Small business owners in Quebec may want to bookmark Great-West Life’s new Web portal for voluntary retirement savings plans (VRSPs).
VRSPs are expected to be available Jan. 1, 2013 to residents of Quebec. The legislation directs employers with five or more eligible employees to offer the plan by Jan. 1, 2015 unless another group retirement savings plan is in place that allows members to make contributions through payroll deductions.
Resources include a news centre, access to a VRSP specialist, a glossary of key terms and frequently asked questions (How do employers set up a VRSP? What happens if one is not in place by Jan. 1, 2015?). There are also articles on how a group retirement savings plan can help attract and retain employees.
“Many small and medium-sized business owners may not have the time or in-house resources to meet the requirements of the proposed VRSP legislation, or they may not be certain how to proceed,” said Jeff Aarssen, vice-president of group retirement services, sales and marketing for Great-West Life. “We want to make it as easy as possible for Quebec’s small business owners to set up their company’s VRSP so they’re free to focus on their day-to-day business.”
Aarssen says the Quebec government expects the VRSP to provide more than two million Quebec workers with access to a group retirement savings plan through their workplace, although employees may opt out of the plan if they choose.
“The VRSP offers a strategic framework for other provinces as they develop their respective versions of the federal government’s proposed pooled registered pension plan (PRPP) legislation and is an important addition to the group retirement savings plans options for small to medium-sized businesses,” he said.
The portal is available at vrsp-greatwestlife.com.