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The Ontario Pension Board in Canada is an independent organization responsible for administering defined-benefit pensions for certain employees of the provincial government and its agencies, boards, and commissions.
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 following an agreement between the federal government and the provinces to expand the Canada Pension Plan. [3] [4]
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.
OPTrust, officially the OPSEU Pension Trust, [2] is a legal trust formed by the contractual agreement between the two plan sponsors, Ontario Public Service Employees Union and the Government of Ontario. [3] It manages one of Canada's largest pension funds and administers the OPSEU Pension Plan. [4]
With the understanding that COLA forecasts are still fluid, let's take a closer look at exactly how much a 2.7% cost-of-living adjustment would increase Social Security checks in 2025.
The average monthly Social Security benefit will increase from $1,927 to $1,976 in 2025 after the cost-of-living adjustment this year, according to the Social Security Administration.
The Government Pension Offset affects spouses, widows and widowers who receive government pensions and in some cases reduces their Social Security benefits, according to the SSA.
The Ontario government debt consists of the liabilities of the Government of Ontario. Approximately 82% of Ontario's debt is in the form of debt securities (bonds, Treasury bills), while other liabilities include government employee pension plan obligations, loans, and accounts payable. [ 5 ]