OMERS
OMERS, officially the Ontario Municipal Employees Retirement System, is a pension fund created by statute in 1962 to handle the retirement benefits of local government employees in the province of Ontario, Canada. It has become one of the largest institutional investors in Canada.[1] About 70% of the plan is funded by investments, and 30% by pension contributions. As of 2008, OMERS has about $52 billion in net investment assets. [2] The system now includes firefighters, police, emergency services staff, children's aid society workers, school staff other than teachers, and transit and hydro workers.[1]
Structure
OMERS is regulated by the "Ontario Municipal Employees Retirement Act, 2006" (S.O. 2006, chapter 2), an Ontario provincial law which superceded the older "Ontario Municipal Employees Retirement System Act".
Under the 2006 law, OMERS is actually composed of two corporations:
- The Administration Corporation, which used to be known as the Ontario Municipal Employees Retirement Board, is responsible for day-to-day operation, including management of pensions and investments.[3]
- The Sponsors Corporation, which is represents the plan's members, is responsible for overall plan design and sets the rules for appointment and compensation of its own board and the Administration Corporation board.[3]
Investments
OMERS has two major investment vehicles: OMERS Capital Markets, which manages investment in the public markets, such as government bonds and stock in publicly traded companies; and OMERS Capital Partners, which concentrates on private equity investment, such as ownership of private companies.
The OMERS top investment assets as of December 31, 2007, were:
| Investment | Amount (CAD) |
|---|---|
| Province of Ontario and provincial bonds | $2,725,000,000 |
| Government of Canada bonds | $3,354,000,000 |
| Real-return bonds | $2,039,000,000 |
| Private debt | $619,000,000 |
| Corporate bonds | $582,000,000 |
| Cash and short term deposits | $11,374,000,000 |
| Mortgages | $814,000,000 |
Among the private companies OMERS Capital Partners owns are Marketwire (purchased at the end of 2006)[4] and Oxford Properties (purchased at the beginning of 2003).[citation needed]
References
- ^ a b "About OMERS". OMERS. 2008-06-18. Retrieved 2008-07-17.
- ^ "OMERS - Home". OMERS. 2008-07-04. Retrieved 2008-07-17.
- ^ a b "Sponsors Corporation". OMERS. 2008-05-22. Retrieved 2008-07-17.
- ^ "OMERS Capital Partners Acquires CCNMatthews". OMERS Capital Partners. 2006-12-26. Retrieved 2008-07-17.
See also
External links
- Ontario Municipal Employees Retirement System Act, 2006 — Ontario government edition
- OMERS — main site
- Major Investments — lists investments, including bonds and major public companies
- OMERS Capital Partners — private equity site, including private funds and directly funded companies