The Ontario Retirement Pension Plan (ORPP) could have significant implications for employers that currently sponsor retirement plans deemed to be non-comparable, says Osler’s Pension & Benefits Law blog.
While the meaning of comparable workplace pension plans is yet to be finalized, the Ontario government has indicated in its December consultation paper that its preference is for only DB plans and target benefit multi-employer pension plans to be considered comparable.
Read: ORPP consultation paper released
“Employers that currently sponsor a DC plan or group RRSP should consider the implications of such a regime change for their workplace and their current compensation structures,” authors Lesha Van Der Bij, Paul Litner and Jana Steele write.
They encourage employers concerned about this to make their views known to the government. The deadline for comments on the ORPP is Feb. 13, 2015.
The full post is available on the Pension & Benefits Law blog.
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