Group plans
BMO Nesbitt Burns offers an integrated array of products and services designed to cover a wide range of employee saving and investing needs — including retirement and children’s education.
By working with us to provide group retirement plans, you can help address your employees’ fundamental needs and add value to your company’s relationship with its workforce. Attractive benefits are a key way to foster employee satisfaction and loyalty in a competitive labour environment.
We’ll work with your company to ensure you pick the right plan or combination of plans to meet your firm’s needs and those of your employees. Using products and services from a wide variety of service providers, we can customize your program from the following plan types:
Group Registered Retirement Savings Plan (RRSP)
A Group RRSP allows employees to save for retirement through pre-tax payroll deductions. Employers have the option of contributing as well. A Group RRSP is the most flexible type of group plan. It is typically the easiest and least costly for a company to administer.
Deferred Profit Sharing Plan (DPSP)
A DPSP permits a company to share company profits with employees. A DPSP allows an employer to establish vesting requirements and/or withdrawal restrictions, plus avoid incremental payroll taxes on company contributions.
Defined Contribution Pension Plan (DCPP)
A DCPP is a formal and structured pension arrangement providing employers with considerable control. Since these plans are more complex and costly to administer than other pension arrangements, they are favoured by employers who want to be sure that contributions are used solely for retirement purposes.
Group Registered Education Savings Plan (RESP)
A Group RESP allows employees to conveniently save for their children’s post-secondary education through payroll deductions. Although contributions are not tax-deductible, a Group RESP provides tax-sheltered investment growth and eligibility for the Canada Education Savings Grant, which supplements employee contributions.
Group Savings Plan (GSP)
A GSP is usually offered as a supplemental non-registered savings vehicle in conjunction with another group retirement plan when tax-deductible employee contribution limits are exhausted. A GSP typically involves employee contributions only.
View a comparison (38 KB - PDF) of group plans and their features.
The plan or plans your company chooses will depend on many factors, including what makes the most sense for your business and its employees.
Plan Sponsor Contribution Remittance
Plan Sponsors have the ability to remit contribution information online for proprietary group plans. Click the appropriate link below to remit your contribution information file.
Our role
A group plan shouldn’t be a burden on a company’s time and resources. It should operate with minimal effort on the employer’s part, allowing a company to focus resources where they’re needed most — on the business.
Depending on the design and structure of your company’s plan, participants will have access to a variety of features including:
- Reduced fees.
- Access to knowledgeable Investment Advisors who can provide personalized investment and retirement planning advice.
- Informative communication materials to educate participants on investment and retirement planning.
- Extensive investment choices for employees to develop investment strategies reflecting their objectives, risk tolerance and time horizons.
- The top-ranked* investment research team in Canada.
- Detailed account statements and Internet access for account information.
BMO Nesbitt Burns can combine group programs from a variety of providers to suit the needs of your company and its employees. A BMO Nesbitt Burns Investment Advisor would be pleased to meet with your company to determine your requirements and present you with plan recommendations.
For more information on how we can help with your company’s group plan strategy, contact a BMO Nesbitt Burns Investment Advisor at a branch near you. Or, to have an Investment Advisor contact you, complete this form.
