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      June 16, 2016                                                                                                                               







The ONN pensions task force is designing a pension plan for the nonprofit sector - and it needs your advice!

ONN’s pensions task force is exploring the feasibility of a multi-employer pension plan for Ontario’s nonprofit and charitable sector. We aim for this plan to be affordable for workers and nonprofits, to share risks carefully, to provide adequate benefits, and to be easy to administer.

If you work in the nonprofit sector*, we'd love for you to take 10 minutes to fill out our Nonprofit Pensions Sector Survey. Your feedback will help the pensions task force design a plan that meets the needs of our sector!  



*Please complete the survey only if you work at, or serve on the board of, a nonprofit/charity in Ontario that has paid staff. (Note: if you are both a nonprofit board member and paid staff, please complete the survey for the organization where you work for pay.)




What you need to know:


  1. Survey deadline is end of day, Wednesday, June 29, 2016.

  2. This survey will take about 10 minutes to complete.

  3. All submissions will be anonymous, unless you choose to participate in a focus group session. Read ONN's Privacy Policy.





    Background - A Nonprofit Sector Pension Plan

    We know that Ontario’s nonprofit workers are having a hard time saving enough for retirement in the context of a tough economy and the disappearance of workplace pension plans. The Ontario government has acknowledged the retirement savings challenge faced by many workers and will help to fill the gap with the new Ontario Retirement Pension Plan (ORPP) starting Jan. 1, 2018 (Jan. 1, 2019 for workplaces under 50 employees). But with the ORPP replacing only 15% of a worker’s income after 40 years of contributing, many nonprofit workers without a workplace pension could still experience a significant drop in their standard of living when they retire.

    Why a sector-wide plan?

    Some people think they can manage with RRSPs, or a Group RRSP, but two-thirds of Canadians aged 45-64 have less than $50,000 invested in these vehicles - hardly enough to retire on! What’s more, the mutual funds in our RRSPs have management fees that average five times as much as those for pension plans. The high cost of mutual funds means that, according to a recent study, “the average mutual fund investor will have to work until age 72 to accumulate the same amount as the pension plan holder had by age 65.” *  We also know that managing a workplace plan is more than most nonprofits can manage on their own in terms of time and financial risk.


    Learn more about our pensions work
         

     Read our pensions backgrounder blog post


     Learn more about our
    decent work agenda


    A very special thanks to DeafBlind Ontario Services staff for pilot-testing this survey!


    *See “The Feeling’s Not Mutual: The High Costs of Canada’s Mutual Fund Based Retirement System” by David Macdonald (February 2015).



    Together, we can do great work. Support Your Network!

      

    Ontario Nonprofit Network | @Foundation House | 2 St. Clair Avenue East, Suite 300 | Toronto, ON, M4T 2T5 | (416) 642-5786

    info@theonn.ca



    Ontario Nonprofit Network | 2 St. Clair Avenue East, Suite 300 | Toronto, ON M4T 2T5 | (416) 642-5786 | info@theonn.ca
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