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It manages one of Canada's largest pension funds and administers the OPSEU Pension Plan. [4] It is responsible for investing the plan's assets to support the cost of members' and retirees' pension benefits. It manages the fund for OPSEU members who are employed by the Government of Ontario and certain agencies, boards and commissions.
The Ontario Pension Board in Canada is an independent organization responsible for administering defined-benefit ... and it pays pensions to about 39,000 retired ...
It is designed to provide up to 15 per cent of a retiree's pre-retirement income as an annual pension, adding about the same amount as the Canada Pension Plan (CPP) for those who have contributed to both plans. Employees and employers would each contribute 1.9 per cent of an employee's income up to a maximum of $90,000 of income per year.
Ontario regulates approximately 8,350 employment pension plans, which comprise more than 40 per cent of all registered pension plans in Canada [1] It was originally enacted as the Pension Benefits Act, 1965 (S.O. 1965, c. 96), and it was the first statute in any Canadian jurisdiction to regulate pension plans. [2]
The increase is the largest since 1981, when the COLA was 11.2%, and raises the average retiree benefit by more than $140 per month starting in January, according to the Social Security ...
The AARP estimates that a 2.5 percent COLA would increase the average benefit for a retiree who receives about $1,920 a month by $48 a month starting in January 2025.
Although one can claim a CPP pension as early as age 60 rather than the typical retirement age of 65, those who claim it at 60 have their pension reduced by 36%. Retirees can also elect to delay their CPP claim up until age 70 to increase their monthly retirement income. [3]
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