Company preparing to partner with QuÉbec organizations to help employees
use a VRSP to save for retirement
MONTREAL, July 4, 2014 /CNW/ - Morneau Shepell Asset & Risk Management,
a wholly-owned subsidiary of Morneau Shepell, has received approval
from the AutoritÉ des marchÉs financiers to administer a Voluntary
Retirement Savings Plan (VRSP). A VRSP is a new retirement saving
vehicle that became available in QuÉbec on July 1. It is designed to
help employees without access to other workplace plans grow their
"It is mandatory for employers that meet certain criteria to make a VRSP
available to their employees," said Jean Bergeron, partner and practice
leader for Morneau Shepell's investment consulting practice. "VRSPs
are, however, voluntary in the sense that employees can decide whether
or not they want to participate in the VRSP that is made available to
them by their employer. They can also choose their contribution rate
and investment options."
Employers with five or more targeted employees working in QuÉbec that do
not already offer a group registered retirement savings plan, group
tax-free savings account, or registered pension plan must set up a VRSP
for their employees in accordance with the provincial government's
timeline. These deadlines vary depending on the number of QuÉbec-based
targeted employees who are working for the organization:
Employers with 20 or more targeted employees have until December 31,
2016 to make a VRSP available;
Those with 10 to 19 employees have until December 31, 2017; and,
The deadline for employers with five to nine employees has yet to be
determined by the government but it will not be before January 1, 2018.
"Many employers will want to consider offering a VRSP earlier than these
deadlines," said Pierre Chamberland, Morneau Shepell's Executive Vice
President of Administrative Solutions. "There are a number of
advantages for employers and employees in offering a VRSP as an
alternative to traditional group RRSP plans."
For more information about the Morneau Shepell VRSP, please visit vrsp.morneaushepell.com.
About Morneau Shepell Asset & Risk Management Ltd.
Established in 2012, Morneau Shepell Asset & Risk Management was launched as an extension of Morneau Shepell's asset and risk
services department to help achieve targeted investment outcomes for
clients and provide pension plan sponsors with a new investment
approach and asset allocation. By pioneering the outcome-oriented style
of investing, Morneau Shepell Asset & Risk Management assists investors
by emphasizing downside protection, reduced volatility, and controlled
About Morneau Shepell Inc.
Morneau Shepell is the largest company in Canada offering human
resources consulting and outsourcing services. The Company is the
leading provider of Employee and Family Assistance Programs, as well as
the largest administrator of retirement and benefits plans and the
largest provider of integrated absence management solutions in Canada.
Through health and productivity, administrative, and retirement
solutions, Morneau Shepell helps clients reduce costs, increase
employee productivity, and improve their competitive position.
Established in 1966, Morneau Shepell serves more than 20,000 clients,
ranging from small businesses to some of the largest corporations and
associations in North America. With approximately 3,500 employees in
offices across North America, Morneau Shepell provides services to
organizations across Canada, in the United States, and around the
globe. Morneau Shepell is a publicly-traded company on the Toronto
Stock Exchange (TSX: MSI). For more information, visit morneaushepell.com.
SOURCE Morneau Shepell Inc.