The best solutions align with your organization’s values so understanding your company, culture, and objectives is paramount. We design, implement, and manage retirement and savings plans tailored to the needs of your team.
Montridge will work with you to provide a variety of communications to your employees so that they understand the nature of the plan, its importance to their overall financial health, and how to make suitable investment choices.
Financial wellness goes beyond just having a savings plan in place. Montridge provides value-added education to help your people understand the basics of financial planning, investing, and preparing for retirement.
Benefit plans play a key role in protecting the financial health of your people. A well-structured plan will have many layers which are customized to suit the goals and objectives of your firm and to protect and enhance the health and wellness of your employees.
Employers often focus on retirement plans to the exclusion of other types of savings. However, the needs of your diverse workforce vary. Although everyone eventually retires, many people have other shorter term needs that can best be addressed through complimentary savings options.
The three core employer sponsored retirement plans are Pension, Deferred Profit Sharing Plan (DPSP) and Group RRSP. Each of these plans have slightly different tax rules and reporting requirements. Which plan or plans are most suitable to your organization depends upon your firm’s objectives and the demographics of your group.
Our advisors work with you to understand the purpose of the plan and the nature of your firm. Once we have collectively decided upon a plan structure, we will help to identify the appropriate annual budget, determine which carrier is the best fit for your organization, implement the plan, and provide regular ongoing employee education and formalized annual reporting to the management team.
For many employees, immediate or short term needs such as debt repayment, saving for a home, or sending a child to post-secondary education seem far more important than planning for retirement. To help your people meet more of their goals and reduce their stress, it is often beneficial to implement complementary savings plans such as Tax-Free Savings Accounts (TFSA), Registered Education Savings Plans (RESP), and general savings accounts for emergencies or travel.
These additional plans are usually available as purely voluntary, complimentary companions to the retirement plan but can be integrated into the core offering when it makes sense to do so.
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Protecting the financial health of your business and your employees when serious illness or death occurs is critical to the health and wellbeing of your company and its people.