On December 4, 2013, Bill No. 39, the Voluntary Retirement
Savings Plans Act (the "Act") was assented to. The Act
will come into force as of January 1, 2014.1 It should
be noted however that the time limit applicable to the obligations
prescribed by the Act shall be December 31, 2016, at the
earliest.2
This Act provides for the implementation of a low3
cost plan called the Voluntary Retirement Savings Plan
("VRSP"). The objective of the legislation is to promote
retirement savings among Quebecers, as nearly half of Quebec
workers do not have access to a pension plan with their
employer.
To meet this objective, the Act requires any employer employing
at least five "eligible" employees subscribe to a VRSP
and automatically enroll those employees in the plan. The
implementation of a VRSP for less than five employees is possible,
although discretionary.
