The union representing 125,000 Ontario municipal workers who are members of the OMERS pension plan is calling for a third-party review of the plan’s investment performance after it posted a “shocking” loss in 2020. Read the full article here.
TORONTO, ON – The long-term underperformance of the Ontario Municipal Employees Retirement System (OMERS) pension plan urgently requires a full and independent review, says the Canadian Union of Public Employees (CUPE) Ontario in a report released today. Take action at cupe.on.ca/fixomers “Investment returns are a critical part of funding the pensions of front-line workers. Unlike…
This Earth Day, we invite Local executives to sign on to the CUPE Climate Change Emergency Declaration. While the planet reels in response to the health emergency from COVID-19, we cannot lose sight of the environmental crisis. There is no vaccine for climate change. Global temperatures continue to go up, and we continue to experience an increasingly destabilized climate. CUPE recognizes…
TORONTO, ON – CUPE Ontario is calling for increased scrutiny of today’s announcement by the Ontario Municipal Employees Retirement System (OMERS) that the pension fund lost more than $3 billion last year. This represents a shortfall of more than $10 billion compared to their own benchmark returns for 2020. OMERS manages more than $100 billion…
CUPE Ontario, along with the Association of Ontario Municipalities, OMERS and other OMERS plan sponsor organizations, has sent a joint letter to the Public Sector Accounting Board (PSAB). The PSAB is considering changes to how defined benefit pension plans appear on government financial statements. These changes would make the reported liabilities and costs of these…
Take Action Sign the letter to Premier Ford. Click here to add your voice to demand change for long-term care. Solidarity On Wednesday, July 14, CUPE members joined families of Orchard Villa, the Durham Health Coalition, and the Ontario Health Coalition to tell the Southbridge LTC Chain: no more profiting from pain, substandard care, and…
Dear OMERS Plan members, CUPE Ontario is profoundly disappointed to report to you that the OMERS Sponsor Corporation Board of Directors has voted in favour of eliminating the guaranteed indexing of your pension for service worked after December 31, 2022. The “Shared Risk indexing” proposal passed. This means that for service worked after December 31,…
June 16, 2020 By Email OMERS Sponsors Corporation {SC) Board C/0 Michael Rolland, OMERS SC Board CEO. Dear Mr. Rolland: Re: COVID-19 and Proposed Changes to OMERS Plan I am writing on behalf of the Civic Institute of Professional Personnel {CIPP) to request that, in light of the COVID-19 pandemic, the OMERS Sponsor Corporation Board…
The Ontario Municipal Employees Retirement System (OMERS) Sponsors Corporation Board of Directors will be voting on whether or not to scrap guaranteed indexing for members in favour of a proposal they call “Shared Risk,” on June 24. OMERS is a defined benefit plan for about half a million municipal workers in Ontario, including school board…
