TK Wealth Management is pleased to provide all our Group Pension clients with a Group Pension proposal for the company’s Group Pension program. This Group Pension proposal speaks to our ability to design a customized Group Pension plan to meet the objectives of the company and provide the highest level of service that our Group Pension clients expect from TK Wealth Management.
TK Wealth Management’s Services Offered To the Employer
Explanation and Recommendation of Available Group Pension Options
- What type of Group Pension Plan best suits the company (ie. Group RRSP alone, Group RRSP and Deferred Profit Sharing Plan (DPSP) combination, Pooled Registered Retirement Plans (PRPP) or Defined Contribution Pension Plan).
Group Pension Plan Design
- Suggest and assist in construction of the Group Pension Plan design including features such as eligibility, waiting period, vesting period, matching contribution levels, wellness incentive, general withdrawals, Home Buyers Plan, etc.
- Production of employee booklet which is also used as the basis for the registration of the DPSP with CRA.
- Recommendation of a suitable Group Pension service provider.
- Recommendation of investment options within the Group Pension Plan.
- Option to add group TFSA.
- TK Wealth Management licensed advisors fully assigned to the Group Pension Plan (one bilingual) to assist the plan administrator and answer questions that may arise at any time.
- Copies of all Group Pension account applications for employee files.
- Assistance in completing initial Group Pension contribution report (if required).
TK Wealth Management – Non Proprietary Products
- TK Wealth Management has the ability to shop for the Group Pension service provider that best matches the client’s requirements and needs, translating into lower management fees.
TK Wealth Management’s Services Offered To the Employee
One on One Attention to Employees
- One on one Group Pension Plan enrolment process with one of our advisors assigned to the Group Pension Plan, providing suitable, reasonable and prudent investment recommendations/advice, based on an employee’s assessed risk and objectives (time required: 30 – 45 minutes).
- Each Group Pension Plan employee has continued direct access to his/her assigned TK Wealth Management advisor.
- Ongoing investment counselling and account reviews completed on a schedule indicated by the Group Pension Plan employee.
- Periodic rebalancing of portfolio or changing of investment mix when necessary (ie. lifestyle change).
- Advice and assistance on how to invest any lump sum contributions or savings outside of group plan such as RESPs and TFSAs.
- Certified Management Account (CMA) on staff for tax advice.
- Assistance in winding up the group RRSP and DPSP upon an employee’s termination.
- Determine the employee’s retirement goals and collect data to complete a personal financial plan that provides a financial roadmap of how to retire comfortably..
- Periodic review of financial plan to ensure projected targets are being met and make changes as required.
Life Insurance Audits
- Review the types and uses of life insurance.
- Determine appropriate amount of coverage for employee and family members.
Onsite Financial Seminars
- Concerning financial topics of interest to the employees (examples of past seminars: tax treatment of stock options, risks/rewards of leveraged investments, how to use a TFSA in conjunction with an RRSP, topping up RRSP vs paying down mortgage).
- Invitations to offsite financial seminars have been conducted with special guests.
Preferred Service Providers
- mortgage brokers
- home and car insurance
- lawyers (estate planning, wills and real estate)
Tax Return Completion for Ontario Employees (extra Cost)
- 15% discount for group employees and immediate family members