WINNIPEG, June 20, 2012 /CNW/ - 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
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.
SOURCE Great-West Life Assurance Company
For further information:
Marlene Klassen, APR
Assistant Vice-President, Communication Services