VRSP for small businesses
THE VRSP LEGISLATION: WHAT IS IT ALL ABOUT?
VRSPs are voluntary retirement savings plans that enable workers to save for retirement in a structured framework. Created under Quebec government legislation, they are intended to democratize pension plan access for Quebec workers.
Under the law, any business not offering a pension plan to its employees will have to comply with VRSP legislation within a timeframe depending on the size of the company:
- Group of 20 employees or more as of June 30, 2016: by December 31, 2016.
- Group of 10 to 19 employees as of June 30, 2017: by December 31, 2017.
- Group of 5 to 9 employees: to be determined.
HOW TO PREPARE FOR THIS LEGISLATION?
As an employer covered by this legislation, your responsibilities can be summed up in 4 steps:
- Select a provider for your VRSP;
- Advise your employees of the plan implementation;
- Enroll your employees in the plan;
- Withhold payroll deductions.
VRSPs, A WINNING SOLUTION FOR SMALL- AND MEDIUM-SIZED BUSINESSES
For small businesses, a voluntary retirement savings plan is highly attractive for two main reasons:
- The plan is simple and inexpensive.
- The plan is easy to implement and administer.
TAKE ADVANTAGE OF OUR PARTNERSHIP WITH iA FINANCIAL GROUP
AGA Benefit Solutions is proud to offer a VRSP in partnership with iA Financial Group. Through this partnership, we are able to offer you a solution tailored to your business needs, with:
- High-performance investment choices
- Simplified implementation
- Simple administration
- Competitive management fees
SET UP A VRSP: WHERE TO START?
First, download the guide VRSPs: 10 key components to remember.
Are you ready?
Click here to provide us with the information so that we can open your VRSP.
For more information please contact us: 1 800 363-6217 or RVER@AGA.CA
After sending the required information, here is a guide with the next steps for setting up your VRSP.