Let’s review its main attributes:
- It is mandatory for employers with at least 5 eligible employees, if no other group savings plan is currently in effect within the company.
- Subscription is automatic.
- Employer’s premiums are optional and locked-in, as the case may be.
- Employees contributions are not locked-in.
Among its features:
- For employers, it is easy to set up and manage.
- Employees will find it simple and easy to understand.
- Pooling of contributions means economies of scale leading to limited investment management fees of 1.5%.
- Plan-to-plan transfers or assignments remain easy.
Other significant features:
- Eligible employees automatically subscribe to VRSP if they have at least one year of continued services and if they are 18 years of age or older.
- All other employees can subscribe to the plan by submitting an application to their employer.
- Self-employed workers can also participate.
Among other benefits offered by the plan, let’s point out that:
- all subscribers benefit from a similar service than that of subscribers to a larger scale plan;
- they have access to tools allowing them to adapt protections as well as useful training resources, including a secured online web access to attend to and manage their account in real time;
- those who wish to combine their savings as well as those who leave the plan or retire have access to transition solutions specialists.
Contact us for more details.