MEPCO Member Newsletter - March 2022

OMERS 2021 Annual Results

Earlier this week OMERS released its 2021 annual results as part of the 2021 Annual Report, including a net investment return of 15.7%, representing $16.4 billion of net investment income. 2021 investment results exceed the Plan’s benchmark return of 6.6%.

These are strong results, bringing the Plan’s funded status up to 97% and the Fund’s value to $121 billion as of December 31, 2021. The 2021 annual results are a considerable improvement over 2020 results where the Plan reflected a net loss of 2.7%.

AMO and MEPCO share OMERS’ goal of ensuring that the Plan is affordable and sustainable for the thousands of employees that depend on it for retirement. The 2021 annual results demonstrate good progress toward improving Plan funding, however, factors such as changing Plan demographics, Plan maturity, and market instability will continue to pose challenges.

AMO and MEPCO remain committed to working with all OMERS Plan sponsors to improve the Plan’s ability to overcome challenges over the long term. 

MEPCO Board Update

MEPCO’s Board of Directors met in December 2021 and in February 2022. Highlights of the December meeting include:

• Updates from AMO’s appointees to the OMERS Sponsors and Administration Corporation Board of Directors.
• Presentation on plan risk management from OMERS delivered by George Cooke, Chair of OMERS Administration Corporation Board, Rodney Hill, Chief Risk Officer, Jonathan Simmons, Chief Financial and Strategy Officer, and Celine Chiovitti, Executive Vice President and Head of Pensions.
• Penny Somerville, AMO appointee to the OMERS AC was recommended for reappointment for a three-year term from January 1, 2023 to December 31, 2025. Ms. Somerville’s appointment has been confirmed by the OMERS Sponsors Corporation Board of Directors.

Highlights from the February meeting include:

• Updates from AMO’s appointees to the OMERS Sponsors and Administration Corporation Board of Directors.
• This was the last Board meeting for Barbara Hume-Wright and Pat Moyle, long-standing members of the MEPCO Board. Their terms expire in March 2022. With strong backgrounds in the municipal sector, Ms. Hume-Wright and Mr. Moyle provided valuable insight to MEPCO and AMO. We join the Board in thanking them for their years of service.
• The Board approved the appointment of Mo Lewis and Fareed Amin to MEPCO for three-year terms beginning March 1, 2022. Learn more about Mr. Lewis and Mr. Amin’s experience on the MEPCO website.