OMERS is an acronym for Ontario Municipal Employees Retirement System. It is a defined benefit pension plan established in 1962 to provide retirement income benefits to municipal employees in Ontario, Canada. As one of the largest pension funds in Canada, OMERS manages investments and administers pensions for over 1,000 employers, including municipalities, school boards, and local government organizations.
OMERS functions as a publicly funded pension fund and operates on a joint sponsorship model, with active members, employers, and retirees all contributing to the plan. The contributions made by employees and employers are invested by OMERS to generate returns, which are then used to support pension payments. The plan offers various benefits, including a guaranteed lifetime pension, indexing for inflation, and survivor benefits.
OMERS aims to provide financial security to members during retirement by ensuring the prudent management of pension assets. The fund has a governance structure that includes a Board of Directors and committees responsible for overseeing investment decisions, risk management strategies, and pension administration. The organization operates under stringent regulatory requirements and is subject to periodic audits and examinations to ensure compliance with applicable laws and regulations.
Overall, OMERS is a pension plan that promotes the well-being and retirement security of Ontario's municipal employees by effectively managing pension funds and providing comprehensive benefits to its members.
