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Normandin Beaudry

Voluntary retirement savings plans (VRSPs): take 2!


There, in black and white

NB Bulletin Vol. 16 N. 5, may 2013

The new Bill 39, An act respecting voluntary retirement savings plans, confirms the political will to give birth to this new type of plan. Hence, this Bill will force employers with five or more employees to offer a retirement savings plan as of January 1, 2014.

It is important to highlight that those employers who already offer a retirement savings plan to all of their employees will be exempted from this requirement. Note that the group tax-free savings accounts (TFSAs) have been added to the list of exempted plans, as recommended in the report prepared by D’Amours’ committee of experts.

This version of the VRSPs proposed by the Parti Québécois government is very similar to the original version proposed by the Liberal government.

To learn more about the original version of the VRSPs, click here to read our previous information bulletin.

 Modifications brought to the new version of VRSPs

  • Requirement to offer a VRSP starting January 1, 2014
  • Group TFSAs have been added in the list of exempted plans
  • Employer’s administrative burden has been reviewed, particularly with respect to the communication to employees
  • Costs notion has been reviewed to allow for individual investment advice

Be prepared! Ask for a comparison of the VRSPs with the other retirement savings vehicles currently on the market to find out which type of plan would suit your organization.



Please feel free to contact us for additional information.

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Montreal, Quebec, H3B 1S6