Ontario Long Term Care Association multi-employer retirement plan

An employer retirement plan is one of the best ways to help your staff save for retirement.

As a member of the Ontario Long-Term Care Association, you can opt to have a “multi-employer” pension and savings plan for your staff.

This type of arrangement saves significant costs compared to a standalone plan while delivering high-quality service and investment products.

You can customize the plan for your budget and needs. To stay within budget, you can decide how much you as an employer would like to contribute and how much employees can contribute to the plan. To help your employees save, you can choose between a DCPP (Defined Contribution Pension Plan) or an RRSP account type. There is even a Tax-Free Savings Account option.

What’s the size of the OLTCA plan?

As of March 2021, the OLTCA pension plan has over 80 participating homes and 3,400 members. The total assets under management are $105 million.

How is the OLTCA plan managed?

The Leslie Group has been the agent of record for the OLTCA plan since April 2000. We assist individual homes in managing the plan for their staff, and we support the OLTCA pension committee in governance, compliance, investment monitoring and annual filings.

We pride ourselves on high service levels. We deliver regular training to managers and communicate directly with each home to help administer the plan. Managers, payroll staff and plan administrators can contact our team at The Leslie Group at any time with questions.

We take the member-employee experience very seriously. Every year, we deliver dozens of member education sessions, both in-person and virtually, to help members understand how the plan works and help them make investment choices. Members can even speak to a dedicated Education Manager at The Leslie Group if they want one-on-one help (many members took advantage of this during periods of market volatility).

For additional support, the plan record-keeper, Manulife, provides access to salaried (non-commissioned) financial advisors and online financial planning tools to help OLTCA members make informed decisions.

I want to consider the OLTCA retirement plan. What are my next steps?

We’ll be happy to get you started. The first step is to collect some information from you, for example, employee numbers, salary data, etc. If you have an existing retirement program, we can collect data about the current plan directly from the provider with your authorization. We will then prepare a report with recommendations that outline opportunities and savings. There is no cost to you to see if the OLTCA plan would be a good fit for your home.

Frequently Asked Questions

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

In most cases, yes. Manulife Financial is the record-keeper for the OLTCA pension plan. The Leslie Group will actively help you implement the plan and educate your members on the changes and how the new plan works.

Are the administrative savings one-time only?

No. The savings are ongoing due to lower continuing expenses and reduced investment fees. Annual Information Return (AIR) and audit fees are paid by the OLTCA plan, giving you additional savings compared to standalone plans.

Are we required to have a pension committee?

No. The OLTCA pension committee carries out these functions on your behalf.

Let’s talk.
Jay Hopkins
Director of Group Retirement, The Leslie Group
jay@lesliegroup.com