![[ CAMBRIDGE CHAMBER OF COMMERCE ]](_graphics/chamber_logo.png){kind=logo}
Employers Interested In PRPPs – Pooled Registered Pension Plans
Canadian small- and medium-sized companies that do not offer pension plans are interested in the federal government’s Pooled Registered Pension Plans, says a Canadian Life and Health Insurance Association survey. 800 small- and medium-sized employers responded:
- 68% are interested in the PRPP proposal.
- Strong support for the mandatory provision of workplace pension plans.
- 79% of companies that already offer a pension plan - and 66% of those that do not - believe participation in a pension plan should become mandatory.
- Federal legislation introduced in November 2011 to create PRPPs.
- PRPPs are managed by private sector financial firms, offering Defined Contribution style pension plans to workers.
- While companies are not required to contribute to PRPPS on behalf of their workers, 73% of those polled would look for ways their businesses could contribute.
(From January 17, 2012 article in Benefits and Pension Monitor)
The New Chamber Pension Plan
The Cambridge Chamber of Commerce, in partnership with BGM Financial and Manulife Financial now offers Chamber members a plan in advance of the PRPP being forced into your organization.
The Manulife Group Retirement program offers the following benefits:
- no cost to the employer for administration
- quick and easy online application and administration
- very competitive investment management fees(IMF’s), much lower than banks, and individual plans by as much as 1%
- top quality investment optiions for employees including “No Touch”, “Low Touch” and “High Touch” funds
- first class employee services including retirement planning tools
How do my Employees Benefit?
- Low investment management fees(wholesale vs. retail fees)
- Immediate tax savings on all contributions at source
- Member Reward Program - automatic IMF reductions as your balance increases to certain levels beginning at $25,000
- Steps Retirement Program to help you plan for retirement by taking the member though a process to set goals
- 24/7 information and support by Manulife
Call us at 519-623-7707 or email us at info@bgmfs.com and let’s get started!
Sponsored by:
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Benefit Plan Underwritten by:
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PRPP administered by:
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