Ontario Retirement Pension Plan becomes law

The Ontario legislature passed a bill to create the Ontario Retirement Pension Plan Wednesday, Benefits Canada reports.

The Liberal government says a provincial plan is necessary because the Canada Pension Plan isn’t enough to support retirees, and private pension plans aren’t prevalent.

Read: Business and labour groups tussle over Ontario pension plan

About two-thirds of working Ontarians don’t have private pension plans, says associate Finance Minister Mitzie Hunter.

Mandatory contributions to the ORPP will be phased in, starting with larger companies in 2017, reports BenCan.

Read more here.

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Ontario reveals details of provincial pension plan

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The staff of Advisor.ca have been covering news for financial advisors since 1998.