QUEBEC CITY, March 21, 2012 /CNW Telbec/ - Industrial Alliance is pleased to announce that, starting on the Quebec government's target date of January 1, 2013, it plans to offer the voluntary retirement savings plan (VRSP), the new retirement savings plan created by the government to encourage more Quebecers to save for retirement.
The Quebec Minister of Finance announced in the budget it unveiled yesterday that it wants to bring the VRSP into force on January 1, 2013. As of this date, companies with at least five eligible employees are required to offer a VRSP. Employers are not obligated to contribute to the VRSP. Employees will be automatically enrolled in the plan with an ability to opt out. Companies that already offer all their employees the possibility of contributing to a retirement savings plan through payroll deductions will not be obligated to offer a VRSP.
Quebec is asking that the VRSP be accessible to everyone, simple to set up and administer, and offered at a reasonable cost. The solution designed by Industrial Alliance will meet the needs of small businesses for simplicity and efficiency.
"Industrial Alliance will focus on simplicity above all. We want to ease employers' administrative burden by making it quick and straightforward to set up a VRSP. We also want to help workers save by giving them accessible, inexpensive investment options that will make their decision making process easier," stated Renée Laflamme, Vice-President, Group Savings and Retirement.
Industrial Alliance will continue to monitor the situation closely. It will keep its clients and distributors as well as the business community informed of developments.
About Group Savings and Retirement
Group Savings and Retirement offers a wide range of products and services adapted to the needs of group savings and retirement plan members. It offers savings products such as defined contribution plans and institutional money management, as well as disbursement products. It provides plan members with a large choice of investment options, such as segregated funds and guaranteed investments. Thanks to regional offices across Canada, the Group Savings and Retirement sector is rapidly expanding.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company with operations in all regions of Canada as well as in the United States. The company offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services. The fourth largest life and health insurance company in Canada, Industrial Alliance contributes to the financial wellbeing of over three million Canadians, employs more than 4,100 people and manages and administers more than $73 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG.
For further information:
Pierre Picard, Public Relations Manager
Office: 418 684-5000, ext. 1660
Email: [email protected]