Winnipeg, Aug. 31, 2016. . . The first deadline to implement a Voluntary Retirement Savings Plan (VRSP) is fast approaching. Unless they already offer an eligible retirement or savings plan, all Québec businesses with 20 or more eligible employees as of June 30, 2016 must have a VRSP in place by year-end. It’s the law.
Time is running out, so Québec employers need to know about the easy VRSP* implementation solution marketed by Great-West Life. As shown in this video, employers can sign up quickly and implement their VRSP at the London Life VRSP websiteOpens a new website in a new window. Once they’ve completed this step, each employer gets a dedicated customer service specialist in Québec for personalized service.
In addition to the VRSP, Great-West Life offers more flexible group retirement and savings plans, to meet the needs of a wide range of businesses.
“Certain employers may prefer to offer a group registered retirement savings plan, a registered pension plan, or a tax-free savings account,” explains Anthony Cardone, Regional Vice-President of Group Retirement Services for Great-West Life. “Each of these plans is acceptable in Québec as an alternative to the VRSP.”
Nearly 2 million Quebec workers are without access to an employer-sponsored retirement savings plan. Implementing a group plan gives employers an opportunity to be more competitive in terms of attracting and retaining talent, a key consideration with today’s aging workforce.
* The VRSP is administered by London Life Insurance Company (London Life) and marketed by The Great-West Life Assurance Company (Great-West Life). London Life is a subsidiary of Great-West Life.
About Great-West Life
Great-West Life is a leading provider of group retirement plans in Canada, administering over 24,000 group capital accumulation plans and over 1.3 million plan member accounts. With more than $48.6 billion of assets under administration, Great-West Life serves more plan sponsors than anyone else in Canada and provides services to over 6,000 companies with five to 99 members in Canada. **
** As at December 2015
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