In December 2013, the Quebec government adopted the Voluntary Retirement Savings Plans Act, whereby all companies with five or more employees are required to offer them a retirement savings program.

Companies that do not already have a pension plan in place must offer their employees one of the following:

• A voluntary retirement savings plan (VRSP).
• A registered pension plan (RPP).
• A registered retirement savings plan (RRSP).
• A tax-free savings account with payroll deductions.

The first stage for implementing the Act involved companies with 20 or more employees. These companies had until December 31, 2016 to set up their plans.

Companies with 10 to 19 employees have until December 31, 2017 to comply with the Act.
As regards companies with 5 to 9 employees, the implementation date has yet to be announced by the government.

For more information on employers' responsibilities under the Act, please consult the government website, watch the video  or consult the guide prepared by Vigilis, which clearly sets out employers' obligations and available options.

Have you put your plan in place yet?