On Monday, August 10th, 2015, the Ontario Government released the details of the ORPP, which is the first look at their concrete plan. This plan will affect employers who are not currently offering a pension plan and may affect others if their current retirement plan is deemed not comparable. Defined Contribution (DC) plans will be considered comparable if they are locked in and are regulated by provincial pension standards. The ORPP Administration will begin contacting employers in 2016 and there will be four different stages of enrolment beginning January 1st, 2017.
Wave 1 - January 1, 2017: Employers with 500 or more employees without registered workplace pension plans
Wave 2 - January 1, 2018: Employers with 50 to 499 employees without registered workplace pension plans
Wave 3 - January 1, 2019: Employers with fewer than 50 employees without workplace pension plans
Wave 4 - January 1, 2020: Employers with a workplace pension plan that’s not modified or adjusted to meet the comparability test, as well as employees who aren’t member of the workplace’s comparable plan
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