Manulife Financial’s new deferred profit sharing plan (DPSP) option, FutureStep, offers small and mid-sized Canadian businesses more choice and flexibility in helping employees save for retirement. The option combines with FutureStep’s group RRSP to offer investments, education, and online services in a cost-effective retirement savings plan typically only available to large employers. “Currently, more than 7.6 million Canadians employed by small to mid-sized businesses do not have access to a workplace retirement savings program,” says Sue Reibel, senior vice-president of group benefits and retirement solutions. “According to its national workplace savings survey, almost all working Canadians, regardless of province, say they would participate in a workplace retirement savings plan if it was offered. The DPSP option gives employers who want to help their employees save for retirement a program without the administrative burden of a large, complex pension plan.
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