United Scaffold Supply’s New Company Pension Plan

Company News | January 25, 2018

At United Scaffold Supply, we take the safety and well-being of our employees very seriously. That is why we are so proud to announce our new company pension plan. If you are one of our employees or someone who is looking for a good pension plan for their company, continue reading below to find out more about how our pension plan works and how it can benefit you.

What is a Deferred Profit Sharing Plan (DPSP)?

United Scaffold Supply’s new company pension plan is a deferred profit sharing plan (DPSP). This is a registered plan that allows our company to share profits with employees, and is designed to work in conjunction with our Group Retirement Savings Plan (GRSP). Our DPSP will also provide tax incentives and allow for a vesting period for employer contributions. DPSPs combined with GRSPs can be a great cost-effective alternative to a Defined Contribution Pension Plan (DCPP)

How the New Pension Plan Works

Any United Scaffold Supply employee who would like to participate in the new DPSP, and has worked continuously for the company for 3 months, must first join the company’s GRSP. Once RBC Royal Bank has setup a GRSP for your contributions and DPSP for the company contributions, you will be able to decide how the contributions are being invested; however, it is important to note that employees are not allowed to contribute to the DPSP directly. United Scaffold Supply will then contribute the equivalent of 1% of your Gross Pay to your DPSP each pay period and contribute up to an additional 3% Gross Pay to your GRSP. Depending on each employee’s efforts and accomplishments, United Scaffold Supply may choose to provide additional contributions.

How the Pension Plan Benefits Employers and Employees Alike

Some of the benefits of having financially fit employees include:

  • Increased employee productivity and safety in the work place
  • Decreased stress related illnesses and absenteeism
  • Decreased HR costs
  • Decreased theft
  • Increased communication and cooperation with colleagues and supervisors

If you would like to learn more about United Scaffold Supply’s new company pension plan, or if you are interested in one of our products or services, please contact United Scaffold Supply at 1-866-820-6341 or by filling out a contact form on our website. We are a Richmond scaffolding company that is proud to provide customers with the best scaffolding and scaffolding equipment on the market.