Since July 1, 2014, the voluntary retirement savings plan (VRSP) will gradually become available to the employees of Québec firms who wish to adhere to it.
Employers affected by the Act must offer a (VRSP) at the latest as of:
Until the date to be determined by the government, an employer with at least 10 eligible employees on 30 June of a given year will have to offer a VRSP as of 31 December of that year, at the latest, if the employer had at least 5 eligible employees on 31 December of the previous year.
As of the date to be determined by the government, an employer with at least 5 eligible employees on 31 December of a given year will have to offer a VRSP as of 31 December of the following year, at the latest.
Other Employers can offer a VRSP on a voluntary basis.
The VRSP is aimed primarily at employees who do not have access to a group retirement savings plan offered by the employer, are at least 18 years of age and have one year of uninterrupted service within the meaning of the Act respecting labour standards. The employees will be registered automatically in the plan.
The Commission des normes, de l'équité, de la santé et de la sécurité du travail will be responsible for monitoring employers’ obligation to offer a retirement savings plan and will intervene in response to employees’ complaints in order to ensure compliance with this provision in the Act.
The Retraite Québec is responsible for registering and monitoring VRSPs.
The The Autorité des marchés financiers has been designated to issue authorizations to life insurers, trust corporations and investment fund managers to act as the administrators of VRSPs and ensure compliance with the criteria for maintaining such authorization.
To obtain additional information on the new Act respecting voluntary retirement savings plans, please visit rver.gouv.qc.ca.