WINNIPEG, Jan. 29, 2014 /CNW/ - With Quebec passing its voluntary retirement savings plan (VRSP) legislation, Great-West Life Group Retirement Services is developing a VRSP solution that will meet the needs of Quebec workers who don't have a workplace registered savings plan.
The VRSP, which will be phased in starting July 1, 2014, is intended to increase the availability of retirement plans to Quebec workers, especially those working for smaller companies. The goal is to help workers achieve retirement income adequacy without disturbing existing employer-sponsored retirement plans. VRSPs work by pooling assets from participating employers and employees, which allows the plan to benefit from economies of scale. Employees may opt out of the plan if they choose.
"We launched our VRSP website in 2012 as one way to make it easier for small- and medium-sized businesses to set up a VRSP," says Jeff Aarssen, Vice-President of Group Retirement Services Sales and Marketing for Great-West Life. "Through our website, employers can either access our learning centre, or they can speak with a VRSP specialist. The specialist will answer their questions, or help them take the first step in setting up a VRSP," Aarssen says.
As a leading provider of group retirement services for Canadians, Great-West Life currently administers almost twice as many plans for small businesses with fewer than 50 members* than any other provider in the country. This experience will enable Great-West Life to provide employers with a program that is easy to set up and administer.
Great-West Life's VRSP website has information and tools to help make it easy for Quebec employers to meet the universal access requirement as well as to demonstrate how a group retirement savings plan can help attract and retain employees. 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.
*As at December 31, 2013
About Great-West Life
Great-West Life is a leading provider of capital accumulation plans in Canada, administering over 17,500** group retirement plans and over 1.3 million** member accounts. In the United States, Great-West Financial is the fourth-largest group retirement plan record keeper based on total participants, and Putnam Investments adds to the organization's North American presence in this market.
** As at September 30, 2013
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SOURCE Great-West Life Assurance Company