{"id":1318,"date":"2019-10-10T20:51:06","date_gmt":"2019-10-10T20:51:06","guid":{"rendered":"http:\/\/bglfinancial.wpengine.com\/?page_id=1318"},"modified":"2020-09-29T18:20:10","modified_gmt":"2020-09-29T18:20:10","slug":"voluntary-retirement-savings-plans-vrsp","status":"publish","type":"page","link":"https:\/\/www.groupebgl.com\/en\/group-benefits\/voluntary-retirement-savings-plans-vrsp\/","title":{"rendered":"Group Retirement Savings Plans"},"content":{"rendered":"

Simplify implementation in accordance with legal obligations set out in Act 39<\/h3>\n

The government of Quebec has made retirement savings one of it’s priorities. Employers have the obligation to implement a voluntary retirement savings plan (VRSP) in the next three years, unless an equivalent plan is already in place.<\/p>\n

Our VRSP consulting expertise<\/h3>\n
    \n
  • Explanation of available options<\/li>\n
  • Explanation of the VRSP, your obligations, the participants\u2019 obligation, the choice of investments, conditions and advantages<\/li>\n
  • Needs analysis based on your objectives<\/li>\n
  • Proposal of a plan and identification of a supplier<\/li>\n
  • Solicitation of employee participation<\/li>\n
  • Implementation\u00a0support<\/li>\n<\/ul>\n

    \u00a0What is a VRSP?<\/h3>\n

    A VRSP is a group retirement savings plan offered by the employer and administered by\u00a0an authorized administrator. It is subject to the\u00a0Voluntary Retirement Savings Plans Act.<\/p>\n

    Objectives of the VRSP<\/h3>\n
      \n
    • Help Quebec residents save more towards retirement<\/li>\n
    • Offer a low-cost solution to workers<\/li>\n
    • Gives all workers access to a private group plan<\/li>\n<\/ul>\n

      50% of workers do not have access to a retirement plan at their workplace (2\u00a0million workers in Quebec)<\/em><\/p>\n

      30% of workers have no savings at all<\/em>\u00a0<\/em><\/p>\n

      VRSP = Simplicity<\/h3>\n
        \n
      • Administered by a third party, which significantly lowers the administrative burden and responsibility for the employer<\/li>\n
      • Default parameters that facilitate decision-making<\/li>\n
      • Limited number of investment options<\/li>\n
      • Employees automatically registered by the employer offering the VRSP<\/li>\n<\/ul>\n

        VRSP = Flexibility<\/h3>\n
          \n
        • The employer is not obligated to make contributions<\/li>\n
        • The employer and employees can choose and modify their rate\/amount of contribution<\/li>\n
        • Employees can opt out of the plan<\/li>\n
        • Employees can keep contributing even after changing employers<\/li>\n
        • Employee contributions can be withdrawn at any time<\/li>\n<\/ul>\n<\/div>
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          Who We Work With<\/p><\/h2><\/div>

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