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Ontario Proceeds With ORPP

Ontario will proceed with its plans for the Ontario Retirement Pension Plan (ORPP) until there is a national solution to improving retirement savings for Canadians, says Mitzie Hunter, associate minister of finance for the ORPP. She told the McCarthy Tetrault ‘5th Annual Pensions Seminar: Looking Ahead: Pension Plans 2.0’ that the Liberal government in Ontario was elected partly on a platform to provide a secure retirement for Ontarians. Two-thirds of residents of Ontario have no workplace plan and the problem is as real today as it was a year and a half ago. Ontario is open to a national solution to this problem, she said, but newly-elected Prime Minister Justin Trudeau can't enhance the Canada Pension Plan (CPP) alone. That process will take time and until then the province will proceed with the ORPP. However, the federal government’s pledge to support Ontario’s effort has helped on key administrative factors. It is being designed with the goal of integration with CPP in mind. She said with the ORPP the provincial government is making a decision “today to impact the future.’ It is using the ORPP to take steps to control its economic future by ensuring retirees then have an adequate standard of living which will result in less pressure on social assistance programs and ultimately tax revenues.

Courtesy of Benefits and Pensions Monitor website News Alerts 

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