CUPE Seeks a Review of OMERS Pension Plan Performance After a Loss in 2020
"The Canadian Union of Public Employees Ontario published a report Wednesday that highlights what it says is a long-term pattern of underperformance by the Ontario Municipal Employees Retirement System, which manages the retirement income of more than 500,000 active and retired municipal employees. ... The public call comes after OMERS published its annual results in February, revealing it had lost 2.7 per cent in 2020, a significant swing from the 6.9-per-cent gain it had set as a benchmark."
"CUPE Ontario’s report notes that the Healthcare of Ontario Pension Plan (HOOPP), the Ontario Teachers’ Pension Plan and the Caisse de dépôt et placement du Québec posted annual returns for 2020 of 11.4 per cent, 8.6 per cent and 7.5 per cent, respectively. ... The report also points to a longer-term trend of lower returns at OMERS, which had a 10-year annualized return of 8.2 per cent as of 2019. In contrast, HOOPP, Teachers and the Caisse had 10-year returns of 11.4 per cent, 9.8 per cent and 9 per cent, respectively, at that time. OMERS’ 2020 performance brought its long-term rate of return down even further."
The Star, May 19, 2021: "CUPE seeks a review of OMERS pension plan performance after a loss in 2020," by Christine Dobby.
CUPE, May 2021: Not Just One 'Tough Year': The Need for a Review of OMERS Investment Performance (12 pages, PDF)
Photo Source: (2021). Fred Hahn [Photograph]. The Star. https://www.thestar.com/business/2021/05/19/cupe-seeks-a-review-of-omers-pension-plan-performance-after-a-loss-in-2020.html
