EMPLOYEE RETIREMENT PLANS
There are many challenges facing individuals preparing for retirement. Government social programs provide only for the basic necessities of life. Employer-sponsored Group Retirement Plans can help employees to achieve a comfortable financial future.
The Blevins Insurance Group provides comprehensive Consulting Services on Employee Retirement Plans that includes plan design and oversight, investments, compliance and documentation, risk management, service provider selection, plan terminations, and conversions. We work with our clients in a collaborative environment to create a cost effective plan that meets the specific needs of the company. Employee Retirement Plans may include:
- Defined Contribution Pension Plans
- Defined Benefit Pension Plans
- Group Retirement Savings Plans
- Deferred Profit Sharing Plans
- Registered Retirement Savings Plans (RRSP)
- Tax Free Savings Accounts (TFSA)
- Employee Savings Programs
- Stock Option Plans
- Retirement Compensation Arrangements
- Individual Pension Plans
- Independent Financial Planning
- Long Term Incentive Plans (LTIP)
We offer Capital Accumulation Plan Guideline Documentation and Advice, assisting employers to meet their fiduciary and legislative responsibilities such as adherence to the Capital Accumulation Guidelines (CAP). A CAP is a tax assisted investment or savings plan such as a Defined Contribution Registered Pension Plan, a Group Registered Retirement Savings Plan, a Registered Education Savings Plan, or a Deferred Profit Sharing Plan, that allows the plan members of the CAP to make investment decisions among two or more options offered within the plan.
The CAP sponsor is responsible for
- setting up the plan
- providing investment information and decision-making tools to CAP members
- introducing the plan to members
- providing on-going communication to members
- maintaining the plan, and ensuring that the termination of the plan or the membership of an individual within the plan is done in accordance with the terms of the CAP
The Blevins Team provides Legislative and Competitive Market Based Environmental Scanning to provide insight into the issues, trends, and new legislation emerging in the employee benefits market. The scan analyzes the group retirement plan environment to ensure that all plans meet up to date requirements and both current and future drivers and inhibitors that could impact the group retirement plan.
There are many Retirement Income Options:
Registered Retirement Income Funds (RRIF) are tax-deferral vehicles available to RRSP holders where the funds are tax-sheltered until they are withdrawn and income tax must be paid on the withdrawal. There are minimum withdrawals that need to be met annually, but no maximums. The money in a RRIF is not a guaranteed income. It is subject to market fluctuations.
Life Income Funds (LIF) are personal retirement income plans that are purchased with a locked-in RRSP, but they are not available in all provinces. There are minimum and maximum withdrawal allowances every year and when the plan owner reaches 80 years of age, the money in the LIF must be converted into a life annuity.
Locked-in Retirement Income Funds (LRIF) are retirement income vehicles that are purchased with a registered pension plan or a locked-in retirement account, but they are not available in all provinces. The maximum payments are based on investment returns, not age or current interest rates and there is no requirement to purchase an annuity at 80 years of age.
Prescribed Retirement Funds (PRIF) are retirement income vehicles that are only available to individuals with an existing Saskatchewan retirement income plan. There is a minimum amount that must be withdrawn each year but there are no maximums.
Annuities are contracts usually sold by life insurance companies that guarantee an income for a set period of time to the beneficiary or annuitant at some time in the future.
Contact the Blevins Team for more information.
