Group Retirement Consulting Services

Retirement savings programs are a key part of an employer’s compensation strategy, in the same way as salary, vacations and group benefits. They can also help to achieve broader business objectives, increase productivity and attract and retain key employees. BFL is not only a specialist in group benefits, we have extensive expertise and know-how dealing with retirement savings plans.

The following is a breakdown of the types of services we provide:

Program Design

We participate in identifying your strategic business, HR and financial objectives as well as your organizational values and beliefs. We also perform a comprehensive analysis of the competitiveness of your program by performing a strategic benchmarking, which will help you compare your program against those of other companies and provide you with expert advice to optimize your program.

Investments

We work with you to identify your organization’s investment preferences and make recommendations regarding investment options (number of funds, asset classes offered) which meets your needs. On a regular basis, we will review your program funds / manager selection and make recommendations based on quantitative and qualitative analysis.

Implementation

We provide our ongoing support throughout the implementation process to ensure a smooth transition.  This transition/implementation phase includes:

• Client Service Plan (tactical plan);
• Manage the timeline for all key milestones;
• Manage vendors;
• Employee communication and engagement strategy.

We also review all program documents (pension plan text and amendments, trust agreements, etc.), as well as provider-prepared enrollment materials, investment decision guide and program brochure. Upon request, we will attend to employee meetings or presentations.

Member Engagement

We participate in defining the annual communication and education strategy, including special items addressing issues found through governance activities. We review and supplement service provider member communication and education presentation. Periodically, we attend employee meetings and keep the plan members up-to-date on any changes that may affect their investments or rights under the plan.

Program Governance

We also ensure that you are aware of industry updates, legislative changes, product launches, plan amendments and other relevant news in order to keep you and your current plan compliant with legislative and regulatory requirements.

Program Oversight

We perform a periodic assessment of members’ investment behaviour, service provider and competitiveness of services and fees.

Additional Services

We provide a range of other services, such as:

• Pension committee participation as an independent member;
• Comprehensive support for applicable provincial and federal regulatory filings;
• Individual Pension Plans, Supplemental Employee Retirement Plans and Retirement Compensation Arrangements consulting;
• Individual retirement transition counselling (for senior-level employees);
• Mergers and Acquisitions, retirement due diligence/assessment.

Defined benefit plan support

• We are focused on assisting you in your plan maintenance by proving the following:
• Actuarial reports and liability analysis;
• Annual accounting updates;
• Plan closures, freezes, terminations and conversions;
• Annuity buy-ins and buyouts.

To learn more about Group Retirement Consulting Services, we invite you to reach out to us.