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Employee Retirement Plans: Securing Your Future
At Benefit Quote Now, we understand the importance of helping your employees plan for a secure and comfortable retirement. That’s why we offer a range of employee retirement plans designed to meet the diverse needs of both employers and employees. Whether you’re considering a Defined Profit Sharing Plan (DPSP), Defined Contribution Pension Plan (DCPP), Defined Benefit Pension Plan (DBPP), or Individual Pension Plan (IPP), we have options that can help you and your employees achieve your retirement goals.
Types of Employee Retirement Plans
Defined Profit Sharing Plan (DPSP)
A DPSP allows employers to share their company's profits with employees through contributions to the plan. Contributions are made at the employer's discretion and can vary from year to year. There are specific limits on how much the employer can contribute, ensuring fairness and compliance.
Defined Contribution Pension Plan (DCPP)
In a DCPP, both the employer and employee contribute a fixed percentage or amount to the plan. The contributions are invested, and the eventual retirement benefit depends on the investment performance. The employer's contributions are subject to certain limits defined by the government.
Defined Benefit Pension Plan (DBPP)
A DBPP guarantees a specific retirement benefit for employees based on a formula that considers factors such as salary, years of service, and age. The employer takes on the investment risk and is responsible for providing the promised benefit. Vesting periods in DBPPs typically determine .
Individual Pension Plan (IPP)
An IPP is a type of retirement plan designed for business owners and incorporated professionals. It allows for higher contribution limits, enabling individuals to make larger retirement savings. It provides more flexibility in retirement income planning, offering potential tax advantages and the ability to bridge gaps in previous pension accumulations.