the client

A heavy equipment sales and service provider with operations throughout the provinces of British Columbia and Alberta.

the challenge

This client had a pension plan in place that was introduced in the early 1970's. Our challenge was to update the retirement program with improved plan design, broader investment options, and effective employee investment education.

the solution

Plan Design: It was decided to wind up the pension plan and introduce a group Registered Retirement Saving Plan (RRSP) for employee contributions and a Deferred Profit Sharing Plan (DPSP) for employer contributions.
Investment Management Fees (IMF): Fees were renegotiated to reflect significant asset growth. Investment fees are now less than half of those available to plan members on a retail basis.
Investment Education: Annual sessions are in place to assist members with plan asset management. A variety of tools including internet portals are now available to allow plan members to review and manage retirement assets, update investment risk profiles, and enhance retirement planning.

the results

This retirement program has been refined and streamlined in regard to plan design, investment options and plan member education. Going forward, systems are in place to review and monitor these key factors annually.