The Ontario government announced details of the proposed Ontario Retirement Pension Plan (ORPP).
The implementation of the ORPP will be staged in four waves between 2017 and 2020.
These waves are:
Wave 1:
Large employers (500 or more employees) without registered workplace pension plans. Contributions to start January 1, 2017.
Wave 2:
Medium employers (approximately 50- 499 employees) without registered workplace pension plans. Contributions to start January 1, 2018.
Wave 3:
Small employers (50 or fewer employees) without workplace pension plans. Contributions to start January 1, 2019.
Wave 4: Employers with a workplace pension plan that is not modified or adjusted to meet the comparability test, as well as employees who are not members of their
workplace’s comparable plan. Contributions to start January 1, 2020.
For further details provided by Ontario government, visit:
http://news.ontario.ca/mof/en/2015/08/the-ontario-retirement-pension-plan.html