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May 3, 2013

Toronto, Ontario - May 3, 2013 - The Investment Funds Institute of Canada (IFIC) congratulates the Ontario government for reducing the provincial deficit to $9.8 billion in 2012-13.

"An important contributor to economic recovery and growth is government support of frameworks that underpin the strength of the private sector. During these times of global economic uncertainty, it is imperative that the government and private sector work collaboratively to return Ontario to economic prosperity," said Joanne De Laurentiis, president and CEO of IFIC. "The deficit reduction announced today will help to restore the confidence of consumers and investors alike, and contribute to the continued recovery of jobs and growth for Ontarians province-wide."

As part of the government's plan to put Ontario on sound fiscal footing, the Minister of Finance announced consultations to develop legislation on the establishment and administration of pooled registered pension plans (PRPPs). IFIC generally supports the goal underlying PRPPs, which is to expand options for Canadians to save for retirement. In support of that goal, the industry is seeking improvements to the rules governing Group Registered Retirement Savings Plans to have them aligned more closely with plans such as PRPPs and offer employers a range of meaningful options.

IFIC encourages Ontario to continue to pursue improvements to retirement savings, and looks forward to providing input into consultations surrounding this key retirement initiative.

The Investment Funds Institute of Canada is the voice of Canada's 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 Canada's savers to Canada's 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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For more information contact:
Sara Clodman
Senior Manager, Public Affairs
The Investment Funds Institute of Canada (IFIC)
Phone: 416-309-2317

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