Manulife has announced that The Régie des rentes du Québec has approved its Voluntary Retirement Savings Plan (VRSP) product.
Manulife’s VRSP will take the administration burden off the employer by:
- Monitoring the eligibility of employees
- Automatically enrolling employees as they become eligible
- Sending an Employee Notification Package to each employee once they’ve been enrolled
- Collecting employees’ instructions if they choose not to participate in the plan
- Collecting members’ contribution rate instructions and communicating monthly to employers through the secure website
Manulife has developed two sales models. The introduction model allows an advisor to reach out to clients about the VRSP, and then forward the contact information of all interested clients to Manulife to complete the sale.
The full-service model enables advisors to manage the entire application process with their clients. Advisors can select the model that meets their own specific needs, with compensation either way.
Employers can also self-serve by purchasing a Manulife VRSP by phone or via Manulife’s VRSP website, vrsp.com.