Laws and regulations on labor standards
Voluntary Retirement Savings Plan
The Voluntary Retirement Savings Plan (VRSP) is a mandatory group retirement savings plan subject to the Voluntary Retirement Savings Plan Act
When should you set up your plan?
Employers covered by the Voluntary Retirement Savings Plans Act (VRSP) must offer a VRSP or other group retirement savings plan by:
December 31, 2016, for employers with at least:
- 20 or more employees targeted on June 30, 2016;
December 31, 2017, for employers with at least:
- 5 employees targeted on December 31, 2016 and
- 10 or more employees targeted on June 30, 2017.
Until the date to be determined by the Government, an employer who employs at least 10 employees on June 30 of a year shall submit a VRSP no later than December 31 of that year if he or she minus 5 employees targeted on December 31 of the previous year.
As of the date to be determined by the Government, an employer with at least 5 employees on 31 December of a year will be required to submit a VRSP no later than December 31 of the following year.
As for other employers, they can offer the VRSP on a voluntary basis.
Instead of a VRSP, the employer can offer a group retirement savings plan that meets certain conditions. Article 45 of the VRSP Act provides details on this subject.