The new Voluntary Retirement Savings Plans Act will be effective as of July 1, 2014. Are you ready to comply with it?
Enterprises concerned by the bill will be required to offer a voluntary retirement savings plan (hereinafter a “VRSP”) to their employees. The deadline to meet this obligation differs according to the enterprise’s size. Employers with 20 employees concerned of more will have to offer a VRSP before December 31, 2016. Enterprises with 10 to 19 employees concerned will have one more year to offer it and will therefore have to do it no later than December 31, 2017. In the case of employers with five to nine employees concerned, if the government deems it necessary, the deadline will be set later and will be after January 1, 2018.
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