R-17.0.1 - Voluntary Retirement Savings Plans Act

Section 47 Disposition versions

2014-07-01

47. At least 30 days before subscribing to a voluntary retirement savings plan with the administrator of such a plan, an employer must notify each employee in writing

(1)  of the employer’s intention to subscribe to the plan;

(2)  of any existing business relationship the employer has with that administrator;

(3)  of the fact that eligible employees are automatically enrolled in the plan and that they will have the opportunity to opt out of the plan;

(4)  of the fact that the employer will provide the administrator with the personal information determined by regulation concerning the employees referred to in the fourth paragraph of section 48;

(5)  of the requirement for an employee who is not an eligible employee and who wishes to become a member of the plan to inform the employer;

(6)  of the fact that the employee may determine his or her own contribution;

(7)  of any contribution the employer agrees to pay into the plan or the method of calculating it; and

(8)  of any other information determined by regulation.

2013, c. 26, s. 47.