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OPSEU negotiated the creation of OPTrust, giving Ontario Public Service (OPS) members and pensioners a say in their pension plan through joint trusteeship. [ 5 ] It is subject to the rules and regulations governing pension plans in Ontario and Canada, including the Pension Benefits Act (Ontario) and the Income Tax Act (Canada).
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employment pension plans, which comprise more than 40 per cent of all registered pension plans in Canada [1] It was originally enacted as the Pension Benefits Act, 1965 (S.O. 1965, c. 96), and it was the first statute in any Canadian jurisdiction to regulate pension plans.
Only employees who report to work at an establishment in Ontario, or who are paid from an establishment in Ontario. [8]: §6 Employment in the federal government is exempt. [8]: §7 Employees who are under 18 years of age or over 70 years, and those receiving an ORPP pension (other than a pension to a surviving spouse), are exempt.
The Ontario Municipal Employees Retirement System [3] (OMERS) is a Canadian public pension fund, headquartered in Toronto, Ontario.OMERS is a defined benefit, jointly sponsored, multi-employer public pension plan created in 1962 by Ontario provincial statute to administer retirement benefits and manage pension investment funds of local government employees in the Canadian province of Ontario.
The windup of the $5 billion Nortel pension plan began in October 2010. Between that time and July 2011, Nortel pensioners had been receiving their full pensions even though actuaries have determined that the pension trust is underfunded by $1.5 billion. The reduced payments are to retroactively reflect those overpayments.
The Social Security Fairness Act, which would increase benefits for 2.8 million retirees, has bipartisan support but time running out. Social Security bill to expand benefits is in the hands of ...
The Ontario Pension Board in Canada is an independent organization responsible for administering defined-benefit pensions for certain employees of the provincial government and its agencies, boards, and commissions.
The QPP's contribution rate was 9.9% prior to 2012. In accordance with the 2011–12 Budget of the Government of Quebec, the contribution rate was increased by 0.15% per year for six years from 2012 to 2017. Consequently, the contribution rate increased to 10.8% for 2017 and subsequent years. [25] [26] [27]