GROUP RETIREMENT FAQ

Group Retirement FAQ

Group
Retirement FAQ

Group Retirement FAQ
General Group Retirement Questions

What is the implementation process when I sign up for a Group Retirement Plan with BF Partners?
Signing up for a group retirement plan is easy. There is a master application that is signed by the employer which lays out the details of the plan design selected. Once that is received there are enrolment packages with applications for all employees that are joining the plan, it usually takes a few weeks to get those packages. The employees joining will be asked how much they want to contribute (usually a % of pay), what investment(s) they want to have their contributions go into, and who they would like as their beneficiary. Once all the employee applications are received (it can be done by paper or online) it is just a matter of figuring out which payroll run it makes sense to start the first contribution with.

Is there a minimum size to start up a Group Retirement Plan?
Yes, 2 employees and minimum annual contributions of $10,000.

Do I have to offer the plan to all employees?
No, you can offer the plan to a “class” of employees such as managers, or non-union employees only.

What are the tax implications for an employer and employee contributing to a Group Retirement Plan?
Contributions made by the employer are tax deductible to the business, and can be structured so they are not a taxable benefit to the employee. Employee contributions are tax deductible for the employee.

Who provides help to our employees in explaining the plan to them and helping them choose their investments?
BFP is available initially and on-going with members to explain the plan to them, help them choose appropriate investments, and with general financial planning questions.

What are the costs to an employer for a Group Retirement Plan?
he costs to the employer are just their contributions they are making. All of the costs to run the plan are paid by the members of the plan through the investment management fees they pay.

What is the administration required for a Group Retirement Plan?
Once a plan is set up the administration required is minimal. The administrator will have to add new employees and terminate accounts for those that are leaving. There is very little Government reporting required.

What are the risks to an employer for sponsoring a Group Retirement Plan?
The risks to an employer are very small if the employer follows common sense Capital Accumulation Plan Guidelines that BFP assists with. Most of the guidelines revolve around making sure the members of the plan have on-going communication on the plan and investment information.
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Take advantage of group retirement opportunities

Take advantage of employee benefit opportunities

Or call 1-866-442-2587 Monday - Friday 9am to 6pm
Group Retirement FAQ
General Group Retirement Questions

What is the implementation process when I sign up for a Group Retirement Plan with BF Partners?
Signing up for a group retirement plan is easy. There is a master application that is signed by the employer which lays out the details of the plan design selected. Once that is received there are enrolment packages with applications for all employees that are joining the plan, it usually takes a few weeks to get those packages. The employees joining will be asked how much they want to contribute (usually a % of pay), what investment(s) they want to have their contributions go into, and who they would like as their beneficiary. Once all the employee applications are received (it can be done by paper or online) it is just a matter of figuring out which payroll run it makes sense to start the first contribution with. 

Is there a minimum size to start up a Group Retirement Plan?
Yes, 2 employees and minimum annual contributions of $10,000.

Do I have to offer the plan to all my employees?
No, you can offer the plan to a “class” of employees such as managers, or non-union employees only.

What are the tax implications for an employer and employee contributing to a Group Retirement Plan?
Contributions made by the employer are tax deductible to the business, and can be structured so they are not a taxable benefit to the employee. Employee contributions are tax deductible for the employee.

Who provides help to our employees in explaining the plan to them and helping them choose their investments?
BFP is available initially and on-going with members to explain the plan to them, help them choose appropriate investments, and with general financial planning questions.

What are the costs to an employer for a Group Retirement Plan?
The costs to the employer are just their contributions they are making. All of the costs to run the plan are paid by the members of the plan through the investment management fees they pay.

What is the administration required for a Group Retirement Plan?
Once a plan is set up the administration required is minimal. The administrator will have to add new employees and terminate accounts for those that are leaving. There is very little Government reporting required.

What are the risks to an employer for sponsoring a Group Retirement Plan?
The risks to an employer are very small if the employer follows common sense Capital Accumulation Plan Guidelines that BFP assists with. Most of the guidelines revolve around making sure the members of the plan have on-going communication on the plan and investment information.
Start Your Free Quote Today
Take advantage of group retirement opportunities

Take advantage of employee benefit opportunities

Or call 1-866-442-2587 Monday - Friday 9am to 6pm
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Filling out this form will give you a good start on learning the best rates and plans available
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Benefits and Pensions Blogs
Our Client's Say
“Bajus Financial provides Haney Builders Supplies with a group benefit plan with our best interests in mind. Mark Bajus and his team tailored our plan focusing on our budget with low cost options while ensuring we take advantage of new plan options that would provide additional peace of mind to our employees. Our group benefits plan has attracted and retained valuable employees to aid in the success of our business. This approach to service is why I highly recommend the Bajus Financial team for your benefits plan.”
Karl Peters
Controller, Haney Builders Supplies
“Mark spent a great deal of time working out a custom benefit plan solution for us, and it has worked out great. Staff really appreciate that as a small business, we have committed to them with a great benefit plan that’s highly affordable."
Louis Ramos
President, Ramos Holdings Ltd
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