MONTREAL, May 8, 2013 /CNW/ - The Canadian life and health insurance
industry congratulates the government of Quebec for their introduction
today of legislation to implement VRSPs in the Province.
"We are pleased that the Quebec government continues to demonstrate its
strong commitment to providing its workforce with the tools they need
to be financially secure in retirement," said Yves Millette, Senior
Vice President, Quebec Affairs for the Canadian Life and Health
Insurance Association (CLHIA). "We are particularly delighted that they
have retained the requirement in the legislation for companies with
five or more employees to offer a retirement plan and we encourage
other provinces to follow their excellent example," he added.
While the CLHIA is still reviewing the details of the legislation, the
life and health insurance industry believes that this is a major win
for Quebec workers and their employers. "Not only will Quebecers be
able to save where it is easiest -- at the workplace -- but small and
medium-sized companies will also soon have access to simple, low-cost
pension plans that, previously, only the largest of companies were able
to offer," emphasized Mr. Millette.
About the CLHIA
The Canadian life and health insurance industry provides a wide range of
financial security products, including life insurance, annuities and
supplementary health insurance, to almost 27 million Canadians. The
industry administers more than two-thirds of pension plans for Canada's
small and medium-sized businesses and the vast majority of group RRSPs.
Established in 1894, the CLHIA is a voluntary association whose member
companies account for 99 per cent of Canada's life and health insurance
SOURCE: Canadian Life and Health Insurance Association Inc.
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Wendy Hope, Vice President, External Relations