R-17.0.1 - Voluntary Retirement Savings Plans Act

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19. Within 30 days after the contract is signed by an employer or after an employee has enrolled in the plan under section 48, the administrator sends each of those employees
(1)  a written notice confirming his or her membership in the plan;
(2)  a written summary of the plan that describes, in particular, the rights and obligations of the member and the employer, the investment options available under the contract and the costs related to the plan; and
(3)  a form for the designation of beneficiaries in case of the death of the member.
The administrator informs the employer without delay of the date the notices provided for in subparagraph 1 of the first paragraph are sent to the employees.
The summary must contain the following information:
(1)  the possibility for an eligible employee of opting out of the plan by notifying the employer in writing within 60 days after the notice mentioned in subparagraph 1 of the first paragraph is sent;
(2)  the conditions under which the member may set his or her rate of contribution at 0%;
(3)  the default contribution rate and the fact that a member may change his or her contribution;
(4)  the fact that a member may change his or her investment options; and
(5)  any other information determined by regulation.
2013, c. 26, s. 19.