archive-ca.com » CA » S » SMALLBIZADVISOR.CA

Total: 446

Choose link from "Titles, links and description words view":

Or switch to "Titles and links view".
  • Government of Ontario announces ORPP enrollment details | Small Biz Advisor
    for Defined Benefit DB plans to be considered comparable they will need to be equal to or exceed the benefits being offered through the ORPP The minimum comparability threshold that earnings based DB plans will need to meet is an annual benefit accrual rate of at least 0 5 Enrollment in the ORPP will be staged in four waves Wave 1 effective Jan 1 2017 Employers with 500 or more employees without registered workplace pension plans Wave 2 effective Jan 1 2018 Employers with 50 to 499 employees without registered workplace pension plans Wave 3 effective Jan 1 2019 Employers with fewer than 50 employees without workplace pension plans Wave 4 effective Jan 1 2020 Employers with a workplace pension plan that s not modified or adjusted to meet the comparability test as well as employees who aren t member of the workplace s comparable plan For Waves 1 3 employer and employee contribution amounts will be phased in starting at 0 8 each in the first year 1 6 each in the second year and 1 9 each in the third year For Wave 4 employer and employee contribution amounts will be 1 9 each The ORPP Administration Corporation

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/government-of-ontario-announces-orpp-enrollment-details-3843?Print (2016-04-26)
    Open archived version from archive


  • How small players can find GRS prospects | Small Biz Advisor
    to bring yourself to the attention of bigger firms Rather than limiting your GRS prospecting efforts to provider relationships network broadly within the industry say both Muneer Feeroze managing partner Canadian Benefits Associates Inc and Pritchard Sometimes you can get leverage off of other brokers and consultants and their experience and contacts says Pritchard If the insurance company doesn t really know who you are but someone can validate your work you have a better opportunity to leverage the available resources Feeroze highlights the importance of cultivating good relationships with the clients you already have A lot of clients go to industry events and they talk he notes Especially HR people If you have a good relationship they ll recommend you Be a problem solver Feeroze also strongly recommends finding out what a prospect s pressure points are and letting them know how you can help Cold calling doesn t help but targeted marketing does he says Find a problem they re having and resolve it It doesn t have to be a retirement issue at first Once you re in you can get more of their business even if it s six months down the line or just an

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/how-small-players-can-find-grs-prospects-3796?Print (2016-04-26)
    Open archived version from archive

  • Leveraging your relationships to identify GRS prospects | Small Biz Advisor
    re an agent or acting as one placing most of your business with just one or two carriers then your preferred carrier s may be a good source of prospects and support But if you re an independent advisor and your goal is to maintain your independence getting GRS leads out of providers will be challenging If you approach a carrier or vice versa and they re recommending a client who is already on their book of business they re going to be interested in retaining the assets says Muneer Feeroze managing partner Canadian Benefits Associates Inc If they know you re likely to take it out to market they re not likely to bring it to you They re likely to send it out to one of their agents where they know they can retain the assets Cultivating partnerships However if you re in a position to think of your provider as a partner rather than a competitor there are several things you can do help your relationship yield more leads and help you provide better service For example you may be able to white label some of the provider s marketing material There s no question that the

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/leveraging-your-relationships-to-identify-grs-prospects-3786?Print (2016-04-26)
    Open archived version from archive



  • When is a good time for review of a group retirement plan? | Small Biz Advisor
    on or a result of any of the following trigger points Growth organizational growth will increase cash flow and assets under administration which will impact the management expense ratios MER Assets if assets have grown more than 25 000 per participant Time typically after 3 4 years the assets have grown enough to warrant a review Acquisition the client has acquired another company When reviewing the retirement program the plan sponsor should start with a review of their current service provider to ensure that their investment management fees IMFs are competitive their technology platform is up to date for easy navigation their service standards are upheld and that the program set up is aligned with the plan sponsor s vision Secondly the plan sponsor will want to look into the investment options available in the plan to see if there are any new options applicable to the plan members An employer who is compliant with the CAP guidelines will also take into account records maintenance and decision making tools for plan members during the review Another key aspect to managing a well functioning group retirement plan includes an annual plan member education session made by either the plan sponsor and

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/when-is-a-good-time-for-review-of-a-group-retirement-plan-3646?Print (2016-04-26)
    Open archived version from archive

  • Conducting an effective group retirement plan review-part 2 | Small Biz Advisor
    aspects of the management communication and adjudication of the plan he says The advent of programs such as the Ontario Retirement Pension Plan ORPP and pooled registered pension plans PRPPs is also making waves We are currently in an open dialogue with our clients and the industry to assist the government in creating the optimal vehicles for people or alternates as the case may be says Pritchard In addition he says the industry has seen the majority of governments across Canada in the pension plan environment move to immediate vesting Previously there was a period where an employee had to serve or participate for a set period in order to obtain a benefit whereas now it s Day One Dollar One says Pritchard From a financial point of view that has impacted companies because they have to budget for it Other considerations Muneer Feeroze managing partner Canadian Benefits Associates Inc emphasizes that plan sponsors should realize they are assuming some risk by setting up a pension plan no matter what kind they choose and advisors should understand the risks and explain them clearly With a CAP plan you re transferring some of the investment risk to the individuals compared with

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/conducting-an-effective-group-retirement-plan-review-part-2-3561?Print (2016-04-26)
    Open archived version from archive

  • Conducting an effective group retirement plan review-part 1 | Small Biz Advisor
    the client s needs Do they genuinely want to help provide a nest egg for employees Are they just trying to offer a competitive benefits package Or is it a way of providing tax deferred compensation The answer to that question should help shape and determine how the plan is set up says Feeroze These are obvious questions to ask a new client but Feeroze points out that corporate philosophies and objectives can change over time as can markets so it s important during a review to ensure the stated objectives are still valid Drew Pritchard senior vice president Reuter Benefits Inc says to measure a program s success you need to review it in the context of its compliance with capital accumulation plan CAP guidelines its appropriateness as an investment platform its overall management cost and how effective its services and communications are particularly at the employee level He says Reuters Benefits uses surveys to find out how well employees understand the program whether or not they find it to be effective and what they like or don t like about it The surveys open up a dialogue that allows you to move forward and make positive changes to make the program effective for both the company and the employees says Pritchard What advisors should know To be effective during a group retirement plan review you need comprehensive knowledge of investments retirement planning and estate planning as a minimum says Pritchard Today s consumer is more and more concerned that they are dealing with experts as opposed to generalists In particular Feeroze says advisors should understand The pros and cons of available plan types The products offered by various carriers and how they differ What fees are being paid in the marketplace especially important in minimizing fiduciary risk Relevant

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/conducting-an-effective-group-retirement-plan-review-part-1-3560?Print (2016-04-26)
    Open archived version from archive

  • Making the most of data analytics | Small Biz Advisor
    such a way that certain options are chosen by default but members must still validate if these options make sense for them and maximize their chances of achieving their goals Analytics can tell you how many members are not taking this action adds Gagliardi At Standard Life plan sponsors have access to over 35 reports on plan administration financial transactions asset breakdowns and governance member activity and engagement This is done through a user friendly web portal that presents each plan sponsor with a customized selection of reports based on their previous requests and preferences For some time the industry has struggled with members not selecting investment instructions While developing these reporting tools Gagliardi and her team could see that the real issue was a low enrolment rate or members not taking full advantage of what their plan offers Many people are leaving money on the table For example their default contribution could have been set to 3 while the plan is allowing for employer matching contribution up to a rate of 5 If they don t review and increase their contribution rate they don t get the full contribution matching from their employer and that s lost money It s important that everyone understands what inaction implies From analysis to action Since analytics are based on current data plan sponsors and their advisors can quickly start looking for solutions More often than not communication is the key Once they identify the wrong behaviours they can launch targeted campaigns If for example plan members in a specific age group didn t review and confirm investment instructions we can use some marketing tools with content that is relevant to that age group The youngest don t necessarily want to hear the same story as the oldest says Gagliardi The advisor along

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/making-the-most-of-data-analytics-3515?Print (2016-04-26)
    Open archived version from archive

  • How to handle pensions if clients quit | Small Biz Advisor
    expects a set payment he may not be willing to take the risk You don t just get the money in a lump sum It has to be used to fund your retirement says Perry Quinton of the Investor Education Fund On the defined benefit side that s a big deal because you re now going to be making the investment decisions If he plans to continue working another option is to transfer the value into another pension plan which would allow him to consolidate and not lose the benefits that come with being in a pension plan long term A defined contribution plan can also be transferred to an insurance company in the form of a deferred annuity which would provide an income for life There are several individual considerations that come into play Quinton says including age lifestyle and benefit expectations after retirement This requires taking stock of personal debt levels including mortgage payments that could continue into retirement as well as whether he plans to continue working on a part time basis The health of the pension plan itself should also be taken into account especially given how many companies have faced pension solvency issues over the last few years If there s a likelihood that the company itself might declare bankruptcy transferring your money out now might be a better option says Dave Ablett director of tax and estate planning at Investors Group Moving the money may also help his family after he dies Under most plans the surviving spouse will receive a survivor benefit when the plan member dies but the payments stop with the death of the surviving spouse If the money is transferred into a life income fund there will likely still be money leftover to be paid into the estate even upon

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/how-to-handle-pensions-if-clients-quit-2931 (2016-04-26)
    Open archived version from archive



  •