Aurora Workplace Solutions is based in Saskatchewan and continues to grow and adjust to changing “skies.” We are knowledgeable and up-to-date with the latest industry changes and forecasts. The Aurora Workplace Solutions team is passionate about helping organizations and their employees. Each month, Collin explores a different aspect of group benefits. This series is to help business owners and HR professionals make informed decisions about their employee benefits programs. This month, for Collins Corner, he is sharing his expertise on Group Retirement Plans.

Have You Ever Considered A Group Retirement Plan For Your Business?

Welcome to another edition of Collins Corner, where I bring insights into group benefits and how they can help your business thrive. This month, we’re diving into a topic gaining momentum among businesses of all sizes—Group Retirement Plans. This is a must-read if you’re a local business owner in Saskatoon!

What is a Group Retirement Plan?

A Group Retirement Plan is an employer-sponsored program designed to help employees save for their future while providing significant benefits to the company. These plans typically include options such as Group RRSPs (Registered Retirement Savings Plans), Defined Contribution Pension Plans, and Deferred Profit Sharing Plans.

Why Should Local Businesses Offer a Group Retirement Plan?

Whether you run a small business with just a few employees or a larger company, adding a Group Retirement Plan to your benefits package is a strategic move that offers win-win advantages for both employers and employees. Here’s why:

Attract and Retain Top Talent

In today’s competitive job market, salary alone isn’t enough to secure the best employees. Job seekers are increasingly looking at benefits beyond health and dental coverage. Offering a Group Retirement Plan demonstrates a commitment to your employees’ long-term financial well-being, making your company more attractive to skilled professionals.

Boost Employee Loyalty and Productivity

Employees who feel financially secure are more engaged, less stressed, and more productive at work. When workers see their employer investing in their future, it fosters loyalty and job satisfaction, reducing turnover and hiring costs.

Tax Advantages for Employers

Contributions made to a Group Retirement Plan are often tax-deductible for employers. In some cases, employer contributions may also be exempt from payroll taxes, providing cost-saving opportunities while offering meaningful support to your team.

Cost-Effective for Small Businesses

Many small business owners assume that retirement plans are only for large corporations, but that’s not true! There are flexible and affordable options that can be tailored to the size and budget of any business, allowing even small teams to enjoy the benefits of a structured retirement savings plan.

Encourages Financial Wellness Among Employees

Financial stress is a major concern for many Canadians. By offering a Group Retirement Plan, businesses empower employees to take control of their future, building long-term financial security and reducing money-related anxieties.

What Are Your Options?

There are different types of plans to suit various business needs.

Some standard options include:

Group RRSPs – Employees contribute through payroll deductions, often with employer-matching contributions.
Deferred Profit Sharing Plans (DPSPs) – Contributions are tied to company profitability, giving employees an extra incentive to contribute to company success.
Defined Contribution Pension Plans – Employers and employees contribute set amounts, which are invested for retirement growth.

How to Get Started

Setting up a Group Retirement Plan is easier than you might think. Aurora Workplace Solutions works with businesses in Saskatoon and beyond to design customized plans that align with your company’s goals and budget. We handle the details, ensuring a seamless implementation and ongoing support for employers and employees.

Final Thoughts on GRSPs

Group Retirement Plans aren’t just a ‘nice-to-have’—they’re quickly becoming essential to any competitive employee benefits package. If you want to enhance your business’s appeal, improve employee retention, and provide financial security to your team, now is the perfect time to explore your options.

Stay tuned for next month’s edition of Collins Corner—I’ll continue to bring you expert insights into employee benefits and workplace solutions that help businesses in Saskatoon and across Saskatchewan thrive!

Interested in learning more? Contact our office, and we can direct you to the best person to assist you.

–Collin Willms

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Collin Willms

Group Benefits Expert, Aurora Workplace Solutions

More about Collin

Collin Willms is a seasoned expert in group benefits and retirement solutions, specializing in helping business owners and their employees build comprehensive plans that attract and retain top talent. With over 20 years of experience managing employee benefits and group retirement programs for organizations ranging from self-employed individuals to companies with over 500 employees; Collin has earned a reputation for delivering tailored solutions with precision and care.

Holding a Professional Financial Planning (PFP) designation, Collin is known for his thorough, informative, and approachable style. As a business owner, he understands organizations’ challenges and takes pride in crafting strategies that meet their unique needs.