In December 2013, the Government of Quebec adopted the Voluntary Retirement Savings Plans Act, under which all companies with five or more employees are required to offer a retirement savings program for employees.

Companies that do not already have a retirement plan may be required to offer their employees one of the following:

            - a voluntary retirement savings plan (VRSP)

            - a registered pension plan (RPP)

            - a registered retirement savings plan (RRSP) or

            - a tax-free savings account (via payroll deductions)

The first implementation stage for this legislation is geared towards companies with 20 or more employees as at June 30, 2016. These companies will have until December 31, 2016 to set up their plans. Companies with 10 to 19 employees will have until December 31, 2017 to do so. As regards companies with 5 to 9 employees, the implementation date has not yet been announced by the government.

For further information on employers' responsibilities under this legislation, please consult the Government of Quebec's website or watch this video.

Vigilis, an RCCAQ Insurance partner, can help you chose and implement your group savings solution

A number of companies have developed products to meet this new business need, including Vigilis, RCCAQ Insurance's partner, which offers a wide range of programs. Thanks to its in-depth understanding of the insurance sector, Vigilis's products are particularly well tailored to brokers' realities.

For further information, please consult the guide prepared by Vigilis, which clearly sets out employers' obligations and all available options.