VRSP entry into force... one step closer

Thursday, March 27, 2014

The draft regulation on Voluntary Retirement Savings Plans (VRSP) was published by the Régie des rentes du Québec on March 12. This draft is currently the subject of consultations with various stakeholders, including Industrial Alliance, and the final version should be published later this spring (May or June).

Even now at the draft stage, the regulation confirms that the default option must be the “life cycle” type, with variable risk based on the member’s age. It also confirms the default contribution rates as follows:

• 2% of gross salary, from July 1, 2014 to December 31, 2017
• 3% of gross salary, from January 1, 2018 to December 31, 2018
• 4% of gross salary, as of January 1, 2019

VRSP and the elections

The VRSP Act was officially adopted by the National Assembly in December 2013. Consequently, the current provincial elections in Quebec should not have any impact on the adoption of the regulation or the entry into force of the VRSP (July 1, 2014).

If you have any questions, our VRSP team is standing by to answer your questions at .

^* Following the consultation period, the Régie des rentes du Québec could make a few changes to the draft regulation before publishing the final version.