While OMERS was able to report what Mr. Hutcheson called “exceptional returns,” it has not been able to quiet unions whose members are part of the OMERS plan. The unions have been criticizing OMERS’s costs and long-term financial performance, particularly after 2020. The Canadian Union of Public Employees (CUPE) Ontario, which called for an independent…
The Ontario Municipal Employees Retirement System (OMERS) released mid-year results for the first time in its history, reporting it posted an 8.8-per-cent return in the first six months of 2021, and 18.2 per cent for the 12 months ended in June. The results were insufficient to quiet a combative union that is calling for an…
The union representing more than 40 per cent of OMERS’ members did not appear placated, instead renewing calls for an independent review of OMERS, saying the mid-year results aren’t enough to draw attention away from the pension fund’s “systemic underperformance.“ “Just like a single cold day doesn’t mean temperatures aren’t rising, half a year of…
TORONTO, ON – A first-ever mid-year report by the Ontario Municipal Employees Retirement System (OMERS) can’t draw attention away from the systemic underperformance of OMERS investment returns, says the Canadian Union of Public Employees (CUPE) Ontario. “Just like a single cold day doesn’t mean temperatures aren’t rising, half a year of investment returns tells us…
The union for Ontario public sector employees has renewed calls for an outside review of the Ontario Municipal Employees Retirement System, saying the pension’s 2020 loss is part of a long-term pattern of underperformance. In response, OMERS said Wednesday that an independent review “is not warranted.” The Canadian Union of Public Employees (CUPE) Ontario said…
The Canadian Union of Public Employees is calling for an urgent “full and independent review” of their “underperforming” Ontario Municipal Employees Retirement System (OMERS) pension plan. Read the full article here.
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…
Article by Andrew Willis, The Globe and Mail (click here to read the article on theglobeandmail.com) Pension plan OMERS turned in a 2.7-per-cent loss on its investments in 2020 as the pandemic weighed down returns from its holdings in shopping malls, a theatre chain and other consumer-facing businesses. Assets of Toronto-based OMERS declined by $3-billion…
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…
