Great-West Life is reminding companies in Quebec that they may have to establish a Voluntary Retirement Savings Plan (VRSP) later this year.
In a statement issued earlier this week, Great-West reminded employers in Quebec that legislation requires them to establish a VRSP by the end of the year if they have 20 or more eligible employees as of June 30, 2016. "It's the law," warns the insurer.
The message notes that nearly 2 million workers in the province are currently without access to an employer-sponsored retirement savings plan. Great-West says that, by creating a group plan, employers have an opportunity to be more competitive in terms of attracting and retaining talent, which is a key consideration given today's aging workforce.
"Certain employers may prefer to offer a group registered retirement savings plan, a registered pension plan, or a tax-free savings account," explains Anthony Cardone, Regional Vice-President of Group Retirement Services for Great-West Life. "Each of these plans is acceptable in Quebec as an alternative to the VRSP."
Great-West has created a video explaining how employers can sign up and implement their VRSPs at www.vrsp-londonlife.com. After they have registered, the insurer will assign a specialist in Quebec who will provide them with personalized customer service.