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 your Wealthsimple profile
2. Select the Profile menu
3. Select your employer name from the menu
4. Select the Plans tab
5. Select Create a plan
6. Choose a Plan type:
   • Match only: Match or partially match an employee's contributions
   • Base only: Contribute a set amount or percentage per pay period
   • Match and base: Match or partially match employee contributions with an additional base
   • No match or base: Only employees can contribute to their group account
7. Type a Plan name, and select Create plan to proceed
8. If you chose a plan type with matching (Match only or Match and base):
   • Select the Match contribution type (Percentage or Dollar amount) and enter the amount (Match percentage or Match amount per pay period).
   • Optional: Add a Partial match (75%, 50%, or 25%).
   • Optional: Set a Minimum employee contribution.
   • Optional: Set a Maximum employer contribution per year.
9. If you chose a plan type with a base employer contribution (Base only or Match and base):
   • Select the Base contribution type (Percentage or Dollar amount) and enter the amount (Base percentage or Base amount per pay period).
   • Optional: Set a Minimum employee contribution.
   • Optional: Set a Maximum employer contribution per year.
10. Use the Plan Cost Estimation tool by entering the number of eligible employees and average salary to see estimated costs.
11. Select Create Plan
12. Under Manage plan, choose if you want to Lock contributions or Auto-assign based on tenure

Manage contribution and eligibility settings

Locking contributions

If you choose to Lock contributions, both existing and new 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