Great-West introduces ‘Performers’ plan

With its new plan, Great-West Life is targeting businesses with fewer than 35 employees.

Great-West Life’s new ‘Performers’ plans will allow smaller employers who may not have the human resources infrastructure to administer pension plans to offer their employees savings-investment options, online services and a member communications program.

“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.”

“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 employees.”

An Environics Research Group survey found that 89% of Canadians want workplace savings programs. 56% of those not in plans are interested in joining one and 41% of younger workers considering changing jobs for an employer that offered one.