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CIA Calls for Pause in ORPP Implementation

OTTAWA, Feb. 4, 2016 (GLOBE NEWSWIRE) -- The Canadian Institute of Actuaries (CIA) urges the Ontario government to postpone the implementation of the Ontario Retirement Pension Plan (ORPP) for one year, in order to give all pension jurisdictions in Canada the required time to make a proper long-term decision on retirement security programs for all Canadians.

In a position statement released today, the CIA expressed concerns that the ORPP phase-in may go forward too quickly, making it more difficult to merge into an expanded Canada Pension Plan (CPP), thereby making national coverage more difficult to achieve.

If a national strategy emerges within a year, significant costs to implement the ORPP would be avoided. If no national agreement is reached in 2016, the ORPP would have additional time for its detailed planning, making the year's deferral even more useful.

This seems like a good alternative for Ontario to consider.

For the full position statement, please click here.

For further information, contact Josée Gonthier, CIA communications manager, at 613-236-8196 ext. 106, or by e-mail at josee.gonthier@cia-ica.ca.

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Source:Canadian Institute of Actuaries