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The Voluntary Retirement Savings Plan (VRSP) provides small and medium-sized businesses with an easy-to-implement retirement solution. A Manulife VRSP is your opportunity to maintain client relationships, establish new ones, and cross-sell other financial products.
Don’t let the competition reach your clients first
Competition for Voluntary Retirement Savings Plan (VRSP) market share will be fierce! Don’t let another advisor – or a local bank branch – take care of setting up this part of your business customer’s portfolio. Talk to your business owner clients and prospects today about the advantages of setting up a VRSP with Manulife.
A business growth opportunity you can’t ignore
Life-licensed and group-licensed advisors can take advantage of this unique opportunity. For a temporary time frame VRSPs can be sold by life-licensed advisors. These new workplace savings plans can represent a tremendous growth opportunity for advisors by giving you:
- A steady stream of revenue from each small business plan sold
- Access to high-value business prospects (e.g. owners and executives) to cross-sell other group products
- A wealth of new individual contacts whose needs may include individual life, health and wealth products
Unique features in Manulife’s VRSP increases the benefit to you, your small to medium-sized business clients and their employees.
Manulife offers your clients unique VRSP features to make it fast, simple and a benefit to their business.
Easy set up with our eApplication that is designed to take less than 20 minutes to complete.
Manulife will monitor employee eligibility and automatically enroll and mail an eligible employee an Enrolment Notification Package.
Manulife will automatically enroll eligible employees into the plan and mail an Enrollment Notification Package to each of them. The package will outline the steps that need to be completed to get started with Manulife.
On behalf of the employer, Manulife will manage the collection of employee names who choose to opt-out of the plan.
Manulife collects and reports all employee contribution rate instructions to the employer on a monthly basis.
Employees can easily provide contribution rate instructions to Manulife online, via Manulife’s secure site.
Manulife offers investment flexibility and choice, combined with Manulife’s iWatch fund-monitoring program.
The i-Watch team identifies funds and fund managers that have long-term potential to:
- deliver strong results through a variety of market cycles, and
- adhere to their investment mandate.
Manulife offers employers several flexible formula contribution options if they choose to contribute:
- match a percentage of employee contributions (25, 50, 75 or 100%) up to an annual maximum amount per member,
- set amount (percentage or dollar amount) per member, per pay period, or
- at employer’s discretion.
The employer can change their contribution formula at any time after providing 30 days notice to their employees. No fee charged.
Employers can send contributions to Manulife monthly, twice a month or every two weeks using our easy online contribution process.
On behalf of the employer, Manulife manages locking in and vesting rules of all the contributions.
Members can leave their savings in the Manulife VRSP and continue to receive the same services, fees and investment options they had with their employer’s plan.
Criteria and deadline for offering a VRSP
The VRSP will be mandatory for Quebec employers who do not currently offer a workplace savings plan as set out in the chart below.
Eligible employees are defined as employees 18 years of age or older and who have at least one year of uninterrupted service.
| Eligible Employee count as of | Deadline |
|---|---|
| June 30, 2016 | December 31, 2016 |
| Eligible Employee count as of | Deadline |
|---|---|
| June 30, 2017 | December 31, 2017 |
| Eligible Employee count as of | Deadline |
|---|---|
| To be determined | Exact date to be determined by the provincial government (not before January 1, 2018) |
| Eligible Employee count as of | Deadline |
|---|---|
| – | Not mandatory (participation is voluntary) |
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