MEPCO Member Newsletter - March 2021
Changes to the MEPCO Board
At its February 22nd meeting, several changes were made to MEPCO Board membership to reflect recent amendments to the Board appointments process, including the introduction of term limits. MEPCO Chair Doug Reycraft and Board members Manon Harvey and Gretchen Van Riesen are leaving MEPCO as their terms have concluded. Each has served since the organization was created more than 12 years ago. All three have played a pivotal role in MEPCO’s evolution and their expertise, insight and leadership will be missed.
Peter Hume is taking on the role of Chair after more than a decade in the role of Vice-Chair. A past president of AMO, Mr. Hume knows the municipal sector well.
MEPCO is pleased to welcome three new members to the Board:
- Aubrey Basdeo, Head, Canadian Fixed Income at Guardian Capital LP.
- Lynn Dollin, Mayor of the Town of Innisfil and former AMO President.
- Deborah Dubenofsky, former Vice President of Finance & Administration at Wilfrid Laurier University, and former CAO at the City of Brampton.
Our new members each bring unique skills and experience from the municipal and financial sectors and are strong additions to the MEPCO Board.
OMERS reports 2020 investment return of -2.7%
On February 25, OMERS reported 2020 net investment returns of -2.7%, pointing to lockdowns and other factors related to the COVID-19 pandemic to explain performance well below its benchmark for 2020 of 6.9%. More details are available in the OMERS 2020 Annual Report.
Despite the global market challenges presented by COVID-19, the results are concerning as long-term Plan investment performance is a key driver of contribution rates and pension benefits. Neither employers nor employees can afford to contribute more to the Plan, and no one wants the erosion of future OMERS benefits.
MEPCO is committed to supporting an OMERS Plan that is sustainable, affordable, and meaningful for employers and employees, and will work with OMERS to support improved Plan performance. The 2020 results highlight the importance of that work. The MEPCO Board will meet with OMERS officials in the coming days to discuss 2020 Plan performance and its impact on long-term sustainability.
MEPCO's support for municipal employers
MEPCO continues to provide strong support for municipal employers as we advance effective Plan governance and administration. The membership and support of municipal councils is an essential component of that work.
MEPCO allows AMO to fulfil its statutory obligations as a Plan Sponsor. We do that by providing expert advice and resources, specific to the employer perspective, to AMO’s representatives on the two OMERS governing Boards. The Sponsors Corporation Board governs contribution rates and benefits, and Administration Corporation Board delivers pension services and manages fund performance. MEPCO will continue to keep members informed of all developments related to the $103 billion OMERS Plan.