This multinational manufacturing company had a long-established group retirement program in Canada.
It started with only a few employees and grew over the years.
They originally went directly to their provider for their retirement program, as they didn’t think an advisor was necessary at their size.
Over time their Canadian operation grew significantly and so did their group retirement plan.
When a new HR director was appointed at the US headquarters, she became concerned with the lack of professional unbiased advice being provided on their Canadian group retirement program.
She admittedly had little knowledge about the Canadian system but was concerned about the lack of support.
She brought forward the concerns and the team agreed to a review.
- They had to ensure they were fulfilling their fiduciary responsibilities.
- In following their Six Sigma practices, if they did need to add an experienced consulting team, they wanted to do so at no added costs.
- Retention and attraction were vital to their success, they wanted to provide their employees with the greatest support and opportunity for financial success.
How We Helped Them
- Fulfilled fiduciary responsibilities by establishing a governance process built on our 4 main pillars
- Government Legislation, Best Practices & Capital Accumulation Plan Guidelines
- Investment and Fund Manager Reviews
- Administration and Record-Keeping
- Employee Communication & Education
- We found numerous efficiencies, added costs, and processes that could easily be removed without exposing the company or employees to risk and without diminishing value. We not only found the company enough savings to cover the cost of the additional services but the Canadian subsidiary and Canadian employees also received cost savings.
- By implementing a more user-friendly system, with access tools, support, and services, CBB significantly enhanced the company's employee experience, allowing them to tailor the group retirement program to their needs and financial goals.