Manulife has received administrator approval for the voluntary retirement savings plan (VRSP) in Quebec by the Autorité des marchés financiers (AMF).
“As an approved administrator we are delivering a product with an eApplication that allows a plan to be set up in less than 20 minutes with no paper forms to sign,” says Sue Reibel, vice-president group benefits and retirement solutions at Manulife. “The day-to-day administration is easy as Manulife tracks and administers plan additions and changes including enrolment, opting out and contribution rate changes.”
Companies that don’t have a workplace savings plan and with five or more employees will have to offer such a plan to workers with one year of continuous service.
The deadline for introducing the VRSP depends on the size of the organization.
Employers with 20 or more workers 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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