Trusted Saskatoon Financial Advisors at Wiegers Financial & Benefits Explore the Benefits of Becoming an Employer of Choice

20. Mar 2025 Trusted Tips Saskatoon Insurance, Trusted Tips

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning, division. In this latest Wiegers Group Benefits expert tip, they explain how becoming an Employer of Choice allows for a stronger financial future. Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits experts.

Becoming an Employer of Choice for a Stronger Financial Future

Wiegers Financial & Benefits stands out as a leading financial planning and employee benefits consulting firm in Saskatchewan. Our Financial Planning Division is committed to providing business owners, individuals, and families with expert investment and insurance strategies to help them achieve their long-term financial goals. Meanwhile, our Group Benefits and Retirement Division is dedicated to meeting the diverse needs of our clients. In this article, we explore how you can position your company as an employer of choice.

How Does a Healthier Bottom Line Benefit Your Business?

A strong bottom line signals financial success, but how do you reach that point? A key factor is fostering a workforce that is both satisfied and healthy. Offering a comprehensive benefits package that includes wellness initiatives can significantly enhance employee morale and efficiency.

The phrase "the great resignation" has come to represent the ongoing challenge of attracting and keeping top talent. This issue affects small businesses just as much—if not more—than their larger counterparts. While group benefits and perks have traditionally played a role in employee retention, they no longer provide the same competitive advantage as they once did.

Today’s workforce is seeking more flexible benefits and additional support for their financial well-being. So how can businesses attract and retain employees while also managing costs effectively? Structuring benefits plans to encourage cost-effective choices is one strategy. Additionally, investing in mental health resources can provide critical support for employees grappling with the lingering effects of the ‘shadow’ pandemic, which has resulted in heightened stress and uncertainty. Mental health concerns, long a factor in short-term disability claims, have now become the leading cause of long-term disability claims. Particularly concerning is the 49% rise in long-term mental health claims among employees aged 18 to 35 since 2019.

Insurance providers recognize these trends and have begun offering virtual mental health programs, some as part of standard coverage and others as optional add-ons. The key lies in early intervention to prevent employees from reaching the point of disability or incurring significant expenses on treatments and medications. Tools like Ergoworks, offered by Bridges Health, can play a crucial role in minimizing both the number of employees on disability leave and the duration of their absence.

The Value of Employee Benefits

Providing a well-structured group benefits plan is one of the most effective ways to support your employees both now and in the future. Interested in learning more? In this VLOG, Benefits Advisor Matthew Hill and Group Retirement Associate Danielle Roberge discuss how businesses can enhance their benefits offerings to stay competitive.

Wiegers’ Benefits Consulting Division includes many consultants and support staff who custom-design the most employee-valued and cost-effective group benefit, personal insurance, employee assistance programs, and retirement plans available. Contact them today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors

Trusted Saskatoon Group Benefits Advisors at Wiegers Financial & Benefits Explain The Impact of Employer Matching

20. Mar 2025 Trusted Tips Saskatoon Financial Services, Trusted Tips

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning, division. In this latest Wiegers Group Benefits expert tip, they explain how to maximize group retirement plans and the impact of employer matching. Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits experts.

Maximizing Group Retirement Plans: The Impact of Employer Matching

At Wiegers Financial & Benefits, one of Saskatchewan’s leading financial planning and group benefits firms, we understand the challenges of attracting and retaining top talent. In today’s competitive job market, businesses need to stand out. More than ever, employees seek workplaces that prioritize their well-being. A strategically designed Group Retirement Savings Plan (GRSP) with employer matching can be a game-changing tool in your compensation strategy, helping to position your company as an employer of choice. Let’s explore how employer matching enhances retirement savings and benefits both employees and employers.

Understanding Employer Matching in Group Retirement Plans

Employer matching is a straightforward yet highly effective feature in group retirement savings plans. It involves the employer contributing funds to match a portion of an employee’s retirement contributions. Some companies match dollar-for-dollar, while others contribute a percentage, such as 50% of the employee’s contributions.

This shared investment fosters a partnership between employer and employee, reinforcing a commitment to financial security. But what makes employer matching such a crucial benefit? Let’s take a closer look.

Why Employer Matching Benefits Employees

1. Faster Retirement Growth
With employer contributions supplementing their savings, employees can build their retirement funds more quickly. The combination of matching funds and compound interest can result in significantly larger retirement savings over time.

2. Encouraging More Participation
Many employees hesitate to contribute to a retirement plan due to immediate financial priorities. Knowing that employer contributions are available can motivate employees to participate and contribute consistently, ensuring they don’t miss out on additional funds.

3. Greater Financial Stability
Financial concerns are a leading cause of workplace stress. Employer-matched savings plans help employees feel more secure about their future, reducing anxiety and improving overall productivity.

The Employer Advantage: Why Offering Matching Makes Sense

1. Attracting and Retaining Talent
A strong benefits package—including employer-matched retirement contributions—makes a company more attractive to job seekers. Prospective employees look beyond salary when evaluating offers, and a robust retirement plan signals long-term support and investment in their future.

2. Increasing Employee Loyalty
Employees are more likely to stay with a company that supports their financial well-being. Implementing a vesting schedule ensures that employer contributions become fully owned by employees over time, providing an incentive for long-term commitment.

3. Tax Benefits for Employers
Employer contributions to retirement plans are tax-deductible, offering financial advantages to businesses. Additionally, employees benefit from reduced taxable income, creating a mutually beneficial arrangement.

4. Boosting Employee Engagement
A workplace that invests in its employees fosters higher levels of engagement and satisfaction. When workers feel valued, they are more likely to be motivated, productive, and committed to their roles.

Addressing Common Concerns About Employer Matching

“What if our budget doesn’t allow for high matching contributions?”
Even a modest employer match can have a meaningful impact. Many businesses find that the long-term advantages, such as lower turnover and increased productivity, outweigh the costs.

“How do we ensure employees take advantage of the plan?”
Educating employees about the benefits of employer matching is key. Clear communication and financial literacy programs help employees understand the value of participation.

“How can we ensure fairness in our contributions?”
Setting clear and consistent matching rules across all eligible employees helps maintain fairness. Offering flexible options, such as different contribution levels, allows for inclusivity while ensuring equity.

Best Practices for Implementing an Employer Matching Plan

Establish Clear Limits: Define the percentage or dollar amount your company is willing to match to maintain financial control.
Implement a Vesting Schedule: This strategy encourages employees to stay with the organization longer by gradually increasing their ownership of employer contributions.
Educate Employees: Use multiple communication methods to explain the value of employer matching and encourage participation.
Consult a Group Benefits Expert: Work with a trusted financial consultant to develop a plan that aligns with your company’s budget and goals.
Regularly Review and Adjust the Plan: Ensure the plan continues to meet the evolving needs of your workforce and business.

The Real-World Impact of Employer Matching

Consider this example: Emily, a 35-year-old employee earning $60,000 annually, contributes 5% of her salary to her retirement plan. Her employer matches 50% of her contributions, adding $1,500 annually to her savings. With a 6% average annual return, Emily’s retirement fund could grow to over $250,000 by the time she retires—just from her employer’s contributions alone. This example highlights how even a modest employer match can significantly boost long-term savings.

Final Thoughts

Employer matching isn’t merely a business expense; it’s a long-term investment in your workforce and company culture. By implementing a well-structured matching program, you not only enhance your employees’ financial well-being but also create a more engaged and loyal team.

If you’re considering adding or improving an employer matching program, I can help. Let’s work together to design a plan that supports both your employees and business objectives. Reach out today to explore your options and start building a more secure financial future for your team—one contribution at a time.

The Advisor and Manulife Wealth Inc. and/or Manulife Wealth Insurance Services Inc. (“Manulife Wealth”) do not guarantee the accuracy of information from third-party sources and assume no responsibility for inaccuracies in linked content. The views expressed do not necessarily reflect those of Manulife Wealth. Information is subject to change without notice.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors

Aurora Workplace Solutions Explain How To Protect Your Business From Workplace Accidents

5. Dec 2023 Admin Saskatoon Insurance, Trusted Tips

Aurora Workplace Solutions are about creating brilliant futures by developing wealth security for businesses and individuals. As experts in the industry, they keep on top of recent news including changes to relevant group benefit plans, retirement savings options, and guidelines and policies. They also keep their eyes open for informative articles we think are of interest to our current and potential clients. Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals!

WILL AN ACCIDENT LEAVE YOUR BUSINESS DISABLED?

What if you had an accident and couldn’t work for a while?

Your disability insurance would provide income instead of your salary until you were on your feet again, but what about those business bills? Unfortunately, none of us can predict a sudden illness or injury. It’s wise to consider how your absence would impact your business and ensure you’re prepared for unforeseen circumstances.

There is an answer!

Protect your business with Business Overhead Benefits from a Chambers of Commerce Group Insurance Plan®. Designed for self-employed business owners who generate all of their firm’s sales and revenues and are involved in the business's day-to-day operations, BOE covers your business’ fixed expenses if you’re away for an extended period due to disability. BOE must be purchased in conjunction with Long Term Disability benefits.

Available in blocks of $100, coverage is available from $500 to $2,000 monthly. The benefit will pay eligible business expenses after a 30-day waiting period for up to 18 months while you are disabled. Eligible business expenses are the actual, usual and customary expenses incurred by you, the owner, in the operation of your business. For partnerships, your assumed portion of such expenses is covered.

Eligible business expenses include:

Rent, electricity, telephone
Business taxes and licenses
Property taxes for the place of business
Leasing and amortization costs of equipment, including automobiles
Interest, including the interest portion of mortgage payments, unpaid bills or lines of credit
Amortization or periodic repayment of capital, including mortgages

In Addition:

Salaries of personnel who do not generate income and whose services are essential during your disability
Professional services of an outside accountant
Professional dues and professional liability insurance
Office cleaning
Postage and office supplies

You can purchase Business Overhead Expense coverage in conjunction with Chambers Plan Long-Term Disability benefits. Together, they provide the coverage business owners need at an affordable price.

With quick claim payments, rate stability, and guaranteed renewable coverage, the Chambers Plan makes it easy for you to invest in your employees' health and well-being. 3,000 small businesses like yours join the Plan every year.

Aurora Workplace Solutions designs and creates custom group benefits plans that meet custom organization goals. Read more about their Group Benefits Plans or contact them today to get started!

'Creating Brilliant Futures'

Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals!

Trusted Saskatoon Group Benefits Advisors at Wiegers Financial & Benefits Explain The EI Premium Reduction Program

3. Sep 2023 Admin Saskatoon Insurance, Trusted Tips

Wiegers Financial & Benefits is one of Saskatchewan's largest private financial planning and employee benefits consulting firms. In this latest Wiegers Group Benefits expert tip, they explain how the EI Premium Reduction Program benefits employers and employees with group short-term disability insurance. Wiegers Financial & Benefits is a Trusted Saskatoon Insurance and Group Benefits expert.

EI PREMIUM REDUCTION PROGRAM BENEFITS

WHAT IS THE EI PREMIUM REDUCTION PROGRAM?

The Employment Insurance (EI) Premium Reduction Program is a government incentive that allows employers to pay EI premiums at a reduced rate if their employees are covered by group Short-Term Disability insurance. The Program intends to reduce the EI premiums of both the employer and the employees (though, for administrative reasons, legislation reduces only the employer’s premiums). Consequently, the Program requires that the employer return a portion of the savings to all the employees for whom the reduced rate applies. Some of the more popular means of doing this include providing employees with a cash rebate (taxable income), paying for new or enhanced employee benefits, or hosting a staff party – each of which typically has a direct and positive impact on employee morale. Only written mutual agreements that identify how the employees will benefit from the reduction will be accepted.

Your company qualifies for the EI premium reduction if it:

Provides at least 15 weeks of benefits for Short Term Disability
Matches or exceeds the level of benefits provided under EI
Pays benefits to employees within eight days of illness or injury (the elimination period cannot exceed 7 consecutive days)
Is accessible to employees within three months of hiring
Covers employees on a 24-hour-a-day basis

HOW MUCH CAN YOUR COMPANY SAVE?

Maximum insurable earnings in 2021 are $56,300. An employee who earns this much (or more) will pay EI premiums of $889.54 (calculated at 1.58%). For this calculation, we have used a reduced employer multiplier of 1.166. Note that reduced rates change annually on January 1st and are prorated throughout the year. If you apply effective January 1st, your rate will be slightly lower than if you apply at a later month in the year.

Employer regular premium = $889.54 x 1.4 = $1,245.36

Employer reduced premium = $889.54 x 1.166 = $1,037.20

Amount of total premium reduction = A – B = $208.16

Employee’s portion of reduction = C x 5/12 = $ 86.73

Employer’s portion of reduction = C x 7/12 = $121.43

Assuming the above numbers, an employer can save as much as $121.43 annually in EI premiums per employee and can return $86.73 in some form to the employee and/or his or her colleagues. The financial incentives for utilizing the program are clear.

WHAT MUST I DO TO PARTICIPATE IN THE PROGRAM?

To participate in the Program, you must register by submitting an initial application form, which is available on Service Canada’s website at www.servicecanada.gc.ca. If you already participate in the Program, you needn’t reapply; your entitlement will continue until you change or cancel your approved plan.

Debra L. Wiegers, GBA, CLU, Ch.F.C.
Managing Principal, Benefits Division

Wiegers’ Benefits Consulting Division includes many consultants and support staff who custom-design the most employee-valued and cost-effective group benefits, personal insurance, employee assistance programs, and retirement plans available. Contact them today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors

Trusted Saskatoon Group Benefits Advisors at Wiegers Financial & Benefit Share The Importance of Benefits Plan Administration Tasks

3. Sep 2023 Admin Saskatoon Insurance, Trusted Tips

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning, division. In this latest Wiegers Group Benefits expert tip, they explain the importance of benefits plan administration tasks. Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits experts.

THE IMPORTANCE OF BENEFITS PLAN ADMINISTRATION TASKS

Plan administration is an important job! An eligible employee who is not insured correctly or who has not been offered benefits can not only have a negative impact on the employee’s well-being but it can also pose liability issues for you and the business.

What types of plan administration tasks do you need to remember?

Most such tasks apply to all employees so they should become an automatic part of your group benefits plan administration. Some of the most important tasks include the following:

It is the employer’s responsibility to ensure that each employee is enrolled properly and on time. If an employee is enrolled late on the plan (typically 31 days after becoming eligible to join), his or her coverage is typically not guaranteed. The employee and his or her dependents will be considered late applicants, and will need to complete and submit forms about their health. They will then need to be medically approved before enrolling on the plan, at which point they will likely learn that their coverage is restricted or has been declined entirely. This not only has the potential to negatively impact the employee’s and/or dependents’ well-being but it also poses a significant liability risk to the employer. It is far better and easier for everyone for an employer to enroll an eligible employee properly and within the required timeframe.

In almost all cases, it is to the employer’s and employees’ benefit to make participation in the benefits plan mandatory. If an employee was permitted to join a plan only when he or she anticipates needing a claim paid, this would make the plan financially non-viable; both non-claimers and claimers need to be contributing premiums into a plan to build up funds to cover claims (similar to home and other forms of insurance). This is why Wiegers Financial & Benefits recommends that employers make participation in their benefits plan mandatory for all eligible employees. If, though, you wish and are able to permit employees to waive all benefits coverage under your plan, it is important that you have those employees sign a group benefits plan waiver form that makes clear that you offered coverage to these employees but that they chose to decline it.

Almost all group benefit plans permit an employee to waive Health and/or Dental coverage if he or she has comparable coverage through another plan (typically a spouse’s plan). The employee must be enrolled for all other applicable benefits on the plan as Life, Disability and other benefits are not offered to dependents.

Changes to an employee’s coverage must be submitted to your group insurance carrier no later than 31 days after the event. Have your employees communicate regularly with you about changes that need to be made such as:

Marriage, divorce, new baby, legal guardianship of child (requires proof)
Overage dependents, enrollment in a secondary school with the required amount of classes
Note: Dependents over age of 18 working more than 20 hours per week are not considered eligible for coverage under a parent and should be removed from the benefits plan

If you have employees who are eligible to apply for additional Life and/or Disability coverage above what is automatically provided through your benefits plan, it is your responsibility to advise them of the option to apply. To apply, the employee must complete a health questionnaire provided by the carrier. If he or she chooses not to apply, Wiegers Financial & Benefits recommends that the employee sign a waiver confirming that he or she is aware of the option to apply for additional coverage but has decided against it.

There are, predictably – or not-so-predictably – a number of other plan administration tasks that employers like you need to be diligent about remembering to do to ensure that your employees and their dependents have all of the coverage available to them (and that you’re not doing anything to put yourself or your business in a liable position). An effective and talented benefits advisor will ensure that you are aware of all of the plan administration tasks you need to be aware of, and will ensure that you are also aware of any particularities about your own plan that differ from the norm. As long as you remember to do what you need to do, you’ll have a benefits plan that helps you take care of your valued employees and their families while also preventing you from liability. Benefits plan administration done correctly is a win for all.

Amanda Getzlaf,
Benefits Account Manager, Wiegers Financial and Insurance Planning Services Ltd.

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Trusted Saskatoon Financial Advisors at Wiegers Financial & Benefits Explore the Benefits of Becoming an Employer of Choice

Becoming an Employer of Choice for a Stronger Financial Future