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A Group RRSP is a valuable addition to an employee benefits program. It gives you, the employer, an opportunity to supplement an existing pension plan or offer an alternative to the traditional pension plan. In addition to helping you attract and retain employees, you make it easier for your employees to save for their retirement.
Keep reading to find out...
• Why you should consider a Group RRSP for your organization
• Services available to your employees
A registered retirement savings plan is a tax-deferred retirement savings vehicle employers offer employees. The employee and employer contributions invested in the plan provide an income for the employee in retirement. While each employee has an individual RRSP account, as a member of a group plan, the employee is able to take advantage of a group’s buying power and receive improved services and support.
In Canada, Group RRSPs are becoming a popular investment alternative to defined benefit and defined contribution retirement savings plans. For employers, a Group RRSP offers the following benefits:
Flexibility
One of the more attractive features of a Group RRSP is the flexibility it offers the employer. You determine the contribution formula - the amount an employee and an employer invest in the plan for each payroll period - that best suits your organization. With fewer administration and legislation requirements than a registered pension plan, a Group RRSP allows you the ability to offer your employees a retirement savings plan without the structure and control associated with pension plans.
Affordable
While there is a one-time $500 set-up fee, there are no subsequent annual administration fees for this Group RRSP. In addition, you are not required to fund the plan, unlike pension plans governed by pension legislation.
Administer with ease
With less administration requirements than a pension plan, a Group RRSP means more of your time goes towards what you do best. Once you have completed your initial set-up, the majority of the administration is completed for you.
Convenience
From making contributions to accessing toll-free customer support to providing enrolment material, the services offered through the employer-sponsored Group RRSP provide you with all the information and tools you need to quickly and easily administer your plan.
By joining this Group RRSP, your employees can take advantage of the following:
Lower than retail IMFs
Working with Manulife Financial, CBAF negotiated lower investment management fees than those available to individual investors.
Access to institutional funds and fund managers
These investments are typically not available to most individual investors.
Leading brand-name fund managers
Invest in Canada’s leading fund managers at better than retail IMFs.
Exclusive to CBAF! The CBAF member loyalty program
As your account balance grows, you will benefit from even lower IMFs through the CBAF member reward program. This program reduces the IMF CBA members and non-members pay to invest their money in the plan. For account balances between $50,000 and $499,999, the IMF is reduced by 0.15% and for account balances of $500,000 or greater, the IMF is reduced by 0.25%.
Invest with confidence
Manulife Financial’s exclusive Investment Watch program incorporates a best practices approach to selecting fund managers and then ensures the fund managers adhere to their investment mandates over time.
Contributing made easy
Employees contribute to the plan through payroll deductions. Inter-fund transfers, lump-sum contributions and transfers from other plans, including locked-in funds, can be easily completed online. Your employees can also contribute to this RRSP on behalf of their spouses.
Immediate tax savings
Group RRSP contributions made through payroll deductions create a tax savings on each participating employee’s pay cheque. In addition, an employee’s contributions to a Group RRSP are tax deductible. Their investments continue to grow on a tax-sheltered basis until withdrawn as retirement income.
Services and support
From education and enrolment packages to toll-free telephone and secure Internet access, your employees have access to a complete range of services and support to assist them in developing and monitoring their personal retirement plan.
Answers to your plan inquiries
Contact a Manulife Client Service Representative for questions about your Group RRSP at 1-866-743-9222,
Monday – Friday, 8 a.m. – 8 p.m. or send an e-mail to barfinancial@manulife.com.
Enrolment and education tools
To ensure your employees have the information and tools required to get started or learn more about retirement savings, you’ll receive enrolment packages. Once your employees have joined the plan, they can access their account information online at their convenience.
Financial reporting
On a quarterly basis, you receive comprehensive financial reporting with detailed plan-level information
Contribution submission
You can submit your contributions quickly and easily through the plan sponsor secure website www.manulife.ca/GRO.
Here is a preview of the great services your employees will receive when they invest in this Group RRSP:
Retirement planning tools
Comprehensive retirement planning tools provide your employees with the information they need to develop their personal retirement savings plan. The following tools can be found in the enrolment package your employees receive or online at www.manulife.ca/GRO:
• Retirement planning calculator,
• Investor strategy worksheet, and
• Fund information.
Secure access to account information
• Your employees can monitor and manage their plans 24 hours a day, 7 days a week at
www.manulife.ca/GRO.
• Call toll-free 1-866-743-9222. An interactive voice response (IVR) telephone system enables your employees to obtain current information about investments.
Answers to your account questions
Call the dedicated toll-free retirement savings Customer Service Centre at 1-866-743-9222, Monday – Friday, 8 a.m. – 8 p.m. EST or send an e-mail to barfinancial@manulife.com.
Member statements
Easy-to-read member statements that enable your employees to review their investments and assess their savings goal.
At retirement
If an employee is ready to retire and wants to turn their retirement savings into an income, Manulife's Group Retirement Income Plan offers the easiest, most convenient option for turning savings into an income and your employee will continue to enjoy many of the benefits and services they received through your company-sponsored plan.
To meet your diverse investment needs, we offer a broad range of investments that diversify by fund manager, investor style, volatility and asset class.
Exclusive to CBAF
When a CBA member's or non-member's account balance is between $50,000 and $499,999, the IMF is reduced by 0.15%. For account balances of $500,000 or greater, the IMF is reduced by 0.25%. Another unique advantage of the CBAF retirement savings plan!
