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OMERS

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"Omers" redirects here. For the ancient Israelite unit of dry measure, see Omer (unit).

OMERS is a Canadian public pension fund, headquartered in Toronto, Ontario, Canada. 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. "OMERS" stands for the Ontario Municipal Employees Retirement System

Ontario Municipal Employees Retirement System
OMERS
Company typeStatutory corporation[1]
IndustryPension fund
Founded1962; 62 years ago (1962)
HeadquartersEY Tower, 900-100 Adelaide Street West Toronto, Ontario M5H 0E2, Canada
Area served
Particpating employers and employees in Ontario, Canada
Key people
Blake Hutcheson (CEO)
George Cooke (Board chair, Administration Corporation)
Michael Rolland (CEO, Sponsors Corporation)
Frank Ramagnano (Board chair, Sponsors Corporation)
OMERS funded status on a smoothed basis was 97% in 2020, unchanged from the prior year.
Total assetsC$105 billion (2020)[2]
OwnerThe participating employers and employees of the OMERS pension plans
Number of employees
estimated 1000
ParentOMERS Administration Corporation Board of Directors
DivisionsOMERS Infrastructure
OMERS Capital Markets
OMERS Private Equity
Oxford Properties
Websiteomers.com
|url         = https://www.omers.com/about-omers
|title       = About OMERS
|publisher   = OMERS
|access-date = 2020-09-17

}}</ref> As of December 31, 2020, OMERS had C$105 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.[3]

OMERS Governance

Structure

OMERS is governed by the Ontario Municipal Employees Retirement Act, 2006, an Ontario law which superseded the older Ontario Municipal Employees Retirement System Act.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]

  • The Administration Corporation provides strategic, risk and operational management in serving Plan members and employers, collecting contributions and paying pensions, and investing the Plan funds.[4]
  • The Sponsors Corporation provides strategic and risk oversight, and decision-making with regard to designing pension benefits, setting contribution levels, and determining the composition of the two OMERS Boards.[4]

Investments

OMERS has four major investment divisions:[2]

OMERS Infrastructure

This is a dynamic list and may never be able to satisfy particular standards for completeness. You can help by adding missing items with reliable sources.

Outline of OMERS Infrastructure assets:[5]

  • Amedes Holding GmbH — a provider of medical-diagnostic services, including COVID-19 tests. Co-investors include Goldman Sachs and AXA.[6]
  • Associated British Ports — handles nearly a quarter of the U.K.'s seaborne trade by weight
  • Alectra — (2.96%) municipal electricity utility serving over one million customers in Alliston, Aurora, Barrie, Beeton, Brampton, Bradford, Guelph, Hamilton, Markham, Mississauga, Penetanguishene, Richmond Hill, Rockwood, St. Catharines, Thornton, Tottenham and Vaughan in Ontario
  • BridgeTex — a crude oil pipeline between the Permian Basin in West Texas and the Gulf Coast, with a capacity of 440,000 barrels per day
  • Bruce Power — a company running eight nuclear power reactors owned by Ontario Hydro with a capacity of 6,300 MW.
  • CannAmm — a provider of drug and alcohol testing and occupational health services in Canada
  • Chicago Skyway — manages, operates and maintains the 12.5 km (7.8 mi) Chicago Skyway toll road under a concession agreement which runs until 2104
  • CLH — provides refined oil products transportation and storage in Spain and the U.K.
  • Confederation Bridge — a 12.9 km (8.0 mi) bridge between New Brunswick and Prince Edward Island
  • DynaLife — an Edmonton-based medical laboratory servicing northern and central Alberta with more than 18 million tests annually.
  • Ellevio — Sweden's second largest electricity distributor supplying approximately 900,000 customers
  • GNL Quintero — LNG regasification terminal supplying Santiago, Chile and surrounding region
  • Indinfravit — five operational toll road concessions in India.
  • Leeward Renewable Energy — 19 operating windfarms across nine U.S. states with a capacity of 1.7-gigawatt
  • LifeLabs — a community laboratory services provider, performing more than 100 million lab tests annually serving 19 million patients in Canada
  • London City Airport — the closest airport to Central London
  • MCV — a natural gas-fired combined heat and power plant in Michigan with a 1,600+ MW electricity capacity, and 1.5 million pounds per hour process steam production capacity
  • NET4GAS — Exclusive gas transmission system operator in the Czech Republic, operating more than 3,800 km (2,400 mi) of pipelines and transporting 45 billion m3 of natural gas annually
  • NextBridge Infrastructure — NextBridge is a partnership between OMERS Infrastructure, NextEra Energy and Enbridge established to develop a 450 km (280 mi) regulated transmission line in northern Ontario
  • New Jersey Lottery — a 15-year contract to manage it
  • Nova Scotia Schools — 16 public schools in Nova Scotia, which have been leased to the Province through 2020
  • Oncor — a transmission and distribution company in Texas, providing electricity to more than 10 million customers via more than 119,000 miles (192,000 km) of transmission and distribution lines
  • Port of Melbourne — a port that is visited by more than 3,000 ships per year
  • Scotia Gas Networks — The U.K.'s second largest gas distribution network, supplying approximately 5.8 million residential, commercial and industrial consumers in Scotland and Southeast England
  • Tank & Rast — a network of motorway service areas in Germany with 500 million visitors each year
  • Teranet — The exclusive provider of essential, statutory electronic property search and registration services under long-term concessions in the provinces of Ontario and Manitoba
  • Thames Water — a water utility in England and Wales, providing services to approximately 9 million water and 15 million wastewater customers across London and the Thames Valley

OMERS Private Equity

Among the private companies OPE has owned and subsequently sold is Marketwired.[7]

OMERS and Apax Partners (a fund OMERS had invested in) previously invested in Cengage Learning, a large education resource company formerly known as Thomson Learning before OMERS and Apax Partners bought it on May 11, 2007. Some parts of Thomson Learning had been sold off to other groups before this sale. Among Cengage's major brands are Gale (formerly Thomson Gale) and Nelson Education (Nelson Canada, not Nelson USA Education).

See also: Cengage Learning § Brands

In 2019, OMERS ventures launched a $315M European Venture fund, a fully owned subsidiary of OMERS Ventures led by Managing Partner Harry Briggs.[8]

See also

References

  1. ^ a b "Omers Administration Corporation" (PDF). cavalluzzo.com. Retrieved 2020-11-13.
  2. ^ a b c "OMERS reports 2020 results". OMERS. 2021-02-24. Retrieved 2021-02-24.
  3. ^ "About OMERS". OMERS. Retrieved 2020-09-17.
  4. ^ a b "Sponsors Corporation". OMERS. 2008-05-22. Archived from the original on 2008-07-05. Retrieved 2008-07-17.
  5. ^ "Our Portfolio". OMERS Infrastructure. Retrieved March 17, 2019.
  6. ^ "Ontario Pension Fund, Goldman Sachs Agree to Buy Majority Stake in Covid-19 Test Provider". The Wall Street Journal. 2021-07-30. Retrieved 2021-07-30.
  7. ^ "OMERS Capital Partners Acquires CCNMatthews". OMERS Capital Partners. 2006-12-26. Retrieved 2008-07-17.
  8. ^ "Omers Ventures outs €300M European fund — Q&A with Managing Partner Harry Briggs". TechCrunch. Retrieved 2020-02-06.
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