Voluntary retirement savings plans (VRSPs) from Sun Life Financial and Manulife Financial are now available to employers.
“The authorization to act as a VRSP administrator from the Autorité des marchés financiers, added to the registration of our plan with the Régie des rentes du Québec received today, makes our VRSP ready to go to market,” says Robert Dumas, senior vice-president, group business, with Sun Life Financial, Quebec.
“Our research shows that over 40% of workers in Quebec are without a workplace savings plan, and Manulife’s VRSP can help fill the gap,” says Manulife regional vice-president Robert Tellier.
Employers have been able to offer VRSPs to their workers in the province 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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