WYNNE GOVERNMENT PASSES ONTARIO RETIREMENT PENSION PLAN ACT

Jun 02, 2016

By Bob Komsic

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Ontario’s expanding pension coverage to more than 4-million workers without a workplace plan.
The province has passed the Ontario Retirement Pension Plan Act.
Along with regulations expected this summer, the legislation gives employers and employees the information they’ll need to prepare for the launch of the ORPP.
ORPP
It’ll be phased-in starting in 2018 with workers in large and medium-sized firms (50 to 499 employees) … and in 2019 for companies with fewer than 50 employees.
Companies whose existing registered pension plans are not deemed at least on par with the ORPP must join by 2020.
Studies show many workers today are not saving enough to maintain their standard of living in retirement. 
Pension coverage is also low for many in the province, with just one-in-four younger workers — aged 25 to 34 — participating in a workplace pension plan.
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