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VRSP (VOLUNTARY RETIREMENT SAVINGS PLAN)

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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.