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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. [1]
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.
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.
The employer and the employee each contribute 5 per cent (a sum equal to 10%) of the salary of employee whose earnings are above a certain threshold to funds run by banks, insurers or fund houses. Total contributions are capped at HK$1,500 a month. [3] Employees and self-employed are required to contribute 5% of their earnings to their MPF fund ...
The employer’s 401(k) maximum contribution limit is much more liberal. Altogether, the most that can be contributed to your 401(k) plan between both you and your employer is $70,000 in 2025, up ...
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]
OPSEU was established in 1975 as the successor union to the former Civil Service Association of Ontario, which was founded in 1911. [2] In 1979, OPSEU affiliated with the Canadian Labour Congress, the National Union of Public and General Employees, and the Ontario Federation of Labour. OPSEU is affiliated to several labour councils across Ontario.
Ontario Teachers' also invests the plan's pension fund and it is one of the world's largest institutional investors, acting as a partner organization of the World Economic Forum. [6] The plan is a multi-employer pension plan, jointly sponsored by the Government of Ontario and the Ontario Teachers' Federation.