This site aims to be the premiere source for group benefits information.
Group benefit plans can seem complex on the surface, but when they’re broken down to their component parts, they can becomes fairly simple to understand.
What comprises group benefit plans?
Employers can offer their employees any range of products and services that can be considered “benefits”, but for the most part, they refer to health and dental benefits and sometimes retirements plans.
Health plans tend to included coverage for some or all of the following:
And the list goes on.
Navigate our site to read more about each benefit and which ones might benefit you most.
Retirement plans might come as a range of options, but the most common in North-America are thee 401k (United States) and the Group RRSP (Canada).
Defined benefit pension plans are slowly becoming a thing of the past because they often put too much pressure on the employers. These are the plans that became popular after the second world war. An employee would begin to work for a company and stay there for 30 years until it was time to retire. At that time, the company would continue to pay the employee a pension for the rest of his or her life. As nice as these plans were, they are no longer the norm because of the long-term commitment. Some companies were nearly crushed by the weight of these plans.
Look no further than General Motors or Nortel for examples.
These days, employers are offering defined contribution plans for the most part. These are plans into which the employer puts in a percentage every pay and the employee does as well. This money is generally put into investment funds, but when it comes time to retirement, the employer is not responsible for your retirement salary. Whatever amount was saved in the defined contribution plan is what you will have for retirement, so more the responsibility is on you to keep an eye on the performance of your investments throughout your career.
As this site grows, keep having a look around to find new information, industry changes and overall good info related to group benefits.
Whether you’re an employer looking for information on how to structure your plan, or an employee looking to find resources on your coverage, this site is for you.