The Canadian Union of Public Employees (CUPE) wants an investigation into the Ontario Municipal Employees Retirement System (OMERS).
Fred Hahn is the president of CUPE Ontario and says OMERS saw losses of 2.7 per-cent last year.
“2.7 per-cent represents around $3 billion lost,” says Hahn, “When you look at what OMERS is expected to return, the problem is even greater. OMERS anticipated a return of 6.9 per-cent in 2020.”
He explains that they want to know why.
“We’ve been worried that 2020 might be a bad year for returns, but we were shocked at how bad. In 2020, OMERS returned -2.7 per-cent. No other comparable pension plans had a negative return in 2020.”
Hahn says over the past 10 year, OMERS returns were 6.7 per-cent, below what most pension plans were recording.
