The Voluntary Retirement Savings Plan (VRSP) is similar to a group RSP. Any employer with 5 or more employees who does not offer a retirement plan, will be obliged to implement the VRSP. This plan will have low administration fees and it will be simple to set up and administer.
The contributions of the employee and employer are voluntary.
The employee is automatically enrolled and his contributions will be deducted directly from his salary. As the contributions are voluntary, the employee may unsubscribe at any time.
The employer is obliged to implement a VSRP but not required to contribute.
Presently, the Voluntary Retirement Savings Plan is not yet in effect and there is no obligation to implement one in January 2014.
We will contact you to present the solutions available once the law is passed. We will gladly work with you to facilitate the implementation of the VSRP.
Please contact us if you have any questions.