Industrial Alliance and Desjardins Insurance both announced on Tuesday that they are now offering voluntary retirement savings plans (VRSPs) to employers.

“Our VRSP solution aims to be simple and tailored to the needs and realities of small and medium enterprises,” says Renée Laflamme, Industrial Alliance’s vice-president, group savings and retirement.

David Charbonneau, Desjardins Group’s senior vice-president of group retirement savings, says the VRSP “will enable all Quebecers to enjoy the benefits of group plans so they can save for their retirement.”

Companies in Quebec have been able to offer VRSPs since July 1.

The implementation of VRSPs affects mainly small and medium-size employers as the new law forces employers with five or more employees without a workplace savings plan to offer such a plan to those with one year of continuous service.

Employers with 20 or more employees will have to offer a VRSP by Dec. 31, 2016. Firms with 10 to 19 employees have until Dec. 31, 2017, and the deadline for those with five to nine employees cannot be earlier than Jan. 1, 2018.

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Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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