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SEIU's my65+ will provide an innovative, low-cost option for hard-working families to build private savings for retirement. It has the potential to serve as a much-needed model to expand coverage for low- and moderate-income workers across Canada, as well as in the U.S., where nearly one-half of private sector workers lack access to a retirement plan at work.

More than 1 in 4 single seniors are living in poverty most of whom are women. This is unconscionable. That is why CARP is delighted to support the SEIU’s community retirement fund initiative. This program represents a significant step towards improving retirement security for thousands of care-workers, the majority of whom are women. I’m impressed by the careful plan design; low fees will preserve assets and the use of a TFSA structure means savers will not be penalized with claw-backs from guaranteed incomes. CARP strongly supports this initiative and would like to see similar projects developed to reduce senior poverty even further.

Mainstream RRSPs just don’t pass the logic test for people earning less than $50 thousand per year. They need a savings plan that won’t end up costing them money in their most vulnerable time of life. SEIU’s plan allows them to hold on to all the retirement income they’re entitled to, and that makes so much sense.

The design is very thoughtful and addresses specific needs of the participants covered. It is the type of thinking we need more of in the pension and savings industry.

This plan is a concrete step forward that will help workers in precarious jobs save for their retirement. It has an innovative approach, using tax policy to benefit low-wage workers. It is tailored to increasing retirement security and incomes for low-wage workers who take care of vulnerable Ontarians.

I want to acknowledge Alex Mazer and Jonathan Weisstub of Common Wealth and Mahmood Nanji, Associate Deputy Minister at the Ontario Ministry of Finance, for developing the concept and bringing together a great group to contribute to the report. They have done an outstanding job showcasing the journey that funds have been on in the past 30 years.

Canada's pension plans are world leaders in ensuring strong retirement security, and Ontario's pension plans are at the forefront of this evolution. It is no mistake that the World Bank has recognized the strength of our framework, identifying our plans as models for global retirement security.