FAQ / Resources

What are the benefits to providing employees a Group Retirement Savings Program?

I already have a Group Retirement Saving Plan in place, is there a benefit to review the current policy?

Can the employees withdraw money from their Group Retirement Savings Plan?

What happens if an employee leaves the company?

How do I know what type of Retirement Plan to set up?

 

What are the benefits to providing employees a Group Retirement Savings Program?

  • You will become a more attractive employer and gain an advantage when recruiting new employees and helps retain current employees
  • You will build morale and enthusiasm among employees by showing concern for their life after work
  • Group Savings are a benefit in which you, the business owner, control the costs
  • You will help provide greater financial security for your employees and their families
  • You will provide employees with a tax-efficient form of compensation
  • Your employees will generally pay lower investment management fees than they would pay if they were investing on their own.

 

I already have a Group Retirement Saving Plan in place, is there a benefit to review the current policy?

Yes, there are a number of advantages to reviewing your current retirement savings option. Orr Insurance & Investment representatives can review your current policy at no obligation to you to minimize costs to you and your employees.  We can ensure that your investment options are current and relevant to today’s current market place. We will offer personal reviews with every employee regardless of contribution level, to ensure the investment choices are suitable for their current financial position. We will also sit with the employee to make sure that their current financial plan is going in the right direction and will advise any questions they have.

 

Can the employees withdraw money from their Group Retirement Savings Plan?

The business owner can control the withdraw restrictions on the group retirement plan.  We set up the plan according to the business owner’s desire, for example we can limit all the funds within the employees’ account or the employees can have access to a portion of the funds. The business owner has the ability to set up the plan as they seem fit for their employees.

 

What happens if an employee leaves the company?

If an employee leaves the company, they will receive a package which will outline all the options that are available to them. They can typically cash out the investments (tax consequences may be applicable), transfer the investments to another holder, or keep the investments where they are. The employee can also contact an Orr Insurance & Investment representative at 519.271.4340 and we will go throw the steps for the employee.

 

How do I know what type of Retirement Plan to set up?

  • At Orr Insurance & Investment we will shop for the retirement plan that best suits your organization
  • We can help you choose whether a Group Retirement Saving Plan or a Pension is the right choice
  • We will sit and review all the investment options with your employees to make sure they are aware of the details within the plan and to ensure their investment is suitable for their financial situation.