Ontario Long Term Care Association Multi- Employer Plan

What is a Multi-Employer Plan?

The OLTCA multi-employer retirement plan provides volume discounts and enhanced financial arrangements over a standalone retirement program.  There is a common connection between plan sponsors in that they are all members of the OLTCA. Each division is responsible for their own plan administration and able to customize plan design to meet specific needs. All participants will utilize a common group retirement carrier.

Multi-Employer Retirement Plan Results to Date:

The OLTCA program currently includes over 80 homes participating in the program and has in excess of 3,400 members and over $90,000,000 in assets. The Leslie Group continues to be engaged in the review or establishment of individual LTC home programs. In all cases, significant savings and enhanced financial arrangements have been found. These savings have been created through the elimination of record-keeping and administrative costs, significantly reduced investment management fees, and the elimination of payroll taxes charged on employer contributions.

In addition, there is an increased level of consulting and the OLTCA pension trustees assist with ensuring all governance, compliance matters, and filings are dealt with annually.                          

What are the Main Areas of Review?

  • Administration and Record Keeping Fees
  • Investment Management Fees
  • Commission/Fees Charged
  • Plan Design
  • Payroll Tax impact, if any
  • Capital Accumulation Plan (CAP) Compliance
  • Annual filing requirements and audit, if applicable

What is required to proceed with a Review?

We require detailed information on your current retirement program and/or group insurance program including employee census data and policy documents which outline current investment management fees and/or plan provisions. We can often obtain much of this information directly from your current providers with a signed authorization letter from you.

The next step is to complete our review and prepare a report with recommendations that outline opportunities and savings.

 

Frequently Asked Questions:

  1. Do we have to change our current retirement provider if we participate?

In most cases, yes, however if your program is currently with the OLTCA provider, then the transition is seamless.  The OLTCA Retirement Plan is currently administers by Manulife. The Leslie Group will assist in the implementation for you and your plan members as well as coordinating educational update sessions for your members.

  1. Are the administrative savings one-time only?

No, the majority of savings are ongoing due to reduced investment management fees and expenses charged by the OLTCA provider. Annual Information Return(AIR) and audit fees are also paid by the OLTCA program, providing additional savings to stand-alone programs.

  1. Are we still required to have a pension or retirement committee?

No these functions are performed on your behalf by the OLTCA pension trustees.

  1. Is there any cost, should we proceed with the OLTCA program?

The Leslie Group is compensated only if you proceed with the OLTCA program. All fees are included in the program pricing and fully disclosed so that you can measure the value of the services provided.

  1. What services are included in the OLTCA Retirement Program?
  • Annual Plan Review, Audit, and Regulatory Filings.
  • Plan Design Consultation
  • Formal on-site education offered at least annually
  • Access to salaried advisors that can perform a holistic review of your members’ retirement goals on an individual basis
  • Access to online learning tools including budgeting, retirement calculators, education materials and risk tolerance questionnaire.
  • Dedicated Client Service Representative from The Leslie Group.

The Leslie Group can be reached at (416) 510- 8966