IFIC Congratulates Ontario Chamber of Commerce on Comprehensively Addressing Retirement Savings
May 7, 2013
Toronto, Ontario May 7, 2013 The Investment Funds Institute of Canada (IFIC) congratulates the Ontario Chamber of Commerce (OCC) for addressing the crucial issue of retirement savings in a comprehensive policy resolution (http://us6.campaign-archive2.com/?u=0bb5043b09fdf85eaafd34a41&id=f88b7f30bc) passed at its 2013 Annual General Meeting & Convention earlier this month in Chatham-Kent.
Government support of frameworks that provide Ontario employers and employees with a broad array of quality choices is critical to increasing workplace-based retirement savings programs, said Joanne De Laurentiis, president and CEO of IFIC. The Ontario Chamber of Commerces resolution on pooled registered pension plans (PRPPs) recognizes the value of providing a range of retirement savings options by encouraging the government to continue to support improvements to other forms of retirement savings, such as group registered retirement savings plans (GRRSPs).
The OCC is urging the federal government to modify the federal tax rules governing GRRSPs to bring them in line with those rules that would govern PRPPs. The OCC believes that GRRSPs are an integral part of Ontarios current retirement income system.
As part of the provinces 2013 Budget, released last week, Ontarios Minister of Finance announced the governments intention to undertake consultations to develop legislation on the establishment and administration of PRPPs. IFIC generally supports the goal underlying PRPPs, and welcomes the OCCs support of improvements to the rules governing GRRSPs that would align them more closely with rules governing other plans, such as PRPPs, and offer employers a range of meaningful options.
The Investment Funds Institute of Canada is the voice of Canadas investment funds industry. IFIC brings together 150 organizations, including fund managers and distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canadas savers to Canadas economy, our industry contributes significantly to Canadian economic growth and job creation. The organization is proud to have served Canadian financial consumers for more than 50 years.
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Senior Manager, Public Affairs
The Investment Funds Institute of Canada (IFIC)
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