Ontario Municipal Employees Retirement System

Ontario Municipal Employees Retirement System

June 11, 2009 14:03 ET

Legislation Opens New Opportunities for OMERS

TORONTO, ONTARIO--(Marketwire - June 11, 2009) - OMERS announced today that it has recently been granted expanded powers by the Ontario government to provide third-party investment and pension administration services.

The amendment to the Ontario Municipal Employees Retirement System Act, 2006 was part of the Ontario government's 2009 budget Bill 162, which received Royal Assent on June 5, 2009.

The changes allow OMERS to establish authorized subsidiaries in order to provide investment management and pension administration services to smaller pension plans, governments, certain educational institutions and non-profit organizations.

"We applaud the Ontario Government for recognizing that increased flexibility will allow access to more and better investment opportunities as well as make the Canadian pension industry more competitive on a global level over the long term," said Michael Nobrega, President and CEO of OMERS.

Together the OMERS Sponsors Corporation and Administration Corporation supported the amendment and efforts to collaborate with the Ontario government to make these beneficial changes.

"With our experience, expertise and capacity to manage third-party capital pools, OMERS is well placed to leverage these new opportunities with pension plans and other like-minded investors," said Nobrega. "As the pension landscape changes, OMERS is confident of being among the winners because of our direct-drive active management model and our history of forging mutually beneficial partnerships."

About OMERS

OMERS is one of Canada's largest pension funds and was recently voted one of Canada's top 50 employers by Hewitt Associates. OMERS administers the pension plan and provides retirement benefits to more than 390,000 members operating across the municipal government sector in the province of Ontario. The OMERS Worldwide brand represents the various OMERS investment entities, including OMERS Strategic Investments, OMERS Private Equity, OMERS Capital Markets, Borealis Infrastructure, and Oxford Properties Group.

Contact Information

  • OMERS
    John Pierce
    Vice President, Corporate Communications
    (416) 350-6784
    jpierce@omers.com