The Ontario Municipal Employees Retirement System[3] (OMERS) is a Canadian public pension fund, headquartered in Toronto, Ontario. OMERS is a defined benefit, jointly sponsored, multi-employer public pension plan created in 1962 by Ontario provincial statute to administer retirement benefits and manage pension investment funds of local government employees in the Canadian province of Ontario. As of December 31, 2022[update], OMERS had C$124 billion of assets under management.[2] OMERS serves over 1,000 participating employers and more than half a million active, deferred and retired employees. OMERS members are employed by municipalities, school boards, transit systems, local electrical distribution companies, police service boards, fire fighting and paramedic services, children's aid societies and associated local agencies, boards and commissions.[4]
In 2010, this fund assumed the pensions of firefighters, police officers, emergency physicians, employees of the Children's Aid Society, school employees other than teachers, public transport employees and Ontario Hydro employees.[5]
Organization
OMERS is governed by the Ontario Municipal Employee's Retirement Act, 2006, an Ontario law which superseded the older Ontario Municipal Employees Retirement System Act.
Under the 2006 law, OMERS is composed of two statutory corporations.[1] In 2019, OMERS ventures launched a $315M European Venture fund, a fully owned subsidiary of OMERS Ventures led by Managing Partner Harry Briggs.[6]
In March 2017, OMERS acquired a stake in Kemble, the UK holding company of Thames Water.[8] The deeply-indebted water business became embroiled in a financial crisis from 2023, and in May 2024, OMERS, then Thames' biggest shareholder, issued a "full writedown" of its 31.7% stake in Kemble, signalling the shares were now worth nothing.[9]
In November 2023, OMERS announced the acquisition of a 5% indirect stake in Maple Leaf Sports & Entertainment (MLSE), the parent company of the Toronto Maple Leafs and the Toronto Raptors, for $400 million. The stake was purchased through a 20% direct investment in Kilmer Sports Inc (KSI), which is owned by MLSE Chairman Larry Tanenbaum. After the transaction, Tanenbaum will continue as chairman, holding an 80% stake in KSI, while OMERS will function purely as a financial investor without involvement in the operational decisions of MLSE or its teams.[10]
