A total compensation package to attract key talent is not only limited to salary. Next to salary and health benefits, having a good retirement program is one of the best ways for you to attract and retain employees.
Our process will help you find out if your current retirement program are on track or need adjustment to meet your business objectives.
Discovery Meeting
- Review your current situation
- Discover your company’s objectives that reflects both employer and employee needs.
- Determine if the intention of offering a retirement program is to help employments prepare for retirement or is a way to attract and keep employees.
Conduct a Needs Assessment
- Based on your objectives and the needs and wants of your employees, we conduct a needs analysis to determine the best retirement program.
- If you have an existing retirement program, we will review your existing plan and determine if it’s still suitable for your business and meets your employee’s needs.
- Determine your budget, it’s important to determine the cost-efficiency of a retirement program.
Gather Data
- Gather employee data
- Identify the type of plan you would like to offer.
- Determine your budget and figure out if the plan will be mandatory, non-contributory or contributory.
Analysis and Present Plan Design
- Once we have the needs assessment and data, we will analyze both and design a retirement program that meets your company’s objectives.
- This process can be complex since there are many factors to take into consideration including ensuring proper documentation is in place and filed with regulators.
- We will present this plan to you and discuss next steps.
Implementation and Communication to Employees
- Once we’ve implemented the retirement program we need to ensure that it’s communicated to your employees.
- Our communication strategy will include education for your human resources team, record keeper and payroll team.
- For employees, we will provide a education sessions about the specifics of the retirement program.
Regular review
- The retirement program should be regularly reviewed to ensure that it’s updated as necessary based on regulatory changes.
