Ontario Introduces ORPP and PRPP Legislation
Date: December 8, 2014
On December 8, 2014, the Ontario government introduced Bill 56, the Ontario Retirement Pension Plan Act, 2014, legislation intended to address the issue of retirement undersavings.
As we previously reported, the government initiated a public consultation process regarding Ontario retirement pension plan (“ORPP”) implementation through targeted questions to employees and employers in November, 2014. A consultation paper outlining proposed implementation details of the ORPP will be released in the next few weeks, followed by formal public consultations in January, 2015.
In addition, the government introduced Bill 57, the Pooled Registered Pension Plans Act, 2014, proposed legislation intended to provide a legal framework for the establishment, administration and operation of pooled registered pension plans in Ontario. Federal pooled registered pension plan legislation came into force in 2012, and similar legislation has already been passed in several provinces.
We are in the process of reviewing both Bills, and a more detailed FTR Now discussing the potential impact of these significant proposed pension reforms will be published in the coming days.
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