CORNWALL – As the provincial government gets ready to introduce its Ontario Retirement Pension Plan (ORPP), the local chamber of commerce is joining its provincial counterpart in asking the provincial government to expand its list for eligible plans.
The Cornwall Chamber of Commerce is urging Kathleen Wynne to include so-called capital accumulation plans, including Defined Contribution plans.
Under the ORPP set to be introduced in 2017, employees without a pension plan comparable to the provincial plan will have to contribute 1.9 per cent of their annual wages up to $90,000. Businesses will have to match that amount.
In a statement, the chamber says “this move would ensure that companies in Cornwall and the United Counties that have an existing pension plan for their employees would not be forced to incur this new cost of doing business.”
Executive Director Lezlie Strasser says the business community understands the retirement savings challenge but it’s important the solution is correct.
The provincial government is supposed to spell out the rules for the ORPP in the coming weeks.