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Industrial Alliance will begin offering voluntary retirement savings plans (VRSPs) to employers in July.
“We want to ease employers’ administrative burden by making it quick and straightforward to set up a VRSP,” says Renée Laflamme, the company’s vice-president, group savings and retirement.
Bill 39, the Voluntary Retirement Savings Plans Act, was adopted by the National Assembly on Tuesday, and it will come into force on July 1, 2014.
From this date, Quebec companies will be able to start providing VRSPs. In the next few years, this new plan will become mandatory for companies (with five or more employees) that do not currently offer all their employees a group retirement plan.
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