knowledge to most business owners, but there are a couple of obstacles that prevent the implementation of such a valuable addition to your compensation package. If a retirement plan was easy to implement and could have a direct impact on your bottom line, would you consider it as part of a comprehensive benefits package?
We strongly recommend you speak to one of our group retirement experts to discuss a flexible retirement package that fits your business, is cost effective and easy to implement.
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.