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{{more citations needed|date=November 2012}}
{{more citations needed|date=November 2012}}
{{Infobox company
{{Infobox company
| name = Ontario Municipal Employees Retirement System
| name = Ontario Municipal Employees Retirement System
| logo =
| logo =
| logo_size = 200px
| logo_size = 200px
| trade_name = OMERS
| trade_name = OMERS
| type = [[Statutory corporation]]<ref name="cavalluzzo"/>
| type = [[Statutory corporation]]<ref name="cavalluzzo"/>
| industry = [[Pension fund]]
| industry = [[Pension fund]]
| successor =
| successor =
| foundation = {{Start date and age|1962}}
| foundation = {{Start date and age|1962}}
| location = [[EY Tower]]<br>900-100 Adelaide Street West<br> [[Toronto]], Ontario<br>M5H 0E2
| location = [[EY Tower]]<br>900-100 Adelaide Street West<br> [[Toronto]], Ontario<br>M5H 0E2
| area_served = Participating employers and employees in Ontario, Canada
| area_served = Participating employers and employees in Ontario, Canada
| key_people = [[Blake Hutcheson]] (CEO)<br />[https://www.omers.com/george-cooke George Cooke] (Board chair, Administration Corporation)<br />[https://www.omers.com/michael-rolland Michael Rolland] (CEO, Sponsors Corporation)<br />[https://www.omers.com/sc-board-of-directors Frank Ramagnano] (Board chair, Sponsors Corporation)
| key_people = [[Blake Hutcheson]] (CEO)<br />[https://www.omers.com/george-cooke George Cooke] (Board chair, Administration Corporation)<br />[https://www.omers.com/michael-rolland Michael Rolland] (CEO, Sponsors Corporation)<br />[https://www.omers.com/sc-board-of-directors Frank Ramagnano] (Board chair, Sponsors Corporation)
| revenue =
| revenue =
| operating_income =
| operating_income =
| net_income = OMERS funded status on a smoothed basis was 97% in 2020, unchanged from the prior year.
| net_income = OMERS funded status on a smoothed basis was 97% in 2023
⚫
| assets = [[Canadian dollar|C$]]128.6 billion (2023)<ref name="omers-home"/>

⚫
| owner = The participating employers and employees of the OMERS pension plans
⚫
| assets = [[Canadian dollar|C$]]121 billion (2021)<ref name="omers-home"/>
⚫
| num_employees = estimated 1000
| equity =
⚫
| parent = OMERS Administration Corporation Board of Directors
⚫
| owner = The participating employers and employees of the OMERS pension plans
⚫
| divisions = OMERS Infrastructure<br />OMERS Capital Markets<br />OMERS Private Equity<br />[[Oxford Properties]]
⚫
| num_employees = estimated 1000
⚫
| homepage = {{URL|https://omers.com}}
⚫
| parent = OMERS Administration Corporation Board of Directors
⚫
| footnotes =
⚫
| divisions = OMERS Infrastructure<br />OMERS Capital Markets<br />OMERS Private Equity<br />[[Oxford Properties]]
⚫
| intl =
⚫
| homepage = {{URL|https://omers.com}}
⚫
| footnotes =
⚫
| intl =
}}
}}
'''OMERS''' is a Canadian [[Pension fund|public pension fund]], headquartered in Toronto, Ontario. OMERS is a defined benefit, jointly sponsored, multi-employer public pension plan created in 1962 by [[Ontario]] provincial [[statute]] to administer retirement benefits and manage pension investment funds of local government employees in the [[Provinces and territories of Canada|Canadian province]] of Ontario. "OMERS" stands for the '''Ontario Municipal Employees Retirement System'''.<ref>{{cite web|url = https://www.omers.com/about-omers
The '''Ontario Municipal Employees Retirement System'''<ref>{{cite web|url = https://www.omers.com/about-omers
|title = About OMERS
|title = About OMERS
|publisher = OMERS
|publisher = OMERS
|access-date = 2020-09-17
|access-date = 2020-09-17
}}</ref> ('''OMERS''') is a Canadian public [[pension fund]], headquartered in Toronto, Ontario. OMERS is a defined benefit, jointly sponsored, multi-employer public pension plan created in 1962 by [[Ontario]] provincial [[statute]] to administer retirement benefits and manage pension investment funds of local government employees in the [[Provinces and territories of Canada|Canadian province]] of Ontario. {{As of|2022|12|31|df=US}}, OMERS had [[Canadian dollar|C$]]124 billion of assets under management.<ref name="omers-home">{{cite web |date=2023-02-24 |title=OMERS reports 2022 results |url=https://downloads.ctfassets.net/iifcbkds7nke/5IN3tjT6LwBYsEL8tCqbAM/f6b7ed10a020e71f11f83269b0c4da66/OMERS_2022_Annual_Report.pdf |access-date=2021-02-24 |publisher=OMERS}}</ref> 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.<ref name="about">{{cite web
}}</ref> {{As of|2021|12|31|df=US}}, OMERS had [[Canadian dollar|C$]]121 billion of assets under management.<ref name="omers-home">{{cite web
| url = https://www.omers.com/news/omers-reports-2020-financial-results-paying-pensions-over-decades-means-a-long-term-approach
| title = OMERS reports 2020 results
| publisher = OMERS
| date = 2021-02-24
| access-date = 2021-02-24
}}</ref> 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.<ref name="about">{{cite web
|url = https://www.omers.com/about-omers
|url = https://www.omers.com/about-omers
|title = About OMERS
|title = About OMERS
Line 45: Line 37:
}}</ref>
}}</ref>


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.<ref>{{Cite web |title=Page Not Found |url=https://www.omers.com/page-not-found |access-date=2022-08-05 |website=www.omers.com |language=en-CA}}</ref>
In 2010, this fund assumed 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.<ref>{{Cite web |title=Page Not Found |url=https://www.omers.com/page-not-found |access-date=2022-08-05 |website=www.omers.com |language=en-CA}}</ref>


==Structure==
== 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''.
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]]s:<ref name="cavalluzzo">{{cite web |url=https://www.cavalluzzo.com/docs/default-source/cases/2008-canlii-3970-omers-sponsors-corporation-v-omers-administration-corporation---amanda-darrach.pdf?sfvrsn=27c555d5_2 |title=Omers Administration Corporation |work=cavalluzzo.com |access-date=2020-11-13}}</ref>
Under the 2006 law, OMERS is composed of two [[statutory corporation]]s.<ref name="cavalluzzo">{{cite web |url=https://www.cavalluzzo.com/docs/default-source/cases/2008-canlii-3970-omers-sponsors-corporation-v-omers-administration-corporation---amanda-darrach.pdf?sfvrsn=27c555d5_2 |title=Omers Administration Corporation |work=cavalluzzo.com |access-date=2020-11-13}}</ref> In 2019, OMERS ventures launched a $315M European Venture fund, a fully owned subsidiary of OMERS Ventures led by Managing Partner Harry Briggs.<ref>{{Cite web|url=http://social.techcrunch.com/2019/03/25/omers-ventures-europe/|title=Omers Ventures outs €300M European fund — Q&A with Managing Partner Harry Briggs|website=TechCrunch|date=25 March 2019 |language=en-US|access-date=2020-02-06}}</ref>

OMERS is a partner of the [[World Economic Forum]].<ref>{{Cite web |title=OMERS |url=https://www.weforum.org/organizations/omers/ |url-status=live |archive-url=https://web.archive.org/web/20221106031851/https://www.weforum.org/organizations/omers |archive-date=2022-11-06 |access-date=2022-11-06 |website=[[World Economic Forum]] |language=en}}</ref>


== Recent and current operations ==
===OMERS Private Equity===
In March 2017, OMERS acquired a stake in Kemble, the UK holding company of [[Thames Water]].<ref>{{cite news|last1=Ambrose|first1=Jillian|title=Macquarie sells off final stake in Thames Water|url=https://www.telegraph.co.uk/business/2017/03/14/macquarie-sells-final-stake-thames-water/|access-date=15 March 2017|work=The Telegraph|date=14 March 2017}}</ref> The deeply-indebted water business became embroiled in a financial crisis from 2023, and in May 2024, OMERS, then Thames' biggest shareholder, issued a "full writedown" of its 31.7% stake in Kemble, signalling the shares were now worth nothing.<ref>{{cite news |last1=Ambrose |first1=Jillian |title=Thames Water’s biggest investor cuts value of its stake to zero |url=https://www.theguardian.com/business/article/2024/may/17/thames-water-investor-cuts-value-stake-zero-omers |access-date=21 May 2024 |work=Guardian |date=17 May 2024}}</ref>


In November 2023, OMERS announced the acquisition of a 5% indirect stake in [[Maple Leaf Sports & Entertainment]] (MLSE), the parent company of the [[Toronto Maple Leafs]] and the [[Toronto Raptors]], for $400 million. The stake was purchased through a 20% direct investment in Kilmer Sports Inc (KSI), which is owned by MLSE Chairman [[Larry Tanenbaum]]. After the transaction, Tanenbaum will continue as chairman, holding an 80% stake in KSI, while OMERS will function purely as a financial investor without involvement in the operational decisions of MLSE or its teams.<ref>{{Cite news |date=2023-11-06 |title=Canada's OMERS buys 5% indirect stake in Toronto Raptors-parent MLSE for $400 mln |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/canadas-omers-buys-5-indirect-stake-toronto-raptors-parent-mlse-400-mln-2023-11-06/ |access-date=2023-11-07}}</ref>
In 2019, OMERS ventures launched a $315M European Venture fund, a fully owned subsidiary of OMERS Ventures led by Managing Partner Harry Briggs.<ref>{{Cite web|url=http://social.techcrunch.com/2019/03/25/omers-ventures-europe/|title=Omers Ventures outs €300M European fund — Q&A with Managing Partner Harry Briggs|website=TechCrunch|language=en-US|access-date=2020-02-06}}</ref>


==See also==
==See also==

Latest revision as of 10:11, 21 May 2024

"Omers" redirects here. For the ancient Israelite unit of dry measure, see Omer (unit). For the singular, see Omer (disambiguation).
Ontario Municipal Employees Retirement System
OMERS
Company typeStatutory corporation[1]
IndustryPension fund
Founded1962; 62 years ago (1962)
HeadquartersEY Tower
900-100 Adelaide Street West
Toronto, Ontario
M5H 0E2
Area served
Participating employers and employees in Ontario, Canada
Key people
Blake Hutcheson (CEO)
George Cooke (Board chair, Administration Corporation)
Michael Rolland (CEO, Sponsors Corporation)
Frank Ramagnano (Board chair, Sponsors Corporation)
OMERS funded status on a smoothed basis was 97% in 2023
Total assetsC$128.6 billion (2023)[2]
OwnerThe participating employers and employees of the OMERS pension plans
Number of employees
estimated 1000
ParentOMERS Administration Corporation Board of Directors
DivisionsOMERS Infrastructure
OMERS Capital Markets
OMERS Private Equity
Oxford Properties
Websiteomers.com

The Ontario Municipal Employees Retirement System[3] (OMERS) is a Canadian public pension fund, headquartered in Toronto, Ontario. OMERS is a defined benefit, jointly sponsored, multi-employer public pension plan created in 1962 by Ontario provincial statute to administer retirement benefits and manage pension investment funds of local government employees in the Canadian province of Ontario. As of December 31, 2022, OMERS had C$124 billion of assets under management.[2] 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.[4]

In 2010, this fund assumed 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.[5]

Organization

[edit]

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 corporations.[1] In 2019, OMERS ventures launched a $315M European Venture fund, a fully owned subsidiary of OMERS Ventures led by Managing Partner Harry Briggs.[6]

OMERS is a partner of the World Economic Forum.[7]

Recent and current operations

[edit]

In March 2017, OMERS acquired a stake in Kemble, the UK holding company of Thames Water.[8] The deeply-indebted water business became embroiled in a financial crisis from 2023, and in May 2024, OMERS, then Thames' biggest shareholder, issued a "full writedown" of its 31.7% stake in Kemble, signalling the shares were now worth nothing.[9]

In November 2023, OMERS announced the acquisition of a 5% indirect stake in Maple Leaf Sports & Entertainment (MLSE), the parent company of the Toronto Maple Leafs and the Toronto Raptors, for $400 million. The stake was purchased through a 20% direct investment in Kilmer Sports Inc (KSI), which is owned by MLSE Chairman Larry Tanenbaum. After the transaction, Tanenbaum will continue as chairman, holding an 80% stake in KSI, while OMERS will function purely as a financial investor without involvement in the operational decisions of MLSE or its teams.[10]

See also

[edit]
[edit]

References

[edit]
  1. ^ a b "Omers Administration Corporation" (PDF). cavalluzzo.com. Retrieved 2020-11-13.
  2. ^ a b "OMERS reports 2022 results" (PDF). OMERS. 2023-02-24. Retrieved 2021-02-24.
  3. ^ "About OMERS". OMERS. Retrieved 2020-09-17.
  4. ^ "About OMERS". OMERS. Retrieved 2020-09-17.
  5. ^ "Page Not Found". www.omers.com. Retrieved 2022-08-05. {{cite web}}: Cite uses generic title (help)
  6. ^ "Omers Ventures outs €300M European fund — Q&A with Managing Partner Harry Briggs". TechCrunch. 25 March 2019. Retrieved 2020-02-06.
  7. ^ "OMERS". World Economic Forum. Archived from the original on 2022-11-06. Retrieved 2022-11-06.
  8. ^ Ambrose, Jillian (14 March 2017). "Macquarie sells off final stake in Thames Water". The Telegraph. Retrieved 15 March 2017.
  9. ^ Ambrose, Jillian (17 May 2024). "Thames Water's biggest investor cuts value of its stake to zero". Guardian. Retrieved 21 May 2024.
  10. ^ "Canada's OMERS buys 5% indirect stake in Toronto Raptors-parent MLSE for $400 mln". Reuters. 2023-11-06. Retrieved 2023-11-07.
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