Great-West Life is now providing voluntary retirement savings plans (VRSPs) for businesses in Quebec.

The province has mandated that businesses located in Quebec with five or more eligible employees will be required to offer a VRSP unless they already have another group retirement savings plan in place.

Organizations 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.

Employers have been able to offer VRSPs to their workers in the province since July 1.

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

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