Group RRSP Plan for Your Open Shop Employees
We’re excited to announce all members now have access to the Merit Saskatchewan Open Shop Group RRSP. In partnership with our open shop partners in BC, the ICBA, and SunLife, the Open Shop Group RRSP is another tool to provide for your employees’ security.
This plan lets you make the decisions about contributions and participants, and allows employees to move from one Merit Saskatchewan employer to the other without opening a new RRSP account, provided employers carry the Open Shop Group RRSP.
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Recruit and keep the best
In a competitive labour market, companies need every advantage possible to recruit and keep great workers. A Group Registered Retirement Savings Plan (RRSP) is an important piece of that compensation package.
The Open Shop Group RRSP is easy to set up and won’t bog you down with countless hours of administration.
You make the decision as to how much to contribute, qualifying periods, matching amounts, etc. You develop the plan that will work best for your company and your employees.
Like the Hour Bank Plan, employees that work with MERIT employers that carry the Open Shop Group RRSP, can move from employer to employer and keep their same retirement plan.
Supporting the Open Shop Group RRSP is simple: sign up, transfer your employees’ and your employer contributions. Your company is not liable or in any way responsible for how the RRSP does.
The secret of the investment world is just how high retail RRSP fees are – often more than 2%. That means your investment portfolio has to grow nearly 4% just to cover administration and inflation! The Open Shop Group RRSP cuts that rate in half so your employees will be able to save more money. Over 30 years, saving 1% on fees can mean $150,000+ more in retirement.
Support Open Shop
Joining the Open Shop Group RRSP program supports our work in advocating for Open Shop construction, and for more investment in our province. By supporting your team’s retirement, you’re also supporting MERIT.
Employee and employer support
Employees can get as much or as little support as they want or need. They have access to an 800 number for personalized assistance, or a wealth of online resources. We can even set up on-site presentations to help educate your employees on the importance of planning for retirement.