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  • When is a good time for review of a group retirement plan? | Small Biz Advisor
    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 or the

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/when-is-a-good-time-for-review-of-a-group-retirement-plan-3646 (2016-04-26)
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  • Conducting an effective group retirement plan review-part 2 | Small Biz Advisor
    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 a defined

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/conducting-an-effective-group-retirement-plan-review-part-2-3561 (2016-04-26)
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  • Conducting an effective group retirement plan review-part 1 | Small Biz Advisor
    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 regulations

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/conducting-an-effective-group-retirement-plan-review-part-1-3560 (2016-04-26)
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  • Making the most of data analytics | Small Biz Advisor
    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 with

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/making-the-most-of-data-analytics-3515 (2016-04-26)
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  • Group Retirement | Small Biz Advisor - Part 3
    company to develop and support a group retirement plan You ve Breaking News BY Bill Zolis GBA February 27 2014 Maintaining a sustainable benefits plan can involve some tough decisions As health care costs continue Canadians concerned about financial security BY Staff February 20 2014 While Canadian workers feel their financial situation has improved in the last two years half Near retirees don t know much about pensions BY BenefitsCanada com Staff February 19 2014 Canadians nearing retirement are confident they have enough money to live the retirement lifestyle they Many Canadians retiring earlier than planned BY Advisor ca Staff February 18 2014 While 80 of Canadians nearing retirement believe they ll choose when they leave their careers in Two group retirement trends for 2014 BY Heather Ebbs February 17 2014 Although no huge changes are anticipated in group retirement services for 2014 advisors and employers Most Canadians scrambling to make RRSP deadline BY Staff February 13 2014 With the March RRSP contribution deadline quickly approaching most Canadians are pinched to contribute to Sun Life turns retirement planning into a game BY BenefitsCanada com Staff February 10 2014 Sun Life Financial has launched a new online program that incorporates a

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/page/3 (2016-04-26)
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  • Group Retirement | Small Biz Advisor - Part 4
    home BY Barbara Feldman January 27 2014 The cost of long term care can represent a significant expense for many Canadians which is Group retirement plans for small biz What to look for BY Patti Ryan January 15 2014 According to an Environics Research Group survey conducted for Standard Life in 2012 two thirds of Target practice BY Ian Markham and Dylan Moser for Benefits Canada January 13 2014 For sponsors concerned about the affordability and sustainability of DB plans a target benefit plan Prognosis positive for pensions equity investments BY Brooke Smith for Benefits Canada January 10 2014 Last year was a dream come true for pension funds and 2014 may be another Is your small biz client ready to offer a retirement plan BY Patti Ryan January 6 2014 A pension plan can be a valuable tool for a small business looking to attract Ontarians forgo retirement savings to pay off debt BY Staff January 6 2014 A survey released by Ontario credit union Meridian shows 40 of Ontarians have put saving Top 12 small biz stories of 2013 BY Staff December 23 2013 The new EP3 pooling arrangement the rise of Gen Y employees in the workplace

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/page/4 (2016-04-26)
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  • Group Retirement | Small Biz Advisor - Part 5
    for small biz Part 2 BY Barbara Feldman December 12 2013 Succession planning for small businesses particularly those that are family run can be a complicated Pension assets grew in 2012 BY BenefitsCanada com Staff December 10 2013 Statistics Canada reports that pension wealth advanced to nearly 2 6 trillion by the end of Succession planning for small biz Part 1 BY Barbara Feldman December 9 2013 Succession planning developing a plan to transition out of the day to day operations of your business identifying Industrial Alliance launches VRSP BY Staff December 4 2013 As of July 1 2014 Industrial Alliance will offer the voluntary retirement savings plan VRSP in Reforming Canada s pension system BY Craig Sebastiano for benefitscanada com December 3 2013 Expanding the Canada Pension Plan CPP will help address the continuing decline of workplace pensions Technology and benefits Get engaged BY Andrew Wright December 3 2013 Technology is changing the group benefits industry In Technology and benefits Education engagement and efficiency Pension funds concerned over proxy voting BY BenefitsCanada com Staff November 15 2013 Seven of Canada s largest pension funds are concerned that there may be systemic issues that 4 in 10 don t choose

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/page/5 (2016-04-26)
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  • Group Retirement | Small Biz Advisor - Part 6
    Employee communications Targeting your audience BY Liz Brown October 14 2013 When it comes to developing a strategy for getting information to employees about their group Canada enters Age of the Unretired Global study BY Staff September 18 2013 One in five Canadians expects to never retire shows a new global study by HSBC Public sector should adopt DC plans Report BY BenefitsCanada com Staff September 17 2013 The DB pension plans received by most of Canada s public servants are draining the finances Mercer calls for target benefit pension plans BY BenefitsCanada com Staff September 13 2013 At a time when more employers are finding it difficult to fund DB plans and Canadians not saving enough survey BY Staff September 11 2013 The Canadian Payroll Association CPA has released its annual national employee survey and the results DC plans continue to struggle Towers Watson BY Staff September 11 2013 Towers Watson s latest DC Retirement Index shows only a slight increase in monthly pension for Manulife first in Canada to administer federal PRPPs BY BenefitsCanada com Staff September 6 2013 Manulife Financial is the first Canadian company to be issued a licence to administer federal Canadian pension system outshines

    Original URL path: http://www.smallbizadvisor.ca/group-retirement/page/6 (2016-04-26)
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