The Ontario Municipal Employees Retirement System (OMERS) is a Canadian public
pension fund
A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income.
Pension funds typically have large amounts of money to invest and are the major investors in listed and priva ...
, headquartered in Toronto, Ontario. OMERS is a defined benefit, jointly sponsored, multi-employer public pension plan created in 1962 by
Ontario
Ontario ( ; ) is one of the thirteen provinces and territories of Canada.Ontario is located in the geographic eastern half of Canada, but it has historically and politically been considered to be part of Central Canada. Located in Central Ca ...
provincial
statute
A statute is a formal written enactment of a legislative authority that governs the legal entities of a city, state, or country by way of consent. Typically, statutes command or prohibit something, or declare policy. Statutes are rules made by ...
to administer retirement benefits and manage pension investment funds of local government employees in the
Canadian province of Ontario. , OMERS had
C$121 billion of assets under management.
OMERS serves over 1,000 participating employers and more than half a million active, deferred and retired employees. OMERS members are employed by municipalities, school boards, transit systems, local electrical distribution companies, police service boards, fire fighting and paramedic services, children's aid societies and associated local agencies, boards and commissions.
In 2010, this fund also takes care of the pensions of firefighters, police officers, emergency physicians, employees of the Children's Aid Society, school employees other than teachers, public transport employees and Ontario Hydro employees.
Organization
OMERS is governed by the ''Ontario Municipal Employee's Retirement Act, 2006'', an Ontario law which superseded the older ''Ontario Municipal Employees Retirement System Act''.
Under the 2006 law, OMERS is composed of two
statutory corporation
A statutory corporation is a government entity created as a statutory body by statute. Their precise nature varies by jurisdiction, thus, they are statutes owned by a government or controlled by national or sub-national government to the (in ...
s.
In 2019, OMERS ventures launched a $315M European Venture fund, a fully owned subsidiary of OMERS Ventures led by Managing Partner Harry Briggs.
OMERS is a partner of the
World Economic Forum
The World Economic Forum (WEF) is an international non-governmental and lobbying organisation based in Cologny, canton of Geneva, Switzerland. It was founded on 24 January 1971 by German engineer and economist Klaus Schwab. The foundation, ...
.
See also
*
Pension fund
A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income.
Pension funds typically have large amounts of money to invest and are the major investors in listed and priva ...
*
Caisse de dépôt et placement du Québec
Caisse de dépôt et placement du Québec (CDPQ; ) is an institutional investor that manages several public and parapublic pension plans and insurance programs in Quebec. CDPQ was founded in 1965 by an act of the National Assembly, under the go ...
*
CPP Investment Board
*
Ontario Teachers' Pension Plan
*
Public Sector Pension Investment Board
*
Alberta Investment Management Corporation
*
OPTrust
External links
* https://www.omers.com/
References
Profile of OMERS Corporation Bloomberg. 14:18, 15 November 2021 (UTC).
{{Private equity and venture capital
Organizations based in Toronto
Economy of Ontario
Public pension funds in Canada
Investment companies of Canada
Local government in Ontario
Organizations established in 1962
Private equity firms of Canada
1962 establishments in Ontario