Voluntary Retirement Savings Plan (VRSP)
VRSP is a retirement savings option for employees whose employer does not currently offer a group retirement savings plan with source deductions. These group savings plans are administered by authorized administrators and are governed by Bill 80, An Act respecting voluntary retirement savings plans, which came into effect on July 1, 2014.
How does someone enroll?
According to the Régie des rentes du Québec, to participate in a VRSP, employees must be 18 or over and have at least one year of uninterrupted service, as defined in the Act Respecting Labour Standards. Also, employees do not have to take any steps to sign up for a VRSP as their registration will be done automatically. For self-employed workers and any other interested parties, they can contact an authorized VRSP administrator for information regarding sign-up.