Planning For EmployeesRed Line

Retirement and Succession Planning

It pays to think ahead. Your Orr Insurance & Investment Broker can help you build a financial future of your employees and your organization

We know that running a successful business is more than a full-time job. But your Orr Insurance & Investment Broker can lighten that load with an employee savings plan that’s right for your company. And for yourself, a succession strategy for a clear, efficient leadership transition.

Employee Savings and Retirement Plans

Hiring and retaining the right talent for your business or organization has become a real challenge for employers. So offering an attractive savings and retirement group plan is an important part of finding and keeping the right people.

The right plan can help you:

  • Red Tick Icongain a competitive edge in your recruiting
  • Red Tick Iconboost morale by acknowledging the value of employee efforts and their families
  • Red Tick Iconencourage employees to take ownership in their work and their financial futures
  • Red Tick Iconprovide a tax-efficient form of compensation
  • Red Tick Iconretain control over the costs of your group savings plan
  • Red Tick Iconuse long-term investment strategies like dollar-cost averaging to stabilize performance and reduce risk.

Your Orr Insurance & Investment Broker can show you how easy it is to set up a group plan – it can be as simple or comprehensive as you like. And you can manage or hand off as much of the administration as you choose.

Get a No-Obligation Plan Review

If you have an existing employee savings plan, it’s prudent to do the occasional review. We can review your plan with you to see if is keeping up with market changes, with no obligation, and see how we could:

  • Red Tick Iconminimize the costs or paperwork for you and your employees
  • Red Tick Iconensure your investment options are current and relevant
  • Red Tick Iconoffer personal reviews with every employee regardless of contribution level.
If You Don’t Have a Plan in Place

The group benefits and retirement savings market is huge, with a wide array of plans and providers, but your Orr Insurance & Investment Broker is an accredited advisor and financial planner who knows what to look for. Plus, as a registered broker, not company agent, your Orr representative is free to shop the market for the Retirement Savings Plan or pension plan that offers the best balance of cost and benefit for you and your employees. And we’ll be happy to review all the investment options with your employees.

Registered Pension Plan (RPP)

Setting up a Registered Pension Plan makes sense from a few different angles:

  • Red Tick IconControl: You have more control than with a group registered savings plan or deferred profit sharing plan (DPSP) since required contributions and growth must be used for retirement benefits
  • Red Tick IconFlexibility: Although employer contributions are locked in, voluntary member contributions are not
  • Red Tick IconSimplicity: Employer contributions do not attract payroll taxes
  • Red Tick IconSecurity: Members and employers have rights and obligations determined by pension legislation designed to support the interests of both parties
  • Red Tick IconEfficiency: Administration fees paid by the employer are a deductible business expense, not a taxable benefit
  • Red Tick IconAutonomy: Vesting periods are determined by the employer.

Group Registered Retirement Savings Plan (GRRSP)

Depending on how important flexibility and self-determination are to you and your employees, a group RRSP might be the right savings vehicle for your organization:

  • Red Tick Icon The plan may be purely voluntary or include employer contributions
  • Red Tick IconRRSPs are a federal income tax strategy, not subject to provincial pension legislation – your Orr Broker can help you compare the pros and cons
  • Red Tick IconThere are no restrictions on eligibility or timing of employer deposits, although member contributions should be made monthly
  • Red Tick IconEmployer contributions can be random or scheduled, members can also make additional lump sum contributions
  • Red Tick IconThe contributions are not locked in
  • Red Tick IconNo government reporting requirements – the onus is on the employees participating.
No Size Fits All

Because your organization, operations and staff are a unique combination, you need a financial professional who has the expertise and flexibility to find the right plan today for the best results tomorrow. Your Orr Insurance & Investment Broker is uniquely qualified to set up a saving or retirement plan for a secure financial future.

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