Quebec City-based Industrial Alliance Insurance and Financial Services Inc. (TSX:IAG) announced Tuesday that it will be offering the voluntary retirement savings plan (VRSP), effective immediately.
Last year, Quebec passed legislation creating VRSPs, which are province’s version of pooled registered pension plans (PRPPs).
“Our VRSP solution aims to be simple and tailored to the needs and realities of small and medium enterprises,” stated Renée Laflamme, vice-president, group savings and retirement.
Employers can apply for their VRSP in just a few minutes at iavrsp.com or through their financial advisor.
The plan is quick and easy to implement, and the employer receives step-by-step assistance throughout the process. The simplicity of Industrial Alliance’s VRSP lets employers spend their time on their business and still enjoy the benefits associated with offering their employees a group retirement plan.
Since the very first discussions surrounding the VRSP, Industrial Alliance has supported the Quebec’s government’s efforts to improve retirement savings among workers.
“We are happy that the VRSP has become a reality today and that we are able to offer two million Quebecers without a pension plan the opportunity to secure themselves a better financial future,” added Laflamme.