Overview

A group plan allows you to define how you and your employees contribute to their accounts. You can set up plans with employer matching, base contributions, or no employer contributions at all.

You can also create a new group plan for a subset of your employees rather than changing your existing plan.

Create a new plan

Follow these steps to set up a new plan on Wealthsimple on the web:

1. Log in to Wealthsimple on the web
2. Navigate to the Plans section at the top of your employer dashboard
3. Select Create plan
4. Choose to add a Matching plan or Employer base contributions
   • A matching plan is when you match employee contributions by a salary percentage or a dollar amount per pay period.
   • Employer base contributions are when you contribute a set amount regardless of whether the employee contributes.
      
5. If you want a plan with no employer contributions, select Continue to proceed
6. If you chose a Matching plan:
   • Select the Matching type (Salary percentage or Dollar amount) and enter the Amount.
   • Optional: Add a Partial match (75%, 50%, or 25%).
   • Optional: Set a Minimum employee contribution.
   • Optional: Set a Maximum employer contribution.
      
7. If you chose Employer base contributions:
   • Select the Base contribution type and enter the Amount.
   • Optional: If using a salary percentage, you can add a Maximum employer contribution.
      
8. Use the Cost Estimator by entering the number of eligible employees and average salary to see estimated costs.
9. Select Continue
10. Provide a Plan name that helps you identify the group
11. Review the Plan type details
12. Under Settings, choose if you want to Lock contributions or Auto-assign based on tenure
13. Select Create plan

Manage contribution and eligibility settings

Locking contributions

If you choose to Lock contributions, employees can’t change their contribution amount per pay period. This can help you limit frequent changes to your payroll.

Tenure-based assignments

The Auto-assign based on tenure feature helps you manage eligibility periods automatically. For example, you can place new hires in a non-matching plan and have them move to a matching plan after they have been with the company for a certain amount of time.

Frequently asked questions