Get ready for the new Ontario Retirement Pension Plan
By Heather Di Dio
Now that the 2014–15 Ontario budget has been passed by the Ontario legislature, Ontario employers should think about how the new Ontario Retirement Pension Plan (ORPP) could affect them.
The ORPP is part of the Ontario government’s solution to help individuals save for retirement. It’s a new ‘made-in-Ontario’ solution to the federal government’s inaction on expanding the Canada Pension Plan (CPP). The ORPP will be a defined-benefit pension plan, similar to the CPP, that will be publicly administered at arm’s length from the Ontario government.
Mandatory participation in the ORPP is set to begin in 2017, with enrolment occurring in stages starting with the largest employers. Contributions will be split equally between employers and employees, up to 1.9 per cent each (3.8 per cent total) on an employee’s earnings above a yet-to-be-determined minimum threshold and up to a maximum annual earnings threshold of CAD90,000 (£50,000). The ORPP aims to provide individuals with retirement benefits that replace 15 per cent of the individual’s pre-retirement earnings (up to CAD90,000)…
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