Page 5 - 2104 Ontario Budget - Introducing the Ontario Retirement Pension Plan
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THE Here’s what the Ontario Retirement Pension Plan would offer: fIRST Of • A predictable stream of income in retirement, by pooling longevity and ITS KIND investment risk, and indexing benefts to infation, similar to the CPP’s retirement beneft. • Equal contributions shared between employers and employees, not exceeding 1.9% each on earnings up to an annual maximum of $90,000. The Ontario Retirement Pension Plan’s maximum earnings threshold would increase each year, consistent with increases to the CPP’s maximum earnings threshold. • A goal of providing a replacement rate of 15% of an individual’s earnings, up to a maximum annual earnings threshold of $90,000. THE ONTARIO RETIREMENT PENSION PLAN WOULD BUILD ON THE KEy fEATURES Of THE CPP 4 GET THE FACTS AT ONTARIO.CA/BUDGET
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