You can create a new group plan at any point. Just follow these steps.
- Navigate to the Plans section on the top of your employer dashboard. From here you can choose to create either a matching plan or a non-matching plan.
- Select Create Plan.
- Choose to fill out either a base contribution, matching contribution, or neither if the employer will not be contributing to this GRSP.
A base contribution is a percentage of salary or dollar amount that the employer contributes regardless of whether the employee contributes anything. Even if your employee contributes zero from their own paycheque, this amount will be contributed from the employer’s account every pay period.
A matching contribution is a percentage of salary or dollar amount that the employer contributes only when the employee contributes the same amount (assuming it is dollar for dollar), up to a maximum.
Leave this section blank if you are offering a non-matching plan.
- We should also specify that the plan creator only supports 100% matching contributions up to the set cap. We can't support partial contributions yet.
- When choosing a base contribution or matching contribution, you can toggle between the $ and % depending on your preference for offering either a flat dollar amount or a percentage of the employee’s income.
- Once you are satisfied with your plan, select Create this plan.