WINNIPEG, June 20, 2012 – Today, Great-West Life launched a new website focused on voluntary retirement savings plans (VRSPs), offering Quebec businesses an easy way to set up their company’s VRSP once legislation has passed. VRSPs are expected to be available January 1, 2013.
“As it is currently proposed, VRSP legislation directs employers with five or more eligible employees to offer a VRSP to their employees by January 1, 2015, unless they already have another group retirement savings plan in place which allows members to make contributions through payroll deduction,” says Jeff Aarssen, Vice-President of Group Retirement Services Sales and Marketing for Great-West Life.
“Many small- and medium-sized business owners may not have the time or in-house resources to meet the requirements of the proposed VRSP legislation, or they may not be certain how to proceed,” Aarssen adds. “We want to make it as easy as possible for Quebec’s small business owners to set up their company’s VRSP so they’re free to focus on their day-to-day business.”
Great-West Life’s VRSP website has information and tools to help make it easy for Quebec employers to meet this universal access requirement as well as to demonstrate how a group retirement savings plan can help attract and retain employees.
“The VRSP offers a strategic framework for other provinces as they develop their respective versions of the federal government’s proposed pooled registered pension plan (PRPP) legislation and is an important addition to the group retirement savings plans options for small- to medium-sized businesses,” Aarssen says. He notes the Quebec government expects the VRSP to provide more than 2 million Quebec workers with access to a group retirement savings plan through their workplace, although employees may opt out of the plan if they choose.
As a leading provider of group retirement services for Canadians, Great-West Life currently administers twice as many plans for small businesses with fewer than 50 members than any other provider in the country.* Employers and advisors looking for more information about VRSPs, can visit www.vrsp-greatwestlife.com for quick and easy access to the VRSP support they need, from plan information to set up.
* 2011 Fraser pension Universe Report released June 2012
About Great-West Life
Great-West Life administers over 17,000 group retirement plans and over 1.2 million member accounts, representing nearly 30 per cent of capital accumulation plans (CAPs) in Canada. In the United States, Great-West is the fourth-largest group retirement plan recordkeeper based on total participants and Putnam Investments adds to the organization’s North American presence in this market.