OMERS Governance Review, MEPCO Annual Report
Update on the OMERS Governance Review
In late 2024, the Ministry of Municipal Affairs and Housing notified OMERS that the Province would conduct a review of the Plan governance. In early 2025, Robert Poirier was appointed to lead the review as a special advisor.
MEPCO participated in the review on behalf of AMO and municipal employers, including meeting with the special advisor on two occasions and providing a written submission outlining MEPCO’s position on OMERS governance. MEPCO and AMO’s position is that there is always room for improvement and evolution when it comes to governance, but no significant changes to OMERS’ governance are required. Rather, there is a risk of compromising confidence in the plan. MEPCO and AMO believe that the Administration Corporation must remain accountable to the sponsors that fund OMERS. We object to any changes that would reduce municipal employers’ ability to oversee the plan and increase financial risks to municipalities.
MEPCO and AMO await next steps from the Ministry of Municipal Affairs & Housing on the governance review process and will provide an update on any recommendations from the review process, once available.
Why is the government conducting an OMERS governance review?
Some OMERS Plan sponsors called for a governance review after the OMERS Sponsors Corporation completed a regular review of contribution rates and identified that lower-paid plan members were subsidizing the retirement benefits of higher-paid plan members. Contribution rates were adjusted to reallocate the financial burden in a more equitable way, which saw most plan members contributing less and the top 30% of earners contributing more. MEPCO supported these adjustments. The contribution rate review is good evidence that the current governance structure is effective.
Annual Report
On behalf of the MEPCO Board of Directors, MEPCO is pleased to provide its 2024 Annual Report. The Report includes an overview of MEPCO’s work throughout the year and key OMERS-related developments.
In 2024, MEPCO continued to provide pension expertise and advice to AMO to fulfill its role as an OMERS Plan sponsor on behalf of municipal employers. MEPCO’s work includes advocating for a sustainably funded pension plan and supporting effective pension governance through the recruitment for OMERS’ two governing boards.
2025 Mid-Year Investment Results
OMERS has released its 2025 mid-year investment results reporting a net investment return of 2.2% or a gain of $3.1 billion between January 1 and June 30. These results bring the Plan’s net assets to $140.7 billion as of June 30, 2025. More information is available on the OMERS website.