Industrial Alliance to offer an easy-to-implement Voluntary Retirement Savings Plan (VRSP) starting in July 2014
Industrial Alliance is pleased to announce that, starting on July 1, 2014, it will be offering the voluntary retirement savings plan (VRSP), the new vehicle created by the Quebec government to encourage more Quebecers to save for retirement.
Bill 39, the Voluntary Retirement Savings Plans Act, was adopted by the National Assembly on December 3 and the date of entry into force was set for July 1, 2014. From this date, Quebec companies will be able to start providing the VRSP. In the next few years, this new plan will become mandatory for companies with five or more employees that do not currently offer all their employees a group retirement plan.
Quebec is asking that the VRSP be easy to set up and administer, accessible and available at a reasonable cost. The solution designed by Industrial Alliance is simple and efficient, the perfect fit for the needs of small businesses.
"Industrial Alliance’s primary focus will be simplicity. We want to ease employers’ administrative burden by making it quick and straightforward to set up a VRSP. We also want to help workers save by giving them accessible, inexpensive investment options that will make their decision-making process easier," stated Renée Laflamme, Vice-President, Group Savings and Retirement.
With the addition of the VRSP to its range of group retirement plans, Industrial Alliance continues to support government initiatives to help workers save more for their retirement, showing its commitment to help bridge current retirement savings gaps.
About Group Savings and Retirement
Group Savings and Retirement offers a wide range of products and services adapted to the needs of savings and retirement plan members. It offers savings products, such as defined contribution plans, as well as institutional money management services and disbursement products. It provides its plan members with a large choice of investment options, such as segregated funds and guaranteed interest investments. With regional offices across Canada, the Group Savings and Retirement sector is one of the largest group savings and retirement service providers in the country.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company with operations in all regions of Canada as well as in the United States. The Company offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services for both individuals and groups. The fourth largest life and health insurance company in Canada, Industrial Alliance contributes to the financial wellbeing of over three million Canadians and employs more than 4,400 people. With the recent acquisition of Jovian Capital Corporation on October 1, 2013, the Company now manages and administers about $95 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.
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