Administration Of The Plan
The Ontario Retirement Pension Plan Administration Corporation will begin contacting Ontario employers in early 2016 toverify their existing pension plans and assess the coverage offeredto employees.
Footnotes
1 Ontario Bill 56, Ontario Retirement Pension Plan Act,received Royal Assent on May 5, 2015.
2 As part of its federal election platform, the Liberalshad noted that the government intended to work with the provincesto “enhance” the CPP.
3 Such that benefits equal or exceed the benefits beingoffered under the ORPP.
The content of this article is intended to provide a generalguide to the subject matter. Specialist advice should be soughtabout your specific circumstances.
Employees’ Cash Balance Plan Of Atlantic Health System Inc
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- Benefits accrued under this Plan are primarily pay related
- This Plan is in the nature of a Cash Balance or similar plan, meaning that the Plan has a cash balance formula for determining benefits. For this purpose, a cash balance formula is a benefit formula in a defined benefit plan by whatever name that rather than, or in addition to, expressing the accrued benefit as a life annuity commencing at normal retirement age, defines benefits for each employee in terms more common to a defined contribution plan such as a single sum distribution amount .
DISCLAIMERS
About Atlantic Health System
Researched & Written by Jessica Vyvial-Larson on the FlexJobs Team
Atlantic Health System is a leading nonprofit healthcare system founded in 1996. Serving multiple regions of New Jersey, the Atlantic Health System’s facilities include five separate, local medical centers and the Goryeb Children’s Hospital, Atlantic Rehabilitation, and Atlantic Hospice and Home Care. In addition to facilities surrounding its headquarters in Morristown, New Jersey, additional healthcare centers and hospitals are located in Summit, Newton, Pompton Plains, and Hackettstown, New Jersey.
Recognized for years by Fortune magazine as one of the “100 Best Companies to Work For,” Atlantic Health System has also been distinguished as NJBIZ magazine’s “Best Places to Work in New Jersey,” and AARP’s “Best Employers for Workers Over 50” list. Employing more than 600 community-based healthcare providers, Atlantic Health System partners with the Atlantic Medical Group, Atlantic Accountable Care Organization, and the AllSpire Health Partners. In the past, the company has supported workplace flexibility by recruiting for full-time, part-time, occasional, alternative schedule, and flexible schedule employment opportunities for qualified candidates.
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Phase In Of Contribution Rate By Type Of Employer
Benefits will be indexed to increases in wages and the cost ofliving, and will start to be paid in 2022. Benefits will generallystart at age 65 however, similar to the CPP, individuals will havethe option to receive adjusted retirement income as early as 60 oras late as 70.
Note: The ORPP cannot cover self-employed workers because thefederal Income Tax Act does not allow self-employed people toparticipate in a registered pension plan. Ontario has asked thefederal government to consider changing the Act to allowself-employed workers to join the ORPP.
Background On The Orpp
The ORPP is a mandatory pension plan for residents of Ontariowho are employees, but who don’t have “comparable”workplace pension plans. A “comparable plan” is definedas a registered pension plan, subject to federal and provincialregulation, that meets the following minimum thresholds:
- provides people with a predictable stream of income inretirement for life
- provides people with security
- requires contributions by employers to ensure fairness
- aims to replace up to 15 percent of a person’spre-retirement income
Workplace defined benefit or defined contribution pension planswill meet the comparability test, provided that certain specificconditions are first met.3 Group Registered RetirementSavings Plans and Deferred Profit Sharing Plans will not beconsidered comparable plans for this purpose.
Employers that offer a registered workplace plan thatdoesn’t meet the above minimum thresholds will have until 2020to decide if they want to adjust their plans or enrol theiremployees in the ORPP.
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Employer Benefits Of Apprenticeship
Apprenticeship programs offer many unique benefits to employers:
- Participating in an apprenticeship program ensures you will have an employee who is not only trained to provincial industry standards but also understands your unique workplace conditions
- Apprenticeship training allows you to benefit from the government-supported in-class training portion of the program, while supporting your future workforce needs and those of your industry.
- An apprenticeship program allows you to have within your company a pool of experienced employees of different ages so that you will be better able to plan to meet future workforce needs due to expansion plans or the retirement of older trades persons.
- Recruiting potential apprentices through the Ontario Youth Apprenticeship Program can also be a cost-effective solution to training and retaining young workers.
- A recent survey of apprentices found that participants developed a loyalty to the company that hired them, which leads to a more stable workforce.
Each year, the Ontario government salutes employers who hire and train apprentices and contribute to the apprenticeship training system. Learn more about the Minister’s .
How Will It Work
The ORPP will be a supplement, and very similar in design, tothe existing CPP. When fully phased in, it will require equalcontributions from employees and employers . This compares to thecurrent CPP regime which requires employer and employeecontributions of 4.95 percent each . The biggestdifference between the ORPP and the CPP is that CPP contributionscurrently max out at an income level of $54,900 , whereasthe ORPP will max out at an income level of $90,000, subject toindexation for inflation.
For both the CPP and ORPP, the basic exemption amount is set at$3,500 .
ORPP contributions will be phased in. For large employers with500 or more employees, contributions will start January 1, 2017,and will be increased each year until 2019. For medium-sizedemployers, contributions will begin January 1, 2018, withcontributions phased in to their maximum by 2020. Small employerswith fewer than 50 workers will start contributing on January 1,2019, with contributions phased in to their maximum by 2021. Othersemployers will start to make contributions on January 1, 2020.These phase-in rules are summarized in the table below.
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Atlantic Health System Turns Their Total Rewards Statement Into A Stunning And Highly Valuable Source Of Information
High-end graphics complemented the numbers and content to convey the complete value of Atlantic Health System team members total rewards.
The goal of most employee benefit statements is simple: make employees aware of the value of their compensation and benefits. However, most statements are boring, difficult to read, dont command attention and are challenging to process. That wasnt a problem at Atlantic Health System when it produced its refreshed 2017 total rewards statements, resulting in a first-place win in the Visual Communication category of Ragans 2017 Employee Communications Awards.
Working with the rewards communications team at Deloitte and design subcontractor, Current Graphics, Atlantic Health System produced tailored summaries of their overall benefits package, with a strong focus on wellbeing.
The primary goals of the refreshed statements were as follows:
Educate Atlantic Health System team members by providing knowledge of and value in their unique benefits.
Increase overall understanding by presenting information in a clear and concise way.
Promote overall wellbeing by bringing these benefits to the forefront, and showcasing them using powerful color and design elements.
Highlight total rewards for ALL Atlantic Health System team members via printed, mailed communications booklets.
Engage the reader through creative concept, design, and production.
Atlantic Health System Company Jobs And Salaries
Find out what you should be paid at Atlantic Health System. The average salary of Atlantic Health System jobs will vary according to location, department, and job description. The following is a list of Atlantic Health System’s jobs and salaries. Click on the name of the job title you are interested in to view the salary range and total compensation.
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