Statement from OPTrust President and CEO Hugh O’Reilly on Canada Pension Plan (CPP) NegotiationsPosted: June 21, 2016
TORONTO, ONT. – June 20, 2016: “We are delighted with the positive outcome of today’s meeting between Federal Finance Minister Bill Morneau and his provincial counterparts with respect to Canada Pension Plan (CPP) enhancement.
The ability to reach an agreement demonstrates the commitment of the provinces to enhancing retirement security for Canadians.
As a public pension plan, we believe we have a responsibility to play an active role in helping to achieve the maximum feasible increase in the retirement security of Canadians. We have been highly supportive of the Ontario Retirement Pension Plan (ORPP) and Ontario Finance Minister Charles Sousa’s efforts to ensure that Ontarians have the ability to retire with adequate replacement income.
We understand the diversity of needs and varying economic climates across the country; reaching consensus today demonstrates the urgency to move forward with this important public policy issue.
We applaud the Ministers’ work today, and that of many in the Canadian labour movement, who have been working toward this outcome for many years. Actions taken today will have far reaching and positive implications for generations to come.”
With assets of $18.4 billion, OPTrust invests and manages one of Canada’s largest pension funds and administers the OPSEU Pension Plan, a defined benefit plan with almost 87,000 members and retirees. OPTrust was established to give plan members and the Government of Ontario an equal voice in the administration of the Plan and the investment of its assets, through joint trusteeship. OPTrust is governed by a 10-member Board of Trustees, five of whom are appointed by OPSEU and five by the Government of Ontario. www.optrust.com
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