{"id":1931,"date":"2024-05-26T16:13:06","date_gmt":"2024-05-26T20:13:06","guid":{"rendered":"https:\/\/johnstonesbenefits.com\/clients\/ila\/?p=1931"},"modified":"2024-04-26T16:13:17","modified_gmt":"2024-04-26T20:13:17","slug":"group-plans-for-retirement-and-savings","status":"publish","type":"post","link":"https:\/\/johnstonesbenefits.com\/clients\/ila\/group-plans-for-retirement-and-savings\/","title":{"rendered":"Group Plans for Retirement and Savings"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_heading-2d9bbcf79d50a3601923aa8844f713a6\">\n#top .av-special-heading.av-av_heading-2d9bbcf79d50a3601923aa8844f713a6{\npadding-bottom:10px;\nfont-size:4vw;\n}\nbody .av-special-heading.av-av_heading-2d9bbcf79d50a3601923aa8844f713a6 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-av_heading-2d9bbcf79d50a3601923aa8844f713a6 .av-special-heading-tag{\nfont-size:4vw;\n}\n.av-special-heading.av-av_heading-2d9bbcf79d50a3601923aa8844f713a6 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-av_heading-2d9bbcf79d50a3601923aa8844f713a6 av-special-heading-h2 blockquote modern-quote  avia-builder-el-0  el_before_av_hr  avia-builder-el-first  av-inherit-size'><h2 class='av-special-heading-tag'  itemprop=\"headline\"  >The Journal<\/h2><div class='av-subheading av-subheading_below'><p>Solid Group Plans Made Simple<\/p>\n<\/div><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n<div  class='hr av-av_hr-f04ef840c2b66cff6c43fead44ee8d66 hr-default  avia-builder-el-1  el_after_av_heading  el_before_av_heading '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lvh3ztlh-486ec86f78eb4d8fdee2ad57f0b9a522\">\n#top .av-special-heading.av-lvh3ztlh-486ec86f78eb4d8fdee2ad57f0b9a522{\npadding-bottom:10px;\ncolor:#c4a106;\nfont-size:3vw;\n}\nbody .av-special-heading.av-lvh3ztlh-486ec86f78eb4d8fdee2ad57f0b9a522 .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n#top #wrap_all .av-special-heading.av-lvh3ztlh-486ec86f78eb4d8fdee2ad57f0b9a522 .av-special-heading-tag{\nfont-size:3vw;\n}\n.av-special-heading.av-lvh3ztlh-486ec86f78eb4d8fdee2ad57f0b9a522 .special-heading-inner-border{\nborder-color:#c4a106;\n}\n.av-special-heading.av-lvh3ztlh-486ec86f78eb4d8fdee2ad57f0b9a522 .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-lvh3ztlh-486ec86f78eb4d8fdee2ad57f0b9a522 av-special-heading-h2 custom-color-heading blockquote modern-quote  avia-builder-el-2  el_after_av_hr  el_before_av_hr  av-inherit-size'><h2 class='av-special-heading-tag'  itemprop=\"headline\"  >Group Plans for Retirement and Savings<\/h2><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-8ddc7023771561a08c2d1878cbb01bdc\">\n#top .hr.hr-invisible.av-av_hr-8ddc7023771561a08c2d1878cbb01bdc{\nheight:30px;\n}\n<\/style>\n<div  class='hr av-av_hr-8ddc7023771561a08c2d1878cbb01bdc hr-invisible  avia-builder-el-3  el_after_av_heading  el_before_av_one_full '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_one_full-7688609b370c0fc22d37f41de2668996\">\n.flex_column.av-av_one_full-7688609b370c0fc22d37f41de2668996{\nborder-radius:0px 0px 0px 0px;\n-webkit-border-radius:0px 0px 0px 0px;\n-moz-border-radius:0px 0px 0px 0px;\n}\n<\/style>\n<div class='flex_column av-av_one_full-7688609b370c0fc22d37f41de2668996 av_one_full  avia-builder-el-4  el_after_av_hr  avia-builder-el-last  first flex_column_div av-zero-column-padding '   ><section  class='av_textblock_section av-lvh40lwv-a58d896bb5fd383113683ac5fd507d6c'  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p><a href=\"https:\/\/johnstonesbenefits.com\/clients\/ila\/wp-content\/uploads\/2024\/04\/2024_05-Retirement-and-Savings-Plans.pdf\" target=\"_blank\" rel=\"noopener\">Click here to download pdf<\/a><\/p>\n<p>For employers who want to attract the \u201cright\u201d employees, and then keep (or retain) the \u201cright\u201d employees, the \u201cright\u201d design of their organization\u2019s total compensation package is critical! Not just salary and wages, total compensation includes other components such as bonus structure, benefit plans, vacation and holidays, perquisites, as well as retirement and savings plans. There are a number of such plan options available in the group insurance market, including Group RRSPs, Group TFSAs and pension plans.<\/p>\n<p>At Johnstone\u2019s Benefits, we help employers determine what retirement or savings plan would best align to your organization, based on employee demographics, turnover rates, your industry comparators, to name just a few considerations.<\/p>\n<p><strong>Group RRSPs<\/strong><\/p>\n<p>A Group RRSP is a common employer-sponsored retirement savings plan provided to specific classes or divisions of employees, typically on an optional basis. Typical advantages over individual RRSPs include:<\/p>\n<ul>\n<li>Lower management expense ratios (MERs) \u2013 these result in higher net rates of return.<\/li>\n<li>Fees \u2013 employers absorb the set up fees; employees typically are not charged any fees to change investment options or close their account.<\/li>\n<li>Contributions are flexible \u2013 in group plans, there is typically no minimum contributions, employees can contribute lump sums \u2013 which is a great option to reduce tax upon receipt of a bonus or overtime pay \u2013 and employees can usually change their amount of contribution at any time.<\/li>\n<\/ul>\n<p><strong>Group RRSPs (continued)<\/strong><\/p>\n<ul>\n<li>Contributions by employer \u2013 the amount of matching contribution, typically as a percentage of salary, is key as part of the total compensation strategy.<\/li>\n<li>Professional services \u2013 quality services and professional messaging, regardless of the investment amount.<\/li>\n<li>Payroll deductions \u2013 it\u2019s tax effective for employees to make regular contributions, and is a simple strategy in reducing market risk.<\/li>\n<li>Professional services \u2013 quality services and professional messaging, regardless of the investment amount.<\/li>\n<\/ul>\n<p><strong>Group TFSAs<\/strong><\/p>\n<p>If an employer is looking to provide an additional or alternate opportunity for retirement savings, a Group Tax Free Savings Account (TFSA) may be the perfect answer! By setting up a Group TFSA, the employees get many of the same benefits as a Group RRSP, such as group purchasing power, lower MERs, and a range of quality investment products.<\/p>\n<p>One of the primary differences between RRSPs and TFSAs is the tax treatment. Employees get tax relief in the tax year of their contribution to an RRSP. With a TFSA, employees don\u2019t pay taxes on money they withdraw. A Group TFSA is geared for retirement savings, but can be withdrawn at any time without loss of contribution room in future years. As well, TFSA funds are not considered income, therefore they do not affect government retirement benefits like Old Age Security.<\/p>\n<p><strong>Pension Plans<\/strong><\/p>\n<p>Defined Benefit (DB) or Defined Contribution (DC) pension plans are often a part of the organization\u2019s total compensation arrangements for large, unionized, and\/or specific industry employers. But they can often be seen as too expensive for smaller, or not-for-profit companies, who opt instead for Group RRSPs or TFSAs.<\/p>\n<p>However, a less expensive option for owners or senior managers may be an Individual Pension Plan (IPP). IPPs allow the use of pre-tax corporate income and transfers of personal RRSP funds to help catch up with retirement savings.<\/p>\n<\/div><\/section><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1931","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Group Plans for Retirement and Savings - Johnstone&#039;s Benefits<\/title>\r\n<meta name=\"description\" content=\"Johnstone&#039;s Benefits provides simple employee insurance benefit programs for large and small business.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/johnstonesbenefits.com\/clients\/ila\/group-plans-for-retirement-and-savings\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Group Plans for Retirement and Savings - Johnstone&#039;s Benefits\" \/>\r\n<meta property=\"og:description\" content=\"Johnstone&#039;s Benefits provides simple employee insurance benefit programs for large and small business.\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/johnstonesbenefits.com\/clients\/ila\/group-plans-for-retirement-and-savings\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Johnstone&#039;s Benefits\" \/>\r\n<meta property=\"article:published_time\" content=\"2024-05-26T20:13:06+00:00\" \/>\r\n<meta name=\"author\" content=\"jbadmin\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"jbadmin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/group-plans-for-retirement-and-savings\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/group-plans-for-retirement-and-savings\\\/\"},\"author\":{\"name\":\"jbadmin\",\"@id\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/#\\\/schema\\\/person\\\/45a025705ee9a07b947eac0dc3435375\"},\"headline\":\"Group Plans for Retirement and Savings\",\"datePublished\":\"2024-05-26T20:13:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/group-plans-for-retirement-and-savings\\\/\"},\"wordCount\":947,\"commentCount\":0,\"articleSection\":[\"News\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/group-plans-for-retirement-and-savings\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/group-plans-for-retirement-and-savings\\\/\",\"url\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/group-plans-for-retirement-and-savings\\\/\",\"name\":\"Group Plans for Retirement and Savings - Johnstone&#039;s Benefits\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/#website\"},\"datePublished\":\"2024-05-26T20:13:06+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/#\\\/schema\\\/person\\\/45a025705ee9a07b947eac0dc3435375\"},\"description\":\"Johnstone's Benefits provides simple employee insurance benefit programs for large and small business.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/group-plans-for-retirement-and-savings\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/group-plans-for-retirement-and-savings\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/group-plans-for-retirement-and-savings\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Group Plans for Retirement and Savings\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/#website\",\"url\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/\",\"name\":\"Johnstone&#039;s Benefits\",\"description\":\"Just another WordPress site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/#\\\/schema\\\/person\\\/45a025705ee9a07b947eac0dc3435375\",\"name\":\"jbadmin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/85eb82c1796a0e07ac3402c4698b788b9bfb9ad1b74ab08f3d0d801c3dd37f65?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/85eb82c1796a0e07ac3402c4698b788b9bfb9ad1b74ab08f3d0d801c3dd37f65?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/85eb82c1796a0e07ac3402c4698b788b9bfb9ad1b74ab08f3d0d801c3dd37f65?s=96&d=mm&r=g\",\"caption\":\"jbadmin\"},\"sameAs\":[\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\"],\"url\":\"https:\\\/\\\/johnstonesbenefits.com\\\/clients\\\/ila\\\/author\\\/jbadmin\\\/\"}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Group Plans for Retirement and Savings - Johnstone&#039;s Benefits","description":"Johnstone's Benefits provides simple employee insurance benefit programs for large and small business.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/johnstonesbenefits.com\/clients\/ila\/group-plans-for-retirement-and-savings\/","og_locale":"en_US","og_type":"article","og_title":"Group Plans for Retirement and Savings - Johnstone&#039;s Benefits","og_description":"Johnstone's Benefits provides simple employee insurance benefit programs for large and small business.","og_url":"https:\/\/johnstonesbenefits.com\/clients\/ila\/group-plans-for-retirement-and-savings\/","og_site_name":"Johnstone&#039;s Benefits","article_published_time":"2024-05-26T20:13:06+00:00","author":"jbadmin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"jbadmin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/johnstonesbenefits.com\/clients\/ila\/group-plans-for-retirement-and-savings\/#article","isPartOf":{"@id":"https:\/\/johnstonesbenefits.com\/clients\/ila\/group-plans-for-retirement-and-savings\/"},"author":{"name":"jbadmin","@id":"https:\/\/johnstonesbenefits.com\/clients\/ila\/#\/schema\/person\/45a025705ee9a07b947eac0dc3435375"},"headline":"Group Plans for Retirement and Savings","datePublished":"2024-05-26T20:13:06+00:00","mainEntityOfPage":{"@id":"https:\/\/johnstonesbenefits.com\/clients\/ila\/group-plans-for-retirement-and-savings\/"},"wordCount":947,"commentCount":0,"articleSection":["News"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/johnstonesbenefits.com\/clients\/ila\/group-plans-for-retirement-and-savings\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/johnstonesbenefits.com\/clients\/ila\/group-plans-for-retirement-and-savings\/","url":"https:\/\/johnstonesbenefits.com\/clients\/ila\/group-plans-for-retirement-and-savings\/","name":"Group Plans for Retirement and Savings - Johnstone&#039;s Benefits","isPartOf":{"@id":"https:\/\/johnstonesbenefits.com\/clients\/ila\/#website"},"datePublished":"2024-05-26T20:13:06+00:00","author":{"@id":"https:\/\/johnstonesbenefits.com\/clients\/ila\/#\/schema\/person\/45a025705ee9a07b947eac0dc3435375"},"description":"Johnstone's Benefits provides simple employee insurance benefit programs for large and small business.","breadcrumb":{"@id":"https:\/\/johnstonesbenefits.com\/clients\/ila\/group-plans-for-retirement-and-savings\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/johnstonesbenefits.com\/clients\/ila\/group-plans-for-retirement-and-savings\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/johnstonesbenefits.com\/clients\/ila\/group-plans-for-retirement-and-savings\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/johnstonesbenefits.com\/clients\/ila\/"},{"@type":"ListItem","position":2,"name":"Group Plans for Retirement and Savings"}]},{"@type":"WebSite","@id":"https:\/\/johnstonesbenefits.com\/clients\/ila\/#website","url":"https:\/\/johnstonesbenefits.com\/clients\/ila\/","name":"Johnstone&#039;s Benefits","description":"Just another WordPress site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/johnstonesbenefits.com\/clients\/ila\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":"Person","@id":"https:\/\/johnstonesbenefits.com\/clients\/ila\/#\/schema\/person\/45a025705ee9a07b947eac0dc3435375","name":"jbadmin","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/secure.gravatar.com\/avatar\/85eb82c1796a0e07ac3402c4698b788b9bfb9ad1b74ab08f3d0d801c3dd37f65?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/85eb82c1796a0e07ac3402c4698b788b9bfb9ad1b74ab08f3d0d801c3dd37f65?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/85eb82c1796a0e07ac3402c4698b788b9bfb9ad1b74ab08f3d0d801c3dd37f65?s=96&d=mm&r=g","caption":"jbadmin"},"sameAs":["https:\/\/johnstonesbenefits.com\/clients\/ila"],"url":"https:\/\/johnstonesbenefits.com\/clients\/ila\/author\/jbadmin\/"}]}},"_links":{"self":[{"href":"https:\/\/johnstonesbenefits.com\/clients\/ila\/wp-json\/wp\/v2\/posts\/1931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/johnstonesbenefits.com\/clients\/ila\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/johnstonesbenefits.com\/clients\/ila\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/johnstonesbenefits.com\/clients\/ila\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/johnstonesbenefits.com\/clients\/ila\/wp-json\/wp\/v2\/comments?post=1931"}],"version-history":[{"count":1,"href":"https:\/\/johnstonesbenefits.com\/clients\/ila\/wp-json\/wp\/v2\/posts\/1931\/revisions"}],"predecessor-version":[{"id":1933,"href":"https:\/\/johnstonesbenefits.com\/clients\/ila\/wp-json\/wp\/v2\/posts\/1931\/revisions\/1933"}],"wp:attachment":[{"href":"https:\/\/johnstonesbenefits.com\/clients\/ila\/wp-json\/wp\/v2\/media?parent=1931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/johnstonesbenefits.com\/clients\/ila\/wp-json\/wp\/v2\/categories?post=1931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/johnstonesbenefits.com\/clients\/ila\/wp-json\/wp\/v2\/tags?post=1931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}