LONDON, ON, Jan. 13, 2011 /CNW/ - The Great-West Life Assurance Company
today launched a simplified group retirement and savings plan designed
for businesses with fewer than 35 employees, who want to offer their
employees a convenient way to save for retirement.
"Many small business owners recognize the value that employees place on
a workplace group benefits plan, including a retirement and savings
plan, yet hesitate to offer such a plan due to the perceived cost and
administrative complexity," says Jeff Aarssen, Great-West Life's
Vice-President, Group Retirement Services, Sales & Marketing.
"Great-West Life's Performers offers smaller businesses a group retirement savings plan solution that
addresses these concerns."
Many small businesses want access to the same services offered to larger
plan sponsors at a competitive cost but may not have the human
resources infrastructure in place to set up and administer their own
pension plans. Over the last two years, the group retirement services
market has responded with a number of simplified group retirement and
savings plans. Performers, the newest addition to the market, allows smaller employers to offer their employees an easy way to save,
with strong investment options, convenient online services and a member
"Great-West Life's Performers plans were developed based on our leading experience in the small group
retirement plan market," Aarssen says. "We have evolved the product
over the past year to ensure plan set up and administration is an easy,
straightforward process," Aarssen says. "The fees are affordable and
turnkey administrative support from advisors and Great-West Life helps
ensure compliance with capital accumulation plan guidelines. Performers provides smaller employers with access to the expertise of the largest
administrator of group retirement and savings plans for small
businesses in Canada."
Employees also recognize the value of a group retirement savings plan.
An Environics Research Group survey* found that 89 per cent of
Canadians want workplace savings programs made available to all
workers. Fifty-six per cent of those not in plans are interested in
joining one, with younger workers particularly keen, and 41 per cent
would consider changing jobs for an employer that offered one.
"Companies that offer a workplace group retirement plan have a
competitive advantage in attracting and retaining employees," Aarssen
says. "Performers can help smaller businesses attract, retain and motivate valuable
About Great-West Life
Great-West Life administers over 17,000 group retirement plans and over
1.2 million member accounts, representing nearly 30 per cent of capital
accumulation plans (CAPs) in Canada.** In the United States, Great-West
is the fourth-largest group retirement plan record keeper based on
total participants and Putnam Investments adds to the organization's
North American presence in this market.
* Environics Research Group national telephone survey of 2,001 working
Canadians collected between March 4-10, 2010. A total sample of this
size produces results considered accurate to within +/- 2.2 percentage
points, 19 times out of 20.
** As of September 30, 2010
SOURCE Great-West Life Assurance Company
For further information:
Marlene Klassen, APR
Assistant Vice-President, Communication Services