Desjardins Voluntary Retirement Savings Plan (VRSP)

​The Voluntary Retirement Savings Plan or VRSP will make it easier for SME employees to save for retirement. Easy, accessible and integrated, the Desjardins VRSP offers online and mobile solutions to meet the needs of employers and their employees. Specialists from Desjardins will guide you through the process and provide the tools you need to comply with the legislation.

Desjardins has an easy, accessible and integrated solution for you!

  • Plan administration and employee enrolment is managed for you.
  • Guidance and support at every stage of VRSP set-up.
  • Educational materials provided to participants.
  • No fees for employers; minimal fees for employees.
  • Diversified investments benefit from the expertise of world renowned fund managers.

VRSP deadlines

Employers are required to offer a VRSP to their employees within the following prescribed timeframes:1

  • 20 employees or more: December 31, 2016
  • 10 to 19 employees: December 31, 2017
  • 5 to 9 employees: to be decided, but no earlier than 20182

Please allow a maximum of three months, from the date of your online enrolment, for the implementation of your VRSP.

Book your spot now for an easy 30-minute web conference

VRSP advantages for your business and your employees

  • Easy administration, handled by Desjardins Insurance.
  • A turnkey solution.
  • Competitive administration fees.
  • Desjardins Payroll and Human Resources Services can help automate contribution payments.
  • Simple investment options are available, such as the Desjardins Balanced Path in which the risk level is adjusted based on the participant's age. In addition, 5 à la carte funds with a range of risk levels are available. The default option for participants who do not make a choice is the Desjardins Balanced Path.
  • A dedicated telephone number: 1-855-702-VRSP (8777).

Advantages for self-employed workers

Self-employed workers can also open a VRSP to benefit from the advantages of a group plan.
To get your VRSP, call 1-855-702-VRSP (8777).
Please read the contract – individual (PDF, 89 KB) Opens in a new window. and plan text (PDF, 153 KB) Opens in a new window. before contacting us.

About VRSP contributions

  • VRSP contributions – Opens a tooltip are subject to annual RRSP contribution limits.
  • Employer contributions are voluntary.
  • Employer contributions are locked-in – Opens a tooltip and are not subject to payroll taxes.
  • Participants can select their own contribution amounts. A 2% default contribution rate is set when participants do not select their contribution level.
  • Participants' contributions are tax-deductible and are tax-sheltered until they are withdrawn.
  • Employee contributions are not locked-in.
  • Participants get immediate tax savings, with contributions deducted from their gross salary.
  • Contributions are deducted at source, to offer the benefits of systematic savings – Opens a tooltip.
  • Minimum contribution possible for employees.
  • Participants can transfer one VRSP to another and continue to contribute, even after changing employers.
  • Employer contributions are vested immediately even if participants leave their job, but they are locked-in, which means they cannot be withdrawn before retirement.
  • Employees may withdraw their own contributions from the plan. Withdrawals are subject to provincial and federal withholding taxes.

1. According to the Act respecting voluntary retirement savings plans.

2. The Quebec government will specify the date, but it will not be prior to 2018. Companies with fewer than 10 employees can, however, choose to set up a VRSP now.