Benefits & Pension
Attract and retain better talent so your business thrives
Your team is the heart of your company. They help you create, sustain and grow the value and income of your business. A strong benefits and pension package not only shows them you care, but also helps to attract and retain the very best employees.
We primarily work with businesses employing up to 1000 people in Southern Alberta and beyond, designing benefits and pension packages to help your team and your business flourish.
Through our innovative approach we:
- Ensure you are receiving the maximum value from your Benefit & Pension programs
- Create comprehensive programs that align with your organization's goals and objectives
- Improve your teams’ value perception and increase loyalty
- Provide ongoing education and seminars
“We have been using Cox Financial to handle our Benefits and Group RRSP's since 2007. This experience has always been positive. Having them handle all the difficult negotiations, shopping policies and dealing with problems makes our jobs much easier. We appreciate their customer service and dedication to their customers. They are a great team. We would absolutely recommend them.”
- Hayley
“We have been dealing with Cox Financial for our group benefits for many years, Geoff and Jared have always been attentive to our needs. They have taken the time to understand our business and advise us accordingly. I would recommend to anyone looking for professional and personalized service.”
- Scott
Work with benefits and pension experts who know your team and your business.
Frequently Asked Questions
What is a Target Loss Ratio (TLR), and why does it matter?
The Target Loss Ratio is the percentage of every dollar your insurance carrier expects to pay out in the form of claims for experience-rated benefits (short-term disability, health and dental). The difference between the TLR and 100% represents the carrier’s expenses for managing your program.
For example - If your group’s TLR is 80% that means for every $1.00 you pay in premium the insurance carrier expects to pay out $0.80 in the form of claims. The other $0.20 represents the carrier’s expenses for managing your program.
The TLR will typically increase with the size of the group. A group of 20 members might have a TLR of 70%.. A larger group of 500 members might have a TLR of 90%+. The higher the TLR the lower your group’s administrative expenses.
What is an Incurred Loss Ratio?
Your group’s incurred loss ratio is the actual amount of claims incurred divided by the premium.
For Example - If your group has health claims of $75,000 and you have paid health premiums of $100,000, your incurred loss ratio is 75%.
How do Incurred and Target Loss Ratios compare?
Typically you want your Incurred Loss Ratio to be as close as possible to the Target Loss Ratio and even a little above.
If your group has an Incurred Loss Ratio of 75% with a TLR of 80% that means the insurance carrier is only paying out $0.75 of every dollar in the form of claims when they were supposed to pay out $0.80.
On the contrary, if your group has an Incurred Loss Ratio of 85% with a TLR of 80% that means the insurance carrier is paying out $0.85 of every dollar in the form of claims when they were only supposed to pay out $0.80.
The comparison of the Incurred and Target Loss Ratio’s will evolve as your group grows and begins to consider other funding methods such as Refund Accounting or Administrative Services Only (ASO).
Why is governance an important part of my pension plan?
Good governance is essential to ensuring your pension plan is efficient and creates real value for your employees.
How do I know if my benefit and pension plan is competitive and meeting the needs of my team?
We frequently review and benchmark your plan against your industry and location to ensure it’s competitive. We also design surveys to ensure your team feels involved in the process and are happy with the programs.
What happens if I lose coverage through my employer?
There are many options to continue your coverage as you leave your group plan, just make sure to apply within 60 days. Learn more here.
A medium-sized business came to us with a problem: their expert trades people were leaving for other job opportunities, i.e., marginal hourly rate increases.
The key to retaining talent
So, we set to work, tailoring a custom total rewards program that compensated employees based on their years of employment with the company. It was uniquely flexible, allowing employees to accelerate their “stars” collection.
The rewards program consisted of two key elements phased in over time:
- Redesigning the employee benefits plan which went from one-size-fits-all to a three-tiered program where benefits would enhance at each tier. The tiers were uniquely designed based on the client's desires of when they thought rewarding their employees would be most effective in increasing retention. The program also contained health and wellness spending accounts where more credits were allocated to employees as they moved up each tier.
- Introducing a company-matching Group RRSP program. The program followed the tiered design of their employee benefits plan, rewarding members with a higher company match as they progressed to each tier.
This two-pronged approach was a key element in rewarding long-term employment and helping the client maintain a loyal workforce. It also ensured company resources were focused on long-term, contributing employees.
A top-tier employer
These days, this client is a top employer who is able to attract and retain expert trades people. Best of all, the client’s employees are beginning to understand the value of their total compensation packages beyond their hourly rate of pay.