Help your employees prepare for retirement
Productive employees are key to the success of your business. Employees that are financially unprepared are 16% less likely to say they are productive on the job. Those reporting high stress levels reported the state of their finances were partially or entirely to blame.
We’ve got a solution for you.
A group retirement savings plan (GRSP) for small business is a simple way for employers to offer their employees a way to save money for retirement. Employees benefit from low fees and immediate tax savings through payroll deductions. Employers benefits from employee productivity, job satisfaction, retention and the ability to attract the best talent.
A GRSP is designed to encourage employees to save at work by contributing through payroll deductions. Both the employer and the employee may contribute depending on the rules of the plan. All contributions (from both employees and employers) are tax-deductible to the employee – and all investment earnings are tax-sheltered. Like an individual RRSP, employees can decide how your money is invested.
GRSP is not just for big business. We can help you set up a plan with a minimum of just two employees and annual contributions of at least $10,000. Totally do-able! Best of all, GRSPs are easy to administer and track with online tools and support. As well, when combined with a Deferred Profit Sharing Program (DPSP), an employer may also save money on payroll taxes.
How will your employees benefit?
- Investment Management Fees on contributions are typically lower than what individual employees can get on their own.
- Employees experience immediate tax savings when their contributions are made through payroll deduction. Bonus!
- Online tools help employees gain a better understanding of their retirement goals, manage their account, and watch their savings grow.
Contact us to start building employee loyalty and engagement with a GRSP. Everyone deserves to retire.