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Voluntary Retirement Savings Plan (VRSP) Will You Be Affected By The Introduction Of The VRSP?

News Release

This communiqué applies to you if you have employees working in the province of Quebec.

In December 2013, the Quebec government adopted the Voluntary Retirement Savings Plans Act to offer all Quebecers access to a private pension plan. Under the Act, which will come into effect on July 1, 2014, companies with five or more employees who do not already offer a group pension plan1 to all their employees will be required to set up a Voluntary Retirement Savings Plan (VRSP) in the coming years.

When Will The VRSP Become Mandatory?

If you are subject to the VRSP Act, you will have a deadline for setting up a VRSP for your business. The date by which you will need to comply depends on the number of company employees concerned:

En date du :  Un employeur
qui compte : 
Devra mettre en place un RVER et y inscrire 
ses employés visés au plus tard le :  
June 30th, 2016
20 or more employees
concerned
December 31, 2016
June 30th, 2016
10 to 19 employees
concerned
December 31, 2017 
Date to be determined by the
government
5 to 9 employees concerned
A date determined by the government,
but not before January 1, 2018 

If you fall into any of these categories and wish to learn more about the VRSP, please contact your benefit advisor and read the attached brochure.

If you are not subject to the requirement to offer your employees a VRSP but are interested in this new savings instrument, you can set one up too and enjoy its many benefits. Contact your benefit advisor or your Industrial Alliance group account executive to learn more.

1Employers who already offer all their employees a group RRSP or group TFSA with payroll deductions or a RegisteredPension Plan (RPP) are not subject to the requirement to set up a VRSP.