Established in 1962, OMERS provides defined pension benefits to local government employees, retirees and beneficiaries throughout Ontario. The OMERS Primary Pension Plan is a jointly sponsored, multi-employer pension plan with approximately 1,000 participating employers in 2014 and 2013, and approximately 450,000 Primary Plan members in 2014, compared to 440,000 in 2013. Employers range from large cities, to numerous local agencies. Primary Plan members include union and non-union municipal workers; police, firefighters and paramedics; the non-teaching staff of school boards; and employees of children’s aid societies, transit systems and electrical utilities.
The Primary Plan is funded by members and employers, and by the investment earnings of the Primary Plan's assets. Members and employers contribute equally to the Primary Plan and share equally in funding gains or losses. Actuarial value of net assets were $69.8 billion as at December 31, 2014, compared to $64.4 billion the previous year. With $76.9 billion of pension obligations as at December 31, 2014, compared to $73.0 billion as at December 31, 2013, the Primary Plan ended 2014 with a funding deficit of $7.1 billion, compared to a deficit of $8.6 billion at the end of 2013.
The Primary Plan is sponsored by OMERS Sponsors Corporation (SC) and administered by OMERS Administration Corporation (OAC). The SC and OAC have their own mandates and Boards of Directors.
The SC is primarily responsible for plan design, including setting benefit levels and contribution rates. The SC Board comprises 14 members, half of whom are appointed by employer groups, and half of whom are appointed by Primary Plan member groups.
OAC is responsible for administering the Plans, preparing and approving the actuarial valuations, and investing the pension Funds. OAC is governed by a Board of Directors consisting of 14 members nominated by sponsor organizations and appointed by the SC Board, and an independent Chair.
Meet the Management Team and learn about its leadership strategies.
Read management team bios
Read about the direction that OMERS will take over the coming years to maintain and enhance its leadership position in the pension industry.
Read the 2013-2017 Strategic Plan Highlights
Learn about important dates and Plan Changes in OMERS' history.
Read about our history