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Group Life and Health Primer

Group Retirement Plans Primer

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Home > CEBS Designation > Canadian Primer Courses > Canadian Online Primer Courses > Group Retirement Plans Primer > Module Descriptions

Module Descriptions

Module 1: Introduction to Retirement Plans This module describes the key components and stages of a retirement plan. It explains compound interest and describes the difference between a registered and non-registered plan. It covers the significance of tax deferral and investment selection for retirement plans. Module 2: Investments 101 Module 2 describes the characteristics of the following: a cash or cash equivalent investment, a fixed income investment, an equity investment and an investment fund. It then explains the relationship between risk and return, and diversification. It concludes with the factors that influence investment selection and its significance to the outcome of retirement planning. Module 3: Government Programs and Individual Approaches to Retirement Saving This module begins by explaining the purpose and eligibility requirements of the Old Age Security (OAS) program and the Canada/Quebec Pension Plan (C/QPP). It covers the role of government-sponsored programs in meeting retirement income needs and defines Individual Registered Retirement Savings Plans (RRSPs), their basic characteristics, the maximum contribution limits and spousal RRSPs. Module 4: Group Retirement and Savings Plans Module 4 begins with a description of the basic structure of a group retirement plan. It lists and covers the basic differences between a pension plan and other (non-pension) retirement plan types. It then covers regulatory requirements and describes the stakeholders and their role. Module 5: Plan Types: Registered Pension Plans (RPPs) This module begins with defining the characteristics of RPPs. It covers the purpose and provisions of the plan document and also the impact of legislation on RPP plan provisions. It then describes the impact of having a spouse on pension benefits and concludes with the impact of vesting and locking-in requirements. Module 6: Defined Contribution Plans (DC RPPs) and Defined Benefit Pension Plans (DB RPPs) The prevalence of DC RPPs and DB RPPs begins this module. The benefits arising from an RPP on retirement, termination or death are covered as well as understanding how benefits are calculated under DC and DB plans. The basics of flat benefit, career average and final average earning formulas are covered as is the concept of pension adjustments and their impact on contribution limits. Finally the role of RPPs in contributing to the retirement income needs is discussed. Module 7: Plan Types: Group Deferred Profit Sharing Plans (DPSPs) This module covers the basic characteristics of DPSPs, the legislative requirements, maximum contribution limits and the advantages and disadvantages for employers and employees. It then explains the role of the insurer in the provision of group DPSPs. Module 8: Group Registered Retirement Savings Plans (RRSPs) This module begins by describing the basic characteristics of Group RRSPs, the advantages and disadvantages of group RRSPs for employers and employees and the insurers role in the provision of group RRSPs. It also describes the maximum contribution limits and defines a spousal RRSP. Module 9: Non-registered Savings Plans (NRSPs) Module 9 begins by describing the basic characteristics of Non-Registered Savings Plans, Supplemental Retirement Arrangement (SRAs), Employee Profit Sharing Plans (EPSPs), Savings or Thrift Plans and Stock Option Plans. It then covers how funds are held in NRSPs and the advantages and disadvantages of NRSPs for employers and employees. Module 10: Distribution Options by Plan Type This module covers the events that can trigger distributions and the various distribution options that are available by plan type. It then describes the characteristics of an annuity, a Registered Retirement Income Fund (RRIF), a Life Income Fund (LIF) and a Locked-in Retirement Income Fund (LRIF). It concludes by explaining the risks that plan members face in the distribution stage and the role that insurers play in the provision of distribution products. Module 11: Implications of Capital Accumulation Plan (CAP) Guidelines for CAP Stakeholders This module lists, defines and describes the intent and application of the major sections of CAP Guidelines. It covers the role of insurance companies in the provision of CAPs and also the intent and application of the Canadian Association of Pension Supervisory Authorities (CAPSA) Guidelines. It continues by covering the significance of CAPSA Guidelines and CAP Guidelines for plan sponsors, plan members and insurers, and explains the difference between the two Guidelines. Module 12: Life Cycle of a CAP – Plan Sponsor Perspective Module 12 begins by covering the requirements of Sections 1, 2 and 3 of the CAP Guidelines as they apply to the plan sponsor’s role. It then describes the role of the plan sponsor, advisers and service providers and the steps taken by the plan sponsor when setting up a CAP. It explains the factors considered by the plan sponsor when selecting an adviser and the key factors considered by the CAP sponsor when selecting a service provider and when determining what investment options to offer plan members. Module 13: Life Cycle of a CAP – Plan Sponsor Perspective (Continued) This module continues the previous discussion on CAP Guidelines – covering Sections 4, 5, 6 and 7. It then describes the key activities involved in introducing a CAP to plan members, providing communication to them and maintaining and terminating the plan. Module 14: Life Cycle of a CAP Account from an Insurer’s Perspective-Prospecting This module describes the internal structure of insurance companies and then lists the stages of the life cycle of a CAP from the insurer’s perspective – focusing on the Prospecting Stage. It explains the group insurance sales model and how it is distinguished from other sales models and then concludes with describing the steps taken and how and why a CAP is marketed. Module 15: Life Cycle of a CAP Account from an Insurer’s Perspective – Quoting/Prospecting and SellingModule 15 describes the role of the insurer in quoting/proposing and selling a CAP. It then covers the factors that influence the types of CAP account, pricing and degree of customization. Then it explains the role of the insurer in the finalist presentation and the factors used by plan sponsors to evaluate the insurer’s proposal. Module 16: Life Cycle of a CAP Account from an Insurer’s Perspective – Implementing, Servicing and Terminating This module describes the insurer’s role and responsibilities in implementing, servicing and terminating a CAP account. It then covers the Guidelines on the implementation and servicing a CAP account. Module 17: Ethical Decision Making in Group Retirement Plans This module begins by describing the importance of business ethics and the characteristics of an ethical problem. It then covers what sources can serve as guides in decision making.

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