The VRSP is a voluntary retirement savings plan. Under the Voluntary Retirement Savings Plans Act, all employers with 10 or more employees are required to offer their employees a way to save for retirement. With a VRSP, employees are enrolled automatically, and the plan must be set up within the time prescribed in the Act.
Employers may also offer another group savings solution, such as the RRSP+ at the Fonds de solidarité FTQ. Employees may choose whether or not to enrol, and the plan is set up within a few days.
Both of these options involve automatic contributions via payroll deductions.
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