Group Retirement & Savings Plan
If you have a business, group retirement and savings plans can play a key role in helping you attract and retain quality employees. We have access to a wide variety of group retirement and savings plans. These plans include:
- Group registered retirement savings plans
- Deferred profit sharing plans
- Defined contribution pension plans
- Non-registered savings programs
- Group TFSA
- Individual pension plans for executives
Each benefit program is unique and customized to the needs of your business and employees. Some of the components of a group plan could include:
- Life insurance for employees and dependents
- Accidental death and serious illness
- Critical illness
- Short and long-term disability
- Extended healthcare
- Drug benefits and catastrophic drug coverage
- Vision care and eyeglasses
- Out-of-country emergency
- Expat and foreign workers coverage
- Dental coverage
- Healthcare spending accounts
Employees are less likely to leave an employer with a good benefit plan in place and more likely to retire from employment at the right time with a group retirement plan in place.
We take a managed approach to group benefits plans.
At GEM Financial Group, we use a managed approach to group benefit plans. Whereas the traditional role of a group benefits carrier is claims adjudication, we take an active approach to minimize the risk associated with rising costs, runaway claims, tax inefficiency, and hidden liabilities. For example:
- Through proper disability management, the duration of a disability claim can be 30% shorter.
Source: Disability Management Institute (DMI 2009)
- A well-designed employee wellness plan can reduce drug costs and other health care costs by over 12%.
Source: GroupHealth Global business block saw 0 increases in pooled benefits over a 3 year period whereas average group insurance block saw increases of 12% per year average (GHG statistics 2010)
- A good fraud prevention strategy can reduce claims by 8%.
Source: Canadian Life and Health Insurance Association (CLHIA 2009.)
These are just a few examples of how a managed approach to group benefit plans can help keep costs in check while enhancing the welfare and morale of your employees.