With more than half a million active and retired members, OMERS is one of the largest defined benefit pension plans in Canada. Members of OMERS include union and non-union employees of municipalities, school boards, transit systems, electrical utilities, emergency services, and children’s aid societies across Ontario. The plan contributions of members and employers are invested around the world by OMERS to provide each member with a stable and secure source of retirement income. OMERS investments are found across the globe and in most communities in Ontario. All across the province, Ontarians benefit from the economic activity generated by these investments and by the activities of OMERS pension recipients.
OMERS contributed over $11.8 billion to provincial GDP in 2020 through its activities in Ontario. This supported over 118,300 jobs and $5.8 billion in wages for Ontarians, as well as nearly $3.3 billion in combined federal and provincial government revenue through corporate, income and consumption taxes.
The impact of OMERS activities on Ontario’s population is widespread. OMERS activities support the employment of many Ontarians, and this provides a benefit to the people with whom they share a household as well since OMERS-supported employment contributes to each household’s total income. In total, there were almost 736,000 Ontarians who benefitted from OMERS activities in 2020, counting all those living in households with a person whose wage or retirement income is supported by OMERS.
The industries that received the largest GDP benefit from OMERS and its members’ activities in Ontario in 2020 included utilities, manufacturing, health care and real estate.