Unless they already offer an eligible retirement or savings plan, all Quebec businesses with 20 or more eligible employees as of June 30 must have a voluntary retirement savings plan (VRSP) in place by year-end. It’s the law.
Time is running out, so Winnipeg-based Great-West Life Assurance Co. has produced a YouTube video to inform Quebec employers about the VRSP product administered by its subsidiary London Life Insurance Co.
In addition to the VRSP, Great-West Life offers more flexible group retirement and savings plans, to meet the needs of a wide range of businesses.
“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, in a statement. “Each of these plans is acceptable in Quebec as an alternative to the VRSP.”
Nearly 2 million Quebec workers are without access to an employer-sponsored retirement savings plan. Implementing a group plan gives employers an opportunity to be more competitive in terms of attracting and retaining talent, a key consideration with today’s aging workforce.