Do we have to inform our employees of our intention to enter into a VRSP contract?
Yes. You must inform all your employees of your intention to enter into a VRSP contract. You can use the Employee Notice template and
customize it to your needs. Your contract will come into effect 30 days after the the Employee Notice Date subject to having provided Morneau
Shepell with the employee data; otherwise the effective date will be delayed until you will have provided TELUS Health with the employee
data.
Is the VRSP mandatory for all employees?
If you choose to offer the VRSP, membership in the VRSP is automatic for all targeted employees and voluntary for all other employees.
Employees can opt out within 60 days of the notice of membership sent to them by TELUS Health.
Do employers have to contribute to the VRSP?
No. However, employers may choose to offer VRSP to which they will contribute.
Do employers have to contribute to the group RRSP?
No. However, employers outside of Quebec and those in Quebec that are federally regulated may choose to offer a group RRSP to which they
will contribute.
Do employers have to contribute to the group TFSA?
No. Employer contributions are not allowed under the group TFSA; only employee contributions are allowed.
When will VRSP contributions begin?
Contributions will begin as of the first pay following the 61st day after TELUS Health issues the membership notice to an employee.
What do you mean by “targeted employee”?
A “targeted employee” is an employee who :
is age 18 or over;
meets the definition of employee under the Quebec Act Respecting Labour Standards; and
has completed one year of continuous service.
How will we manage our contract?
The person within your company who will be responsible for the day-to-day management of the plan will have access to the plan's administration website. This site contains information, tools and forms required for managing your contract. The administration website is designed to reduce the number of manual processes and paper forms.
Your employees will have access to the participant website that offers user-friendly tools to help them manage and monitor their account, plan for their retirement and learn about the plan or program. The participant website provides detailed real-time account information, at all times.
When will our administrator and employees have access to their website?
Your administrator will be able to access the plan’s administration website after your contract comes into effect.
If you choose to offer the VRSP, your employees will be able to access the participant website as of the first pay following the effective date of
their membership.
If you choose to offer the RRSP and TFSA only, your employees will be able to access the participant website shortly after they are registered
on the program’s administration website.
Will participants receive account statements?
Yes. TELUS Health will issue account statements to all participants. The statements will be posted on the participant website and accessible at any time.
Who will issue the tax receipts?
TELUS Health will issue the tax receipts. The tax slips will be posted on the participant website and accessible at any time.
What type of support will we receive?
You, your administrator and your employees will benefit from the expertise of a dedicated team specialized in pension plan administration. Our knowledgeable professionals are available to answer any questions about the plan or the application and contract process. They will be your go-to resource for anything related to the plan or program.
You can reach one of our representatives from Monday to Friday, between 8:00 a.m. and 5:00 p.m. (ET) :
“Employee Notice” refers to the 30-day written notice that an employer must give to all its employees before entering into a VRSP contract.
To help you comply with this requirement, you may use the employee notice template available on this website and customize it to your needs. The link to this template is located on the top right-hand side of your screen.
