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The Ontario Municipal Employees Retirement System [3] (OMERS) is a Canadian public pension fund, headquartered in Toronto, Ontario.OMERS is a defined benefit, jointly sponsored, multi-employer public pension plan created in 1962 by Ontario provincial statute to administer retirement benefits and manage pension investment funds of local government employees in the Canadian province of Ontario.
The Ontario Retirement Pension Plan (ORPP) was a proposed social insurance program for Ontario, Canada to complement the national Canada Pension Plan. It was intended to cover the 3.5 million workers in Ontario who would not receive a comparable workplace pension after their retirement. [1] [2] Plans to implement the ORPP were cancelled in 2016 ...
The Ontario Health Insurance Plan ( French: Assurance-Santé de l'Ontario ), commonly known by the acronym OHIP (pronounced / ˈoʊhɪp / OH-hip ), is the government - run health insurance plan for the Canadian province of Ontario. OHIP is funded by a payroll deduction tax by residents who are gainfully employed, by businesses in the province ...
The Ontario Teachers' Pension Plan Board ( French: Régime de retraite des enseignantes et des enseignants de l'Ontario) [ 5] is an independent organization responsible for administering defined-benefit pensions for school teachers of the Canadian province of Ontario. Ontario Teachers' also invests the plan's pension fund and it is one of the ...
A severance package is pay and benefits that employees may be entitled to receive when they leave employment at a company unwillfully. In addition to their remaining regular pay, it may include some of the following: Any additional payment based on months of service. Payment for unused accrued PTO vacation time, holiday pay or sick leave unless ...
The Federal Government and its provincial counterparts moved to enhance the Canada Pension Plan to provide working Canadians with more income in retirement. [13] These changes were principally motivated by the declining share of the workforce that was covered by an employer defined-benefit pension plan, which had fallen from 48% of men in 1971 ...
Ontario regulates approximately 8,350 employment pension plans, which comprise more than 40 per cent of all registered pension plans in Canada [1] It was originally enacted as the Pension Benefits Act, 1965 (S.O. 1965, c. 96), and it was the first statute in any Canadian jurisdiction to regulate pension plans. [2]
A group of Nortel former employees have retained the services of Rochon Genova LLP to voice their opposition to the February 8, 2010, agreement in court. Other creditors also opposed the agreement. The Ottawa Citizen reported on March 4, 2010, that the dissident Nortel employees objecting to a deal with Nortel lost their first battle in Ontario ...