With the changing nature of work, the nonprofit sector has an opportunity to support all of its employees in planning their financial future.
Our Committed Employers
We are excited to have the following organizations as committed employers who will offer the Common Good Retirement Plan to their employees and freelancers, should the initiative move forward.
Common Good would allow nonprofit organizations to offer a retirement income plan without getting into the retirement business.
A collective approach to retirement has the potential to enhance satisfaction among workers, improve employee retention, and strengthen the sector.
A Common Good Plan can:
- Help workers retire better without the administrative burden and legal liability and risk
- Can work with or without an employer contribution or match
- Offer employees a more competitive benefits package
- Improve productivity by reducing employee financial stress
How it would work for employers
- Offer participation in the Common Good Retirement Plan to your employees
- Set up the system (e.g., through payroll) for your employees to make contributions
- For organizations that are able to make employer contributions, contribute to employee accounts (e.g., matching contributions)
The design of Common Good
The Common Good Retirement Plan would have the following features:
- Minimal administrative burden for participating employers – your main responsibility would be to make or facilitate contributions through the plan’s easy-to-use, self-service administration
- No fiduciary duty or compliance responsibilities for the employer – the plan would take care of these
- Ability for sector employers to provide matching contributions, if they so choose
- Overseen by an independent board with a duty to put plan members’ interests first and composed of a combination of pensions and investment experts, and leaders from the nonprofit sector
- A low-cost, simple, professionally managed investment approach tailored to the age and retirement date of members
- Allows lower- and moderate-income earners to preserve Guaranteed Income Supplement benefits through a Group TFSA structure
- Allows middle- and upper-income earners to save thousands of dollars per year through a hybrid Group TFSA/RRSP structure
- Allows members to transfer in savings from other RRSP and TFSA accounts
- Provides assistance to members in the post-retirement phase, including low-cost investments, help with when to claim OAS, GIS, and CPP, and ways to turn your nest egg into a stream of income
Commit to the Common Good
In order to launch Common Good, the initiative needs confirmed support from a critical mass of employers who are publicly committed to offering the plan to employees, should it proceed. Having your organization on this list would be a powerful step towards making Common Good a reality.
We know that the decision to offer or switch to a new retirement plan is not a simple one. We can provide you with the resources to guide your organization through this process, and together we can bring retirement security to the nonprofit sector.
Frequently Asked Questions
The Plan will be overseen by a nonprofit corporation governed by a board of directors with a fiduciary duty to act in the best interest of the Plan’s members. All service providers to the Plan, including the Plan’s administrator and investment managers, will be accountable to the board, which will be responsible for continuously improving the Plan in the interests of its members.
Your primary role would be to offer participation in the Plan to your employees and members, as well as provide the appropriate education to help facilitate their enrolment.
Employers would be responsible for setting up the system (e.g., through payroll) for your employees, and remitting and reconciling contributions. Common Wealth can also easily set up workers who are freelancers and/or who wish to make additional contributions on their own to contribute directly through their own bank accounts.
Common Wealth would also work with your organization to design and deliver educational sessions to ensure the Plan is well-understood by your employees/members and share best practices with you on how you can support your employees/members to effectively save for retirement.
Your organization would also have the option of making design decisions to encourage employee/member participation and saving. An example could include making the Plan mandatory if you’re also contributing matching dollars.
Offering the Common Good plan could provide the following benefits:
- A practical, easy way to help all of your employees/members to build their economic security without the administrative and legal liability and risk associated with traditional pension plans.
- Access to a much higher-value retirement income plan for your employees/members than the marketplace currently offers. Experience from Common Wealth’s existing plan designs suggests modest earners can achieve up to 2-3 times the retirement income and higher income earners will save thousands of dollars in fees compared to current retail alternatives.
- You can help reduce employee/member financial stress and, for employers, associated productivity issues arising from financial insecurity. Recent Conference Board of Canada research shows that 28% of Canadians struggle with their finances, while related research from Towers Watson shows that financially stressed workers lose an average of 12.4 days per year of productivity due to distraction and “presenteeism.”
- Improved ability to offer a competitive total rewards package to employees. High-quality retirement income plans can help make workplaces more competitive when it comes to attracting and retaining talent. Associations can strengthen their relationship with their members, attract new members and reduce member turnover in the same way.
We understand the need for nonprofit organizations to avoid unfunded liabilities and risks, and the Plan’s structure and governance model are expressly designed to protect participating organizations against these:
- Participating employers/associations have no obligation to contribute to employee/member accounts unless they wish to do so under policies and terms they themselves will set and can changes as appropriate to their needs.
- There is no investment risk to the participating organizations, unlike a traditional pension plan. The risk of investment volatility would be borne by individual savers enrolled in the Plan. However, investment providers and products will be selected using a rigorous process and investment choices curated based on best outcomes for Plan members, balancing risk and reward over time. This would include investment choices treated as appropriate default investment options in other jurisdictions (e.g., low-cost target date funds).
- The Plan’s proposed structure exceeds existing regulatory requirements for group retirement plans, and organizational by-laws and policies will employ industry best practices and standards with respect to governance, fee/cost disclosures and member education and communication.
- The Plan’s non-profit incorporation and fiduciary role together ensure that all decisions are made on the sole basis of members’ interests. Unlike commercial retirement saving options for individuals, there is no opportunity for conflict between the provider’s commercial interests and the Plan’s members. Non-profit organizations can trust that their employees’/members’ interests will be paramount.
Organizations who participate as a Plan sponsor with a representative on the Plan’s Board of Directors will have legal obligations, but all directors will be protected by D&O insurance. While the board of directors will provide strategic oversight of the Plan, all operational risks will be delegated by the board and borne by the service providers.
Join Our Committed Employers
“Voluntary Resource Centre is thrilled to support the Common Good Retirement Initiative. As a small non-profit organization, it is challenging to support staff the way we want to. This initiative has the potential to take care of people who are taking care of your communities.”
"As an alternative business school for social ventures, Groundswell is eager to support the Common Good Retirement Initiative. Our community of solopreneurs, nonprofits, and small businesses have a great need for a retirement product that is a match for our sector. We believe in using the power of many to solve this issue and bring security to people who are working to make the world a better place."
“The BC Society of Transition Houses is pleased to champion the Common Good Retirement Plan and to support an initiative that will invest in the future of an underpaid workforce predominantly made up of women. BCSTH is committed to ending violence against women and their children and to supporting frontline services who work with those fleeing violence every day. In doing this work, our staff team and the anti-violence sector dedicate themselves to making a difference in the lives of others. It is only right that we do whatever we can to compensate them fairly and competitively for their work.”
"At New Market Funds, we're committed to creating positive community benefit and having a positive and supportive workplace. We recognize the value of offering benefits like the Common Good Retirement Plan and see this as an important part of attracting and retaining the hard-working and dedicated team we have. We are excited to see this much-needed plan being offered to the non-profit sector."
"As a small regional land trust with limited resources, we have been looking for ways to provide health and retirement support to our staff for a while, but it has proved challenging. Most programs available are too difficult to sustain over time or just out of our reach financially. Common Good is starting from a different place in that it is being designed specifically to eliminate the barriers that non-profits face in providing deserving staff with important benefits. Not only will a successful program help staff, it will help our organization to attract and retain good people."
"Canada's artists are part of our workforce who confront and engage with some of society's biggest problems on a daily basis, and I consider the Common Good Retirement Plan as an investment in these amazing individuals. For me, PWM's commitment to providing decent work includes long term retirement planning. What is most exciting is the opportunity I have to start meaningful discussions on how artists and cultural workers can save for their futures on their own terms."
“The Multicultural and Immigrant Services Association is a professional Best Practice organization that likes to walk our own talk. We do this by providing support not just for our communities and our clients, but also for our professional staff who spend their working lives supporting the acquisition of equitable and sustainable opportunities for a better life. MISA is honoured to be able to not only support the Common Good Retirement Initiative, we are also committed to assist in being a sector champion. Common Good offers an innovative Best Practice approach to supporting an engaged workforce which is in the best interest of everyone regardless of what sector you work, what position you have or where you live geographically. Well done, Common Good!”
"As a small non-profit with no staff benefit plan, the opportunity to join a coalition of non-profits to leverage resources is the main reason the Common Good Retirement Initiative is so interesting to me."
“In an era of rapid change with many economic, social and cultural dislocations, it is essential that civil society encourages collective initiatives which value the good of the many over that of the few.”
"As a small non-profit society with a combination of staffing, we have been limited in our capacity to provide support for retirement. The analysis of the sector by the Common Good Retirement Initiative was superb! Common Good is a progressive initiative that can work practically and long term for both the employer and staff."
“As a provincial charity that services 10,000 islanders a year, it is important that we can provide continuity and consistency in our services delivery units. Creating a supportive workplace and providing options for long-term financial stability for staff will help us achieve this goal. It is important that our staff see working at the PEI Council of People with Disabilities as a viable career option. Providing them with a comprehensive benefit package such as the Common Good Retirement Initiative is a critical piece in helping them plan for their future.”
“As a nonprofit employer, it is very important for our organization to provide the best possible working environment for our employees. Giving our employees an opportunity to save for the future is a part of that. The Common Good Retirement Initiative will enable our organization to help support our employees with their long-term financial planning by providing them with a retirement plan.”
"Having chosen the nonprofit sector as a career, I have seen many employees who are passionately dedicated to the mission and cause of their organizations, but have often done so at the expense of securing their financial future. I believe in decent work, and part of that is ensuring that those who work so hard to secure the future for others can themselves depend on a good retirement. Common Good provides a flexible, portable tool that provides the foundation for saving throughout your career, and is vital in ensuring a nonprofit workforce that can focus on good outcomes today knowing their own future income is assured."
“As a small non-profit, it would be difficult for us to provide this level of assistance with retirement planning and savings to our staff. The Common Good Retirement Plan will allow us to support not only our team but the not-for-profit sector as a whole. We are excited to be a part of this initiative.”
“As an organization interested in constantly improving the benefits for our staff to ensure they have a fair and just compensation package, providing a retirement savings plan is a giant hole that was left for us to fill. Common Good connects with our values in terms of offering an affordable, portable, flexible savings plan with possible options for ethical investing to both union and non-union employees. We are excited to support this much-needed initiative.”
"The Canadian Dance Assembly (CDA) is pleased to find a portable retirement plan. It is a timely solution to a long-standing problem in the arts - precarious work. The CDA advocates for a healthy sustainable sector while improving working conditions, so the Common Good Retirement Initiative aligns with our priorities.”
“As an employer, Thrive has always been committed to ensuring our staff have access to retirement benefits. Employees in this sector work incredibly hard, and we believe it is essential to have access to a good retirement plan. Our staff give so much on a day-to-day basis to support vulnerable individuals, improve the health of our community, and promote social justice. As an employer, we feel it is our responsibility to live up to the values that our organization promotes every day in our work. Common Good provides a unique opportunity, as the plan is specifically designed for this sector and allows for the inclusion of all employees regardless of part-time or contractual. Therefore we expect to create more opportunities for our employees to save for their retirement.”
“A flexible and affordable retirement plan built for the nonprofit sector will enable nonprofit sector employers to offer a more fulsome compensation program. With Common Good, a plan of this nature is a benefit that will strengthen the position of nonprofit employers to retain and keep talent, and the portability feature will encourage more employees to develop a career path within Canada’s nonprofit sector.”
"Volunteer Terrace is happy to endorse the Common Good Retirement Initiative. As a small volunteer centre set in a rural area of northwestern BC, we see many small, organic non-profits and charities who struggle to offer their staff and themselves any sort of benefits - they are simply cost prohibitive. Common Good gives us the ability to offer incentives to join our organization and even keep staff who may be considering leaving due to a lack of benefits. Many of our staff leave, not because they want to, but because they cannot afford to stay, particularly as they begin to plan for their retirements. I am so excited, as Executive Director of Volunteer Terrace, that we will be able to really start to show our staff that we value them."
“Gerstein Crisis Centre is happy to be one of the first 50 employers to support the Common Good initiative. For years, we have been looking for a retirement plan to offer our staff that would be affordable for both the employer and the employee. Our staff are there for some of the most vulnerable people in our communities, 24 hours a day, every day. As an employer, we want to be there for them, providing them with a pathway to retirement that offers the security they have earned throughout their careers. Until now, our options have been limited due to lack of affordability, high fees, poor portability and inflexible payment schemes. Common Good will provide us with a workable solution that understands the non-profit world.”
“As a female-led, feminist organization, we strive to offer our employees wages that are competitive with the cost of living increases, benefits, and now finally a retirement plan. We do this to compete in what is still a male-dominated workforce that continuously advances men, with women being offered less to do the same job. It’s time for things to change. We believe in building a strong future for women, which is why we are choosing to endorse the Common Good Retirement Initiative.”
“The Common Good Retirement Initiative presents a method of bringing the benefits of a structured retirement savings plan to non-profit and charity organizations, making it easier for people to automatically budget for their retirement. Given the importance of savings to supplement retirement income and the sometimes complex system of navigating it alone, we at United Way of Bruce Grey look forward to being able to provide a straightforward, managed retirement savings option for staff.”
“Small non-profit employers are excluded in providing a responsible financial planning program for employees due to the prohibitive cost. All employers have a responsibility to ensure that employees have the ability to save and plan for their future retirement needs. The Common Good Retirement Initiative provides our employees the opportunity to have a flexible plan for their retirement planning, as well as supports our organization in retaining and attracting highly skilled professionals.”
“Burnaby Community Services is dedicated to breaking the cycles of poverty and isolation. In doing this work, our staff team dedicate themselves to improving the lives of others. We, as an employer, need to take care of those who give so much of themselves in addressing the most significant social issues in our community and helping those most vulnerable. While we struggle to compensate our team in the way they deserve and have earned, in looking to invest in their future needs through the Common Good Retirement Plan, we hope to go some way to bridging that gap.”
"The non-profit sector plays an increasingly important role in Canadian civil society, advancing progressive policies in our environmental and social sectors. People shouldn't have to make a sacrifice to work in this field. We've been working for years to address this, but as a small organization, have not found a viable path forward. I'm happy to support the Common Good Initiative and look forward to offering our team access to a retirement plan."
"ONESTEP represents the agencies across our province who work to ensure all Ontarians have access to meaningful employment opportunities. Yet ironically, as small, publicly funded, non-profits, it is often difficult for us/them to offer similar opportunities within our own organizations. The Common Good Retirement Initiative represents a (long overdue) opportunity for all organizations - regardless of size or nature - to support both our teams and our sector's commitment to the Decent Work Charter."
“Skate Canada New Brunswick is excited to provide our support to the Common Good Retirement Initiative. Being a non-profit that runs almost entirely on volunteers and a few dedicated employees, it is difficult to find incentives that attract and retain good employees. Having a good retirement plan will help us keep existing employees longer, allowing us to retain corporate knowledge to support our board and volunteers.”
“It’s time for a united front from NGOs across this country to stand up and challenge the standard belief, ‘Oh, you work in non-profit so you make less money and have no security,” with action. This movement could be the catalyst and platform to redefine what security looks like for community-based organizations. My belief as a leader is that the future sector (whom we need to stand up for) will not need to advocate for their fair pay, benefits and retirement; that equal compensation will be a given, and we will continue to focus our efforts on benefiting our communities.”
"The Common Good Retirement Initiative is something our sector has been waiting for a long time. As a youth organization employing young people, we are thrilled to be able to support their future economic security through this retirement plan and to advance economic justice for some of the most vulnerable workers in our communities. Young workers are highly mobile, which means that a transferrable plan is the only option that really works for them."
“As a non-profit consulting company, we are concerned about the financial security of our freelancers. We do not have employees, but instead a growing network of contractors from all over the world, many of whom are completely reliant on consulting income from a variety of sources. We’re hoping that Common Good can offer a solid platform for retirement savings for our Canadian contractors, and enable them to keep contributing even when they aren’t working with LogicalOutcomes.”
“Attracting and retaining committed long-term employees to the non-profit sector is essential if we are going to create change on the scale that is required. We need to truly value and support people if we are going to keep them. The Common Good Retirement Initiative is an essential and long overdue way to do that, and I am thrilled to sign on.”
“Canada's early learning and child care sector (ELCC), as it evolves and grows, continues to look for solutions for long-standing workforce issues, which includes salaries and benefits. By supporting and being a part of the Common Good Retirement Initiative, the Canadian Child Care Federation, as Canada's largest ELCC organization, can be a part of the workforce solution by joining Common Good and advocating for members to be a part of the same.”
“Out On Screen's mission is to advance queer lives, which includes how we are caring for and uplifting the people that work with us. Offering a retirement plan can provide the structure, security and incentive that we all need to build for our long-term future. When we have safe, secure people working with us, then they are more likely to stay with us and be happier as a result. I can't think of a better reason to invest in Common Good.”
“A key part of the sustainability of the non-profit sector is supporting our people. West Coast LEAF values the principles of equality, justice, and fairness in all of our work, including providing conditions of employment that ‘walk the talk’. Committing to the Common Good Retirement Initiative is part of our commitment to our hard-working staff team.”
“In PEI, the community sector employs more than 6,000 people and offers a multitude of services that contribute to making our Island a great place to live. However, many community sector employees work for low wages and no benefits. I believe the Common Good Retirement Plan will help organizations attract and keep qualified and knowledgeable staff. This impact will improve our community services for everyone.”
“A critical part of our work as non-profits is caring for our staff and caring for each other as we work towards a better world. The Common Good Retirement Plan embodies these values. Rise Women’s Legal Centre is pleased to commit to this initiative in recognition that retirement savings are a fair and essential part of supporting our dedicated team.”
“We are excited to be able to offer our staff a retirement income plan with portability and flexible contribution options, which helps round out our total compensation package. We aspire to implement a matching program as budgets permit. We believe that our staff will benefit in the longer term by being able to budget and plan financially with this saving option in mind.”
“A retirement plan is a vital resource for hua foundation staff to sustain their careers in the not-for-profit social change sector, and to live up to our goal of building resilience in communities. We work alongside young people to advance race equity, so it’s important for us to set an example as an equitable employer. We appreciate the flexibility and portability that is built into the design of the Common Good Retirement Plan. Our community partners at Vancity Credit Union introduced us to this initiative, and we are proud to join other social change organizations as a Committed Employer.”
“Stumbling upon information regarding the Common Good Retirement Initiative was wonderful. As a small non-profit organization, we have been struggling to find a way to support our staff to plan for the future and meet our needs as as an organization. This will allow us to put a plan in place that is flexible, grounded in shared values and will pave the way for those of us in the anti-violence sector, who traditionally do not have access to retirement planning, to change that reality.”
“Offering retirement benefits to our staff at the Canadian Federation of University Women (CFUW) is a challenge for us as a very small non-profit organization. That's why we were excited to learn about the Common Good Retirement Initiative and its aim to bring retirement security to the sector. I am extremely supportive of this effort and look forward to the plan becoming a reality.”
“The staff of The Calgary Society of Community Opportunities are excited about the opportunity to invest in a portable retirement plan. The Common Good Retirement Initiative allows us choice and incentives to save. Furthermore, this can happen within the capacity of the individual and our Society.”
"We at the moment have no staff benefit plan so the opportunity to join a coalition of non-profits in pooling resources is of great interest."
“Women’s Network is thrilled to partner with the Common Good Retirement Initiative. As a feminist organization, we work hard to provide decent wages and conditions for all our staff members. The lack of support for decent wages and adequate retirement planning is a feminist and women’s issue pervasive in the non-profit sector. We work hard to support Island women in PEI and to find resources to provide decent work to everyone in the team.”
“As a small charity, we’re excited about the potential of the Common Good Retirement Plan to make it possible for non-profits to provide competitive retirement benefits their staff. Benefits that are meaningful to staff are critical to keeping talent in our sector, which in turn is critical to the success of our efforts to defend and extend civil liberties and human rights in BC and across Canada. We find the flexibility of the plan particularly attractive, as it may allow us to meet the varied needs of our intergenerational team under a single plan structure. We look forward to the vision of the Common Good Retirement Plan becoming a reality.”
“The Common Good Retirement Initiative will enable our organization to provide much-needed income security to our staff, knowing they and their employer are contributing to income that will be available after they retire. This kind of support will help keep more qualified staff in the field, so they can focus on doing what they like most: to empower people and welcome them as they strive to create a rewarding new life and settle successfully in Canada.”
“A member of our small but mighty staff team once said to me, ‘I don’t want to end up like some of our members and clients.’ The Common Good Retirement Initiative is an important opportunity for not-for-profit organization staff like ours to access the financial support into retirement that they deserve. Our staff improve the lives of older adults in our community every day, and Common Good is an important way that we as employers in this sector can improve the lives of our staff.”
"Since 1977, the ASSIST Community Services Centre has been working to build the community. The Centre aims to provide diversified services to Canadian immigrants and their families, helping them to integrate into mainstream society and actively contribute to it. Every day, our team of dedicated staff invests their knowledge, skills, time, and effort to make a difference in the lives of others. To this end, it is only right that we, in turn, help them invest in their future in as many ways as possible. This Common Good Retirement Initiative seems fitting for helping our employees plan for their future."
“The YWCA Lethbridge & District takes great pride in employing a significant number of people in the non-profit sector. It is imperative to recruit and retain our workforce to provide stability and services for our community. The Common Good Retirement Initiative will help to provide an incentive and benefit for the employees who have chosen a career in the non-profit sector. The flexibility of the initiative allows them to plan for their retirement. Our organization is supportive of this initiative, and we eagerly anticipate the plan being put into effect for the non-profit sector.”
“As CEO of a national organization dedicated to helping entrepreneurs build amazing ventures and enhance Canadian prosperity, the Common Good's startup mission of launching an innovative new retirement savings model for Canada's non-profit sector workers is very interesting. Having additional retirement saving options better equips our staff to plan for their futures.”
“YWCA Muskoka is very pleased and excited to be a part of this initiative. As a community charitable organization working with women and youth to build social and bonding capital, this kind of innovative opportunity to introduce retirement planning, provide value for our staff and encourage their own economic resilience makes long-term sense.”
"It is great to see affordable options specifically designed for the non-profit sector."
“I am truly excited to be a part of this initiative. We are a nonprofit society that strives to provide a safe place for women and their children to come to when experiencing domestic violence. Domestic Violence is not just about physical abuse. It includes all forms of abuse – sexual, spiritual, emotional, financial and psychological. My employees are a very critical component to helping women survive and move on from something that has impacted them, their children, their families and their friends. As workers in this field, we recognize the importance that financial independence and security for women play in keeping them safe. Part of supporting my employees is making sure that I offer everything I can to secure their futures, including a retirement plan that is right for them. I believe Common Good can provide this opportunity.”
"PEDVAC Foundation is pleased to endorse the Common Good Retirement Plan. Not-for-profit employees dedicate their lives to helping individuals and communities, and their dedication should be recognized. We are losing too many employees to the private sector, but who can blame them?"
“As a small, not-for-profit sport organization, Commonwealth Games Canada has an issue attracting and retaining employees. The Common Good Retirement Plan provides CGC with a turnkey ‘competitive edge’ in attracting and retaining employees. More importantly, it provides our employees with a simple, cost-effective and portable way to save for retirement.”
"The Common Good Retirement Initiative provides an excellent solution for our small sustainable building school."
“I have worked in the non-profit sector for over 20 years and am beyond thrilled to finally see a retirement plan that supports employees in this sector.”
"As a small environmental not-for-profit focused on helping communities reduce and adapt to climate change in New Brunswick and beyond, EOS Eco-Energy is committed to not only helping communities plan for the future but also our hard-working staff. Being able to offer them a retirement plan would be invaluable."
“Over two million people work in Canada's not-for-profit and charitable sector, each of them contributing in their own way to make a better Canada for all of us. But most employed in this sector have at best a piecemeal retirement plan. The Common Good initiative looks to change that by giving NFP employees greater retirement security and more peace of mind by providing a national, affordable and portable retirement income plan. The Rideau Hall Foundation fully supports this much needed initiative.”
“Small, independent non-profit theaters rely on part-time, contract workers (designers, technicians, playwrights, directors and administrators) who are often non-unionized and who work with multiple theatre companies. A portable, flexible retirement plan will make a truly meaningful difference in our ability to plan and save for retirement, and we're excited to be part of this initiative.”
"As a nonprofit employer of a small team, it is important to me to provide the best possible working environment for my employees. Motivating them to save for the future is a part of that. The Common Good Retirement Initiative will enable my organization to instil and support the habit of long-term financial planning by providing a higher quality, flexible plan for our employees with lower fees and less administrative burden for our organization."
“The Common Good Retirement Initiative fills a critical gap in the non-profit sector and represents an important step forward for non-profit employers – one where employers are better able to support the financial well-being and retirement planning of employees. Inter Pares is committed to being a supportive employer, which includes supporting staff to plan for life beyond our organization. We are excited by the potential the initiative has to bolster our own retirement planning benefits and better prepare our employees for their future.”
"Retirement savings are a critical dimension of financial health, but very few workers in Canada’s nonprofit sector have access to high quality retirement savings plans. That’s why Prosper Canada is supporting the Common Good Retirement Initiative. The people who care for our communities every day deserve our support in return. Common Good offers an affordable, accessible and portable retirement savings plan that will work for them."
“Employers in the non-profit sector need to have the capacity to offer incentives to retain skilled workers and compete with employers in the public and private sectors. Offering retirement options is a key incentive that employees want and need. The Common Good Retirement Initiative makes it easier for non-profit employers to offer benefits to employees and add value when recruiting and retaining skilled workers.”
“More than half of my career has been in the non-profit sector in a small organization where security for retirement or other benefits for that matter, was a bit of a pipe dream. When I shared with staff the idea of a collective plan for our sector, everyone was instantly on board and excited about the possibility. Adding a benefit such as this to our compensation package will ensure we remain competitive and retain high quality, committed staff. And, it's the right thing to do!”
“Injured Workers Community Legal Clinic is encouraged by Common Good’s desire to help create retirement security for our colleagues in the not-for-profit sector, and their ethical, worker-centred approach aligns well with the mandate of our clinic. Many people in this sector dedicate their lives to helping others; it is only appropriate that something like the Common Good Retirement Plan exists to help them.”
“As a small non-profit women’s organization, I feel it is vital to provide a retirement plan option for my staff. We know that women make up much of the sector's workforce, but many do not have access to retirement benefits and live in poverty after they retire from paid work. Our staff are professional young women who are dedicated to their work and deserve to be protected in their senior years. The flexibility and portability of this plan makes it the perfect solution for us!”
“We applaud the work of the Common Good Retirement Initiative to support the people who have chosen a career path in the non-profit sector. A retirement strategy for our sector is long overdue and will build greater equity and incentivize and reward the talented and dedicated people who join and stay in organizations like ours. Our team is looking forward to participating in this initiative.”
“We frequently hear about the importance of retirement planning. Those in the non-profit sector often have few pension benefits to support their financial security. Here at PEI Family Violence Prevention Services Inc, we believe that working together and helping one another helps everyone to achieve more. We are delighted to sign on to the Common Good Retirement Plan and hope that in doing so, the possibility of this wonderful initiative will be available to all who need it.”
“Providence Farm Therapeutic Community is delighted to support the Common Good Retirement Initiative and to join with other inspired and committed colleagues across the country. The Providence Farm mission to steward the land and restore and sustain spirit derives from a deep respect for community, which we believe is reflected in this important Common Good initiative.”
“The nonprofit sector needs top talent, so we need to ensure that our compensation packages are competitive. There is an erroneous assumption that people in this sector should have to give up things like retirement plans. The Common Good Retirement Initiative will help the sector attract the best candidates and demonstrate our commitment to our employees’ future and wellbeing.”
“As an emerging organization enthusiastic about maximizing employee benefits, we feel that the Common Good Retirement Initiative is exactly what we were looking for; a well managed and high value option that fits with our mandate.”
"Passionate and engaged employees are the lifeblood of rural and remote community service teams like Boundary Family Services. The members of these teams deserve a benefit plan like Common Good that meets their needs."
“Aspen Family and Community Network Society has reviewed numerous retirement plans over the years, and we are excited by the Common Good Retirement Initiative that purposefully looks to establish a plan that, according to the preliminary proposal, would better meet the needs of staff employed by non-profit organizations. The importance of a plan that is well-designed so that it is flexible for staff, has the lowest possible fees and a minimal administrative burden for the organization seems to be a priority of the proposed plan, and these items are important to Aspen and our staff.”
“I have been waiting for an initiative like the Common Good Retirement Plan for a long time. For us in the not-for-profit sector, especially in small organizations like mine, thinking about providing this kind of benefit for our staff and ourselves is almost impossible. I fully support this initiative and hope it becomes a reality soon. I truly believe it will be a great way of compensating our dedicated staff for all their efforts!”
“As a growing non-profit, we’re committed to providing the best possible working conditions for our staff. The Common Good Retirement Plan represents an opportunity for us to provide all our staff, whether full-time, part-time, or contract, with a whole new level of retirement support. Common Good addresses the gaps and challenges unique to the non-profit sector that have made retirement planning so challenging for our organization and staff to date. We know this initiative has the potential to make a tangible, positive impact on the lives of our employees and their families.”
“CPAWS Yukon is a conservation organization, and working with groups who promote social equity and a healthy environment is important to us. For several years, our organization has been looking for a retirement savings plan that's both affordable and socially progressive. When we heard about Common Good, we were excited. We hope that soon we'll finally be able to offer our staff a retirement savings plan that's not only designed for our industry, but one that lets them feel confident that their investments align with their values.”
“Every day students across Nova Scotia depend on school healthy eating programs so they can be well-nourished and ready to learn. Along with a small army of volunteers, we rely on amazing staff to lead this important work. The Common Good Retirement Plan will make us more competitive in the marketplace, helping us to recruit, retain and develop our valued employees with the knowledge and comfort that they can save for their future. We are confident in the expertise the leadership of the Common Good brings, recognizing the advice will be without bias and program administration fees will be nominal. Thanks for bringing this to our sector!”
“Earn today, save for tomorrow. We all know we should, but who on our small nonprofit team has the time and expertise to encourage, develop, and incorporate a retirement plan? At long last the Common Good Retirement Initiative has provided an opportunity to make a plan possible for our employees that is flexible, low-cost and less administration. It will make our industry more attractive and assist in the retention of employees.”
"Access to retirement or pension benefits has not been part of our vocabulary! The idea that we are in this work because we are so passionate about the mission is just not the full picture. And the rise in the cost of living, mixed with the significant shortfalls in what we as a sector can afford to pay highly skilled individuals, means that it is a challenge to keep your employee retention high. The opportunity to provide additional benefits, such as a retirement plan, can make a big difference in consistent and committed employees. Joining the Common Good Retirement Initiative means we can maximize effect and makes it affordable and therefore accessible for smaller organizations.”
"As a new nonprofit with a startup mindset, our team goes above and beyond everyday in their work towards our mission. By participating in the Common Good Retirement Initiative, we hope to further support them, by making it easier for them to plan for their financial futures."
"The Common Good Retirement Initiative is a very important effort to help nonprofit workers save for their future, which is why we were compelled to support as a committed employer. This retirement plan can't come soon enough for so many employees in the sector."
“Alberta Network of Immigrant Women is pleased to support the Common Good Retirement Plan. This initiative will provide many working in the non-profit sector a peace of mind that saving for one’s retirement is possible.”
“At the Community Resource Centre, we’re working toward a future in which everyone has access to the connections, opportunities, supports and services they need to live full lives in vibrant, sustainable rural communities. Supporting our employees to plan and save for their retirement is a key part of this strategy. The Common Good plan will be a great benefit for our employees. The portability and flexibility of the plan along with the reduced administrative burden make it a very attractive option.”
“We welcome this opportunity to be able to provide our dedicated staff with a retirement plan to secure their future. Most workers in the non-profit sector have not had that, and enter retirement with a major disadvantage.”
“Social Services Network endorses and supports the idea of offering retirement options to small not-for-profit organizations like ours. We believe the Common Good Retirement Initiative is critical from three perspectives:
- Increases the opportunity to recruit candidates for positions in small agencies that otherwise we would not be able to attract competitively
- Provides a great incentive for staff and rewards their passion and commitment to the organization
- Strengthens the NFP sector as a whole, compared to the private and public sectors where benefits are often better
“CSI is delighted to join the Common Good Retirement Initiative. By working together, we can improve the quality of life for everyone… especially our staff. It’s about time that the nonprofit sector had a retirement plan.”
“We were very excited to hear about the Common Good Retirement Initiative at Thinking Rock. As a small non-profit located in rural Northern Ontario, it's important for us to create local jobs in the arts and culture sector that are as sustainable, rewarding and stable as possible in order to attract and retain creative and talented northerners in this region. Having access to an accessible, easy-to-understand, trustworthy and flexible retirement plan like that offered by Common Good - created with the unique needs of non-profit sector workers in mind - will allow us to do that in a way that simply wouldn't have been possible before, especially given our limited HR resources and small staff team. This initiative will benefit our current staff, as well as our many contractors and temporary workers, and help us attract and retain additional core staff in the years to come.”
"The Common Good Retirement Initiative is an exciting and much needed flexible offering. My colleagues and I were enthused to learn about the energies being spent on developing it. Non-profit staff do all that they can to support and improve the lives of others. This is a great step in helping them enjoy the retirement that they deserve. We have no doubt that it will have a meaningful impact on the lives of non-profit workers across the country."
“We are a small registered charity, and it is important to us to provide the best compensation package we can for our committed staff members. We have never been able to offer a retirement plan. The Common Good Retirement Plan will allow us to provide a flexible plan for our employees with low fees for our organization. As a small organization, it is imperative for us that we work together to be able to provide high quality services at a low cost. I am pleased to see such an initiative within this sector. It is much needed and long overdue.”
“People who choose to work in the non-profit sector often accept lower wages in order to do the meaningful work we do. Saving for retirement may feel like an unaffordable luxury. Giving employees access to information and savings vehicles through the Common Good Retirement Initiative will be both empowering and enabling. Our small organization is grateful for this initiative. It is timely and much-needed!”
“The work that we do in the nonprofit sector is so important by helping so many people in the community, and yet as a worker, you have to wonder how you're helping yourself in the future. The Common Good Retirement Initiative allows organizations to look after the people who are looking after this country. We hope other nonprofits across Canada will come on board so that their employees have the opportunity to benefit from an affordable and portable retirement plan."
“Neepawa Settlement Services is a not-for-profit agency providing Settlement Services to a large immigrant population in a rural area of Manitoba. The staff of our organization are dedicated, compassionate and untiring in their efforts to provide an equitable, quality service to all our clients. This is not a high-paying sector, but being able to offer a retirement benefit package like Common Good to our employees offers some stability and support to those who see this as their career of choice. The options Common Good offers make it a very palatable opportunity to enhance our employees’ working environment. Having a retirement plan with options is also a plus when hiring new staff. Neepawa Settlement Services is looking forward to being able to offer this to their employees.”
“Uzima Women Relief Group International is happy to endorse the Common Good Retirement Plan. This is a wonderful initiative that will benefit employees. Uzima promotes women’s well-being, and this plan will be a major addition to our employees’ benefits. Uzima is a non-profit organization with a mandate to support families and communities affected by poverty, war and disease domestically and internationally. The Common Good initiative is therefore a welcome idea at Uzima.”
“In my home province of Prince Edward Island, with a population of just over 150,000, there are 6,000 people employed in the non-profit sector, and 1,100 registered charities contribute to the social and economic well-being of their communities. They build and provide homes for people, create and share art, promote equality, and protect the environment. And that’s not all. In fact, the non-profit sector is the third largest contributor to PEI’s economy. My dream is that young people seeking jobs in this sector are able to apply their impressive skills, wisdom and passion to jobs that are secure, and properly compensated. And that they can work throughout their careers confident that they will have some security afterwards. Common Good offers that possibility. And I love that it’s based on the idea of the collective. That’s such an important aspect of our work, building solidarity and finding ways to work for positive change, together.”
“Strong and robust retirement options should be accessible to everyone, regardless of the sector that you support or the hours you are available to work. The Common Good Retirement Initiative will provide affordable, long-term investment options for all our employees and enable them to confidently plan for a comfortable retirement.”
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