2019 Report to Members
on your OMERS Defined Benefit Pension Plan
Taking Stock | Moving Forward | Creating Value
We are OMERS
A jointly sponsored, defined benefit pension plan, with 1,000 participating employers ranging from large cities to local agencies, and over half a million active, deferred and retired members.
Our members include union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children’s aid societies across Ontario. Contributions to the Plan are funded equally by members and employers.
OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers and originating and managing a diversified portfolio of high-quality investments in public markets, private equity, infrastructure and real estate.
The benefits OMERS provides are funded equally from active members’ and their employers’ contributions, combined with investment income. We estimate that, on average, active members today will have approximately 70% of their lifetime benefits funded by investment returns.
OMERS actively seeks out opportunities to engage with decision-makers to advocate the advantages of the jointly sponsored defined benefit pension model.
The current average contribution rate paid by members is 10.6% which is matched equally by employers.
Contribution rates and benefit accruals remain unchanged for 2020. Pension payments to retired members increased by a cost of living adjustment of 2.29% in 2019 and of 1.89% in 2020.
HIGHLIGHTS FOR OUR MEMBERS
These first few pages provide highlights from the past year, address the questions we receive most often, and look ahead as we continue with our refreshed strategy. We end with a discussion about OMERS broader impact and responsibilities.
Creating Value for Our Communities