“Mid-year results don’t paint the whole picture”: CUPE Ontario says first-ever report should not distract from call for an independent review of OMERS

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…

A person looks down into their empty wallet.

CUPE report calls for third-party review, alleges underperformance by pension fund manager OMERS

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…

“Not just ‘one tough year’”: CUPE Ontario calls for independent review of OMERS investment performance

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…

CUPE Ontario calls for review of OMERS’ investment processes after pension manager posts a 2.7-per-cent loss in 2020

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…

“We won’t pay for the mistakes of OMERS executives”: CUPE Ontario

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…