Saad Rafi, ex-CEO of Pan Am Games, to run new Ontario pension plan
Rafi to earn $525,000 as CEO of Ontario Retirement Pension Plan Administration Corporation
The man the Liberal government brought in to fix problems with Toronto's Pan Am Games committee will head the agency overseeing the Ontario Retirement Pension Plan.
Saad Rafi, who had also been a deputy minister in several government departments, will be paid $525,000 as CEO of the ORPP Administration Corporation, and will be eligible for an annual performance bonus of up to 25 per cent.
The government says Rafi will focus on building the corporation and delivering on its mandate to implement the provincial pension plan, with deductions from paycheques and contributions by employers scheduled to begin next January.
However, it could not point to any pension plan experience in Rafi's resume, which also includes time as an equity partner with Deloitte, a professional services firm.
Finance Ministry spokesman Scott Blodgett says pension and investment knowledge is important for the organization once it's established, but adds there are distinct skills needed for the start-up phase which the board knows that Rafi can provide.
Rafi will be responsible for developing the corporation's organizational structure and overseeing the set-up of the infrastructure and technology needed to administer the new pension plan.