OMERS Pension Crisis will put all cities in hot water

There is a serious crisis with the pension plan for municipal employees in the province. The shortfall in the OMERS pension plan of $10 Billion will cause problems for Ontario cities; Cities who are are starting to be financially stressed from the 2008 market crash.

For the past several years the shortfalls in this plan have been growing exponentially. Nothing has been done to fix the problem and every year adds several more billions of dollars in liabilities onto cities.

Fair Pensions for All has been following this crisis since 2008 and Gareth Neilson , the Director of Communications for Fair Pensions For All, is alarmed. ” It is inconceivable that contributions to the OMERS Pension Plan have grown by 40% in the last five years, reaching an all-time high, and yet the Plan faces a $10 billion deficit. The plan and cities have ignored this problem hoping that it will go away, but every year it comes back with a vengeance and worse than before.”  (more...)

OMERS Pension Crisis will put all cities in hot water