The Ontario government on Tuesday announced the appointment of Saad Rafi as the first chief executive officer of the Ontario Retirement Pension Plan Administration Corp. (ORPP AC), which will operate the proposed provincial pension plan.

Rafi, who was CEO of the TO2015 Pan Am/Parapan Am Games organizing committee, was appointed by the ORPP AC board of directors.

The board is chaired by Susan Wolburgh Jenah, former president and CEO of the Investment Industry Regulatory Organization of Canada (IIROC) and long-time securities regulator, who has since returned to private practice. The inaugural board also includes financial industry veteran Richard Nesbitt, president and CEO of Global Risk Institute (GRI) and a former chief operating officer of Canadian Imperial Bank of Commerce and and former CEO of TSX Group, and Murray Gold, managing partner at Koskie Minsky LLP.

Prior to heading the Pan Am Games committee, Rafi held a variety of deputy minister portfolios with the government of Ontario, and was a partner with Deloitte.

As CEO of the ORPP AC, Rafi will be responsible for developing the corporation’s organizational structure, engaging other bodies, such as the Canada Revenue Agency (CRA), and overseeing the set-up of the infrastructure and technology required to administer the plan.

“Mr. Rafi has extensive experience in the public and private sector and he has effectively and consistently delivered positive results in complex and diverse portfolios time and time again. I am confident that with Mr. Rafi’s knowledge, expertise and leadership at the helm of the Ontario Retirement Pension Plan Administration Corporation, we will create a stronger retirement income system in Ontario for generations to come,” says Charles Sousa, Ontario finance minister, in a statement.

“The board will work with Mr. Rafi to ensure that the ORPP AC is accountable, transparent, and cost-effective while pursuing the highest possible level of performance in pension management,” adds Wolburgh Jenah.

The Ontario governnment is currently exploring options to design and develop a reliable and cost-effective delivery system for the ORPP. However, with a new federal government in power, which has committed to enhancing the Canada Pension Plan (CPP), it remains to be seen if the province will follow through and launch its own plan, or if an enhanced CPP will obviate the need for a supplemental provincial plan.