(TORONTO, Aug. 25, 2010) - OMERS, one of Canada's largest jointly-sponsored public sector pension plans, applauded the province today for its efforts toward continued pension reform for the people of Ontario. By introducing solvency relief for both multi-employer and jointly-sponsored pension plans (MEPPs and JSPPs), and by recognizing the need to support reform of outdated investment rules, the government has again demonstrated its commitment to making the kind of changes recommended by Harry Arthurs in his Report from Ontario's Expert Commission on Pensions in 2008.
"Not only has the government introduced solvency relief for jointly-sponsored and multi-employer plans like OMERS, it has restated its commitment to the further reform of outdated investment rules that limit a Canadian pension plan's desire to make significant private investments in Canada" said Michael Nobrega, OMERS President and CEO. "We understand that reform must come in stages. The steps outlined yesterday are clearly in the right direction. These reforms will foster the expansion of pension coverage in Ontario's pension system."
JSPPs are funded and governed by both members and employers. The large JSPPs impacted by these solvency measures provide retirement support to a significant segment of Ontario's population. For example, one out of every 20 people working in the province of Ontario is an OMERS member. As well, more than half of OMERS $48 billion in net global investment assets are currently allocated within Canada, making OMERS a significant driver of the Canadian economy.
OMERS is one of Canada's largest pension plans, with over $48 billion in net global investment assets. We are a jointly-sponsored, multi-employer plan that provides retirement benefits to more than 400,000 members who are employees and retirees of municipal governments, school boards, libraries, police and fire departments, children's aid societies and other agencies throughout Ontario. OMERS was named 2010 Pension Fund of the Year, Canada by World Finance magazine and was recently voted one of Canada's top 50 employers by Hewitt Associates.
Vice President, Corporate Communications
OMERS Administration Corporation
Ph: (416) 350-6784