As discussed in a previous Osler
Update, the Ontario government continues to move forward with
the Ontario Retirement Pension Plan (ORPP). In the 2016 Ontario
Budget released on February 25, 2016, the government announced its
intention to introduce proposed legislation setting out the
requirements of the ORPP, including the rules related to plan
funding, employer eligibility, benefit calculations, and the
compliance and enforcement regime. The ORPP is a bold and ambitious
pension innovation – arguably the most significant pension
change in Canada in many years.
What's new?
On February 16, 2016, the Ontario government announced its
decision to delay the launch of the ORPP by starting enrolment in
January 2017, one year later than the original start date, and by
starting the first phase of contributions in January 2018, also one
year later than originally planned. The 2016 Ontario Budget
confirmed the new timetable for the commencement of contributions
to the ORPP.
