There could be more practical and affordable private sector options for small and medium-sized businesses to offer employees retirement savings plans. That was the message from the Canadian Chamber of Commerce when it wrote to the federal and provincial/territorial finance ministers late last year. Now you have an opportunity as a chamber member to comment no later than April 30, 2010.
Businesses of all sizes as well as chambers of commerce and boards of trade, from all regions of Canada, have this opportunity to make their views known by filing a submission. The Canadian Chamber of Commerce has prepared a submission template which may be useful >>please click here>>.
The deadline for submissions is important because the federal government has launched online consultations and a series of cross-country roundtable discussions, speaking engagements and town hall meetings to gather input from Canadians on ensuring the ongoing strength of Canada’s retirement income system. The input received from these consultations will be discussed at the next meeting of federal, provincial and territorial ministers of finance in May, where Canada’s retirement income system will be a key agenda item.
Based on discussion throughout the Canadian Chamber network the letter to finance ministers last fall said that:
• Canadian businesses need the flexibility to choose retirement savings solutions that fit their business models;
• Canadians’ retirement savings and income needs vary significantly; and
• Federal and provincial/territorial governments should consider a balanced, competitive approach to retirement savings that includes more private sector options for businesses and employees; these options should focus on improving both Defined Contribution (DC) pension plans and group RRSPs making these plans less costly and easier for small and medium-sized businesses to offer to their employees.
The Canadian Chamber also created an At-a-glance document on pension reform: please >>click here>>.
Submissions will be accepted by the Department of Finance until April 30, 2010 and should be sent by e-mail to: ris-consultations-srr@fin.gc.ca. Written submissions can be mailed to the address contained within the attached letter.
If you do make a submission, you are asked to please share a copy with the Canadian Chamber at email jhagen@chamber.ca and scluff-clyburne@chamber.ca and the Delta Chamber at email at admin@deltachamber.ca.