Hamilton, ON, JUNE 3rd, 2015: The Ontario Chamber of Commerce (OCC) and a coalition of major Ontario employers are calling on the provincial government to broaden its definition of a comparable pension plan under the Ontario Retirement Pension Plan (ORPP). In a letter addressed to Premier Kathleen Wynne, a coalition of more than 150 organizations are today urging the government to expand its definition of pension plan comparability to include capital accumulation plans, including (but not limited to) Defined Contribution plans. This move would ensure that companies in the province that have an existing pension plan for their employees would not be forced to incur this new cost of doing business.

The coalition includes employers of all sizes, including some of Ontario’s largest and most established employers such as Magna International, Fiat Chrysler, General Motors, Ford, Canadian Tire, GE Canada, Walmart and Maple Leaf Foods, in addition to companies across a diverse range of sectors, including insurance, automotive, manufacturing, tourism, retail, and entertainment. More than 50 organizations across the Chamber Network have also signed on, in addition to industry and trade associations as well as several major universities. Hamilton was well represented on the letter with employers like ArcelorMittal Dofasco, Stackpole International and Fluke Transportation signing on.

“The Chamber Network and major employers have come together to advocate for a solution that will protect vulnerable Ontarians while ensuring that we sustain a business climate that fosters growth and job creation,” said Allan O’Dette, President and CEO of the Ontario Chamber of Commerce. “Rising interest in the design of the government’s new pension plan from such a diverse coalition underscores the impact that this policy will have. There is strong support for our message: the Ontario government must work to protect employers and jobs under the new pension plan.”

With the provincial government set to clarify details of the ORPP in the coming weeks, the OCC has consulted with its network of business leaders to provide recommendations that will balance the government’s policy objectives with the concerns of employers. The Ontario employer community supports the government’s policy objective — to tackle the undersaving challenge and help all Ontario workers save for retirement. However, a narrow definition of comparability will penalize employers that are currently contributing to their employees’ retirement savings through a variety of other plans.

“The strong interest on this topic from several major Hamilton businesses despite our short notice was an indication that the ORPP file is of concern to many of our members,” said Keanin Loomis, President & CEO, Hamilton Chamber of Commerce. “For us there is a considerable business case to exempting employers that have taken already initiative and invested resources into the retirement savings of their employees.”

The OCC and local chambers will continue to work with the provincial government in the design of the ORPP and in managing its impact on the broader economy.

List of Hamilton employers that signed onto the OCC letter:

• Stackpole International
• Fluke Transportation and Fox 40 Whistle
• Scott Smith Edwards HR
• Supersucker Hydro Vac Service Inc.
• ArcelorMittal Dofasco
• Maple Leaf Foods
• McMaster Students Union

Click here to read the full letter to Premier Kathleen Wynne.

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For more information:

Huzaifa Saeed | Policy & Research Analyst |Hamilton Chamber of Commerce

T: 905-522-1151 ext:230 | C: 905-220-3030 | E: h.saeed@hamiltonchamber.ca

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