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ARTICLE · 18 MARCH 2014

Quebec Releases Draft Voluntary Retirement Savings Plan Regulations

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The Quebec government released draft regulations that are required to complete the new legal framework for the establishment of VRSPs.

CanadaEmployment and HR
Julien Ranger
Julien Ranger
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On March 12, 2014, the Quebec government released draft regulations (pdf) that are required to complete the new legal framework for the establishment of voluntary retirement savings plans (VRSPs) in Quebec effective July 1, 2014.

The Quebec government adopted Bill 39 (the VRSP Act) last December, which defines the main characteristics of the VRSP design. One particularly important characteristic is that employers with five or more employees who have at least one year of continuous service and who do not have a registered pension plan or a registered retirement savings plan or a tax-free savings account for which payroll deductions could be made will have to automatically enroll those employees in a VRSP (although there is a transition period during which enrolment will remain voluntary).

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