The Native Benefits Plan (NBP) is for First Nations employers interested in offering their employees a generous pension plan comparing advantageously with plans offered to civil service employees in Canada.
The NBP has 84 participating employers: 25 band councils, 5 tribal councils, 24 organizations related to, or directed by, band councils and 30 private and social purpose enterprises.
It's 4500 members and half-billion dollars in assets under management make the NBP the most important First Nations defined benefits pension plan in Canada.
The Plan itself is a defined benefit plan that foresees the accumulation of a guaranteed pension calculated on the basis of years of participation of each employee member. This pension plan offers different forms of coverage upon retirement and in the event of disability. The accumulation of years of participation also ensures family members of an annual income upon the death of a member.
All pension plans offered by RBA Financial Group allow Aboriginal employees to obtain a benefit which is both tax-free and hassle-free, provided that the salaries associated with those benefits are tax-exempt (Williams case 1992). This information is general and should not be considered official in any way.
The NBP is a private plan registered with the Office of the Superintendent of Financial Institutions and Customs and Revenue Canada. The Plan also meets the requirements of Canada's Pension Actand the Income Tax Act.