Workers And VRSPs – Obligations Will Soon Be Enforceable For Certain Employers

Through the Voluntary Retirement Savings Plans Act, the Québec government aimed at making sure all workers who did not participate in a RSP plan at their workplace had the opportunity to do so. The Act creates different obligations for the employers it covers depending on the number of eligible employees they have on their payroll.

As of 31 December 2016, enterprises covered by the Act must offer a VRSP if, on 30 June 2016, they had 20 or more eligible employees at their service. Employers are not required to financially contribute to the plan but still they have to make it available for their eligible employees. Similar obligations will be imposed on enterprises employing less eligible employees in the near future and we will keep you informed in due course.