Employee Benefits

Health Experience Retirement Additional Benefits

Competitive companies aren't only vying to be top in their industry. With a looming labour shortage and increased competition for top talent, a superior benefits package is a strategic way to attract and retain top talent and position your firm as a company of choice for employees.

A company employing 20 people has very different needs from a firm of 200. Montridge understands that a 'one size fits all' plan doesn't work, especially for companies employing multiple generations. Employee benefit plans designed in the 1980's, or even the 1990's, need to be updated to reflect the current marketplace. Employee needs have changed, as have corporate priorities and the challenges companies face. Government cutbacks and privatization of services are putting pressure on companies that face greater utilization of health and disability benefits and continued double-digit health inflation.

That's why Montridge offers tailored benefits packages to fit your company and your employees - one that is affordable yet attractive to current and future employees.

Health Benefits

Starting with as few as two employees, an employee benefits plan may be implemented effectively. Working with a Montridge advisor it is possible to design a customized a plan to fit the needs of your organization, one that builds in flexibility and anticipates growth.

Pooled Benefits, true insurance benefits, provide coverage for events that occur infrequently, but hold dire financial repercussions. These include:

	Life Insurance - A mandatory benefit for all plans. The amount of coverage may be tied to earnings or set as a flat amount.
	Accidental Death & Dismemberment (AD&D) - While not considered mandatory in the strictest sense, AD&D is normally tied to Life Insurance coverage.
	Dependent Life - Normally a flat amount, this benefit is overlooked in many plan designs; however, this benefit is truly appreciated when needed.
	Long Term Disability - This benefit replaces an employee's income during a disability of a long-term nature.

Experience-Rated Benefits

These items are utilized on a regular basis and constitute some of the top items on an employee's wish list including:

	Extended Health - Most extended health plans include prescription drugs, paramedical services, hospital and out of country insurance (for medical emergencies). Vision-Care is a popular add-on.
	Dental - A dental plan is an excellent feature for attracting and retaining top employees. Coverage ranges from basic procedures to major restorative and orthodontics.
	Short Term Disability or Weekly Indemnity (WI) - This benefit provides a weekly income replacement for a short period of time. If designed properly, long term disability picks up where weekly indemnity leaves off.

Retirement Benefits

Employers implement retirement savings programs for a number of reasons. Attracting and retaining good staff is a common goal as is the desire to assist employees in meeting their individual retirement objectives. A number of studies have shown that Canadians who participate in employer-sponsored retirement savings plans are far more likely to have a comfortable retirement than those Canadians without an employer-sponsored plan. Montridge can help you design a retirement benefits.

	Group RRSP - Group RRSPs are one of the easiest types to implement and administer, offering flexibility and long term benefits.
	Pension Plans - While more complicated to administer than Group RRSPs, pension plans offer employees additional retirement stability.
	Deferred Profit Sharing Plans - Deferred Profit Sharing Plans (DPSPs) share some of the features of a pension plan, such as vesting, but with the greater flexibility of a group RRSP.

Additional Benefits

Additional benefits are what can truly tailor your benefits plan to meet your employees needs, effectively increasing the attractiveness of your company for current and potential employees. Examples of additional benefits include group registered education savings plan (RESP), a payroll savings plan, employee profit sharing plans designed for non-shareholder employees and an employee share option plan. Your Montridge advisor can help you determine which benefits best suit your company and your employees.