Insured (fully pooled, modified pooled and retention based)
Self-Insured (Administrative Services Only [ASO], Health Care Spending Accounts [HSA's] and Cost Plus Arrangements)
Group Retirement & Pension Plans
Defined Benefit Pension Plan
A monthly retirement income is specified up front (based on a formula set out in the plan). It is up to the employer to contribute enough to the plan to ensure that sufficient funds are available in the future. How much an employer must contribute will vary based on the changing market value of their investments. Thus, the investment risk is on the employer. The funds for all pension plan members are pooled into one investment plan and controlled by a plan administrator. The income that a retiree will receive is based on the set formula, usually dependent on years of service and income, for example, the average of their last five years' earnings.
Defined Contribution Pension Plan
An employer specifies how much will be contributed to the plan on a regular basis. Investment of the funds is generally directed by the employees from a selection of investment options available within the plan. The amount a retiree will receive will vary based on the amount contributed and the performance of the invested funds over time. The Defined Contribution puts all the investment risk on the employee.
A Group RRSP is a collection of individual RRSPs where an employer assists employees by handling their contributions through regular payroll deductions on a pre-tax basis. A Group RRSP may cut your taxes instantly at source and give you that money as extra take-home pay to spend or save as you see fit. A Group RRSP is designed to shelter taxes on any gains made until retirement, at which point the member is usually at a lower marginal tax bracket.
Critical Illness Insurance
Critical illness insurance is designed to help financially support patients who are ill. Critical Illness Insurance provides financial support before, during and after treatment by supplying a lump-sum benefit when a critical illness is diagnosed.
Life insurance is a type of insurance providing for payment of a sum of money to a named beneficiary upon the death of the policyholder or to the policyholder if still living after reaching a specified age.
Accidental Death and Dismemberment Insurance, (also known as AD&D) is a form of insurance covering death or specific types of injury as a result of an accident.
Short Term Disability
Short term disability is a type of insurance that pays a percentage of an employee's salary for a specified amount of time, if they are ill or injured, and cannot perform the duties of their job.
Long Term Disability
When an employee cannot work for an extended period of time due to an accident or illness, a long term disability plan can help cover a portion of the employee's salary.
Extended Health Care and Dental Care
Extended Health Care and Dental is an affordable form of protection that helps cover the costs of health or dental services and supplies not paid for under provincial plans.
Employee Assistance Plan
An Employee Assistance Plan is an employee benefit that covers all or part of the cost for employees to receive counseling, referrals, and advice in dealing with stressful issues in their lives. These may include substance abuse, bereavement, marital problems, weight issues, or general wellness issues.
Company Pension Plan
A Company Pension Plan is a systematic plan created and maintained, as by a corporation, to make regular payments of benefits to retired or disabled employees, either on a contributory or a non-contributory basis.
SARNIA LOCATION 429 Exmouth Street #200 Sarnia, ON N7T 5P1, Canada (519) 337-0807