Reminder - VRSP Deadline for Employers

Varennes, September 2017

 

Retraite Québec's website presents information pertaining to the Voluntary Retirement Savings Plan (VRSP). This plan ensure that all workers have access to a group retirement savings plan and can start saving for their retirement.

Lauched on July 1, 2014, this program is available to employees:

• At least 18 years of age;
• Salaried employee;
• Have a minimum of one year of uninterrupted service:
• Does not have access to a collective retirement savings plan offered by its employer.

The employee selects his contribution rate himself. If he has not specified a rate to his employer, the current default minimum VRSP contribution rate corresponding to 2% of his salary will be used. The default rate will increase to 3% on January 1, 2018, then to 4% in 2019.

Employers who do not provide a collective retirement savings plan and are subjected to the legislation must provide VRSP or any other collective retirement savings plan no later than: December 31, 2017 (employers with at least 5 qualified employees must do so before December 31, 2016; for employers with at least 10 qualified employees, that date is June 30, 2017). To obtain more information on your responsibilities regarding VRSPs and wether or not you are subjected to the legislation, refer to Retraite Québec's website.

 

For instructions on setting up a VRSP in maestro*, see document How to - Creating a Voluntary Savings Plan (VRSP) in maestro*.

 

Should you have any question or require additional information, please contact the Maestro Customer Support team by phone at 1-877-833-1897 or email at support@maestro.ca.