Morneau Shepell Asset & Risk Management, a wholly owned subsidiary of Morneau Shepell, has received approval from the Autorité des marchés financiers to administer a voluntary retirement savings plan (VRSP).
Employers with five or more targeted employees working in Quebec that do not already offer a group RRSP, group tax-free savings account or registered pension plan must set up a VRSP for their employees in accordance with the provincial government’s timeline.
These deadlines vary depending on the number of Quebec-based targeted employees who are working for the organization:
- employers with 20 or more targeted employees have until Dec. 31, 2016, to make a VRSP available;
- those with 10 to 19 employees have until Dec. 31, 2017; and
- the deadline for employers with five to nine employees has yet to be determined by the government, but it will not be before Jan. 1, 2018.
“Many employers will want to consider offering a VRSP earlier than these deadlines,” says Pierre Chamberland, Morneau Shepell’s executive vice-president of administrative solutions. “There are a number of advantages for employers and employees in offering a VRSP as an alternative to traditional group RRSPs.”
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