Voluntary Retirement Savings Plan (VRSP)

An obligation for Quebec employers

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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 in 2013, they are intended to democratize pension plan access for Quebec workers.

Under the law, any business with 10 employees or more at June 30th of any year, not offering a pension plan to its employees, will have to comply with VRSP legislation before December 31st of the same year.

How to comply with this legislation?

As an employer covered by this legislation, your responsibilities can be summed up in 4 steps:

  1. Select a provider for your VRSP;
  2. Advise your employees of the plan implementation;
  3. Enroll your employees in the plan;
  4. Withhold payroll deductions.

Contributions to the VRSP are not mandatory for the employer. But if the employer decides to do so, the contributions are not subject to payroll taxes and social charges. The employer contributions are locked in.

VRSP, a winning solution for SMEs

For small businesses, a voluntary retirement savings plan is highly attractive for three main reasons:

  1. The plan is simple.
  2. The plan is inexpensive.
  3. 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. After sending the required information, here is a guide with the next steps for setting up your VRSP.

For more information please contact us!