The Great Canadian Company located in Ancaster $($GCC$)$ is a boutique retail company located across Canada. The company was started by the owner in $1990.$ It now has annual revenues of $$55,000,000$ and operates in $15$ locations across Canada.

Currently private, the company expects to go public in $2023,$ when sales are expected to hit $$65$ million. The business requires new capital expenditures to continue its growth and the public stock offering will create the cash required for growth. The pace of the company$$s business is rapid. New products and services are the only way to stay ahead of the competition.

Employment has increased from $10$ in $1990$ to $450$ in $2019$; current employee demographics are:

$20$s $30$s $40$s $50$plus TOTAL

Full$-$time $($FT$)44441625129$

Part$-$time $(50\%$ of FT$)131133498321$

$\%$ single $73\%94\%85\%76\%$

$\%$ married to FT $27\%6\%15\%24\%$

Salaries: based on a $7$ hour day

Average hourly pay $$16\mathrm{.}95$ $$22\mathrm{.}15$ $$45\mathrm{.}50$ $$65\mathrm{.}50$

While all employees are currently non$-$union, there are some reliable sources indicating staff are looking to unionize in the Vancouver and Montreal locations. The owner is concerned that the company is growing so fast that the collegial atmosphere is disappearing. Turnover has been just around the industry average $(35\%)$ and lately, turnover among new hires is increasing more than the overall average.

The owner senses the need for a professionally designed benefits and retirement savings plan. Funds are available but not unlimited. The expectation of going public puts pressure on the firm to look responsible and conservative to potential investors. However, the owner wants to maintain the corporate culture that made the company successful.

No formal indirect compensation plan or retirement savings plan currently exists. Instead, employees are hired based on market rates and the benefits package has been based on government sponsored benefits only.

YOUR DELIVERABLES:

The owner of GCC has hired you as the benefits advisor to design a benefits and retirement savings plan with supporting communications to support the company to achieve its many objectives.

Q: Describe your recommended retirement savings plan design $$ this may be a registered pension plan or non$-$registered plan as one plan or several $$job level$$ specific plans. Include the funding method and annual budget.