OMERS and Bill 206
For more than 10 years Ryan waged a battle with the provincial government to change the governance of the OMERS pension plan. Ryan wanted the government to allow the stakeholders to have control over investments and day to day governance of the plan. Pension surpluses were not being used to raise pensions for some plan members.
In 2006, Ryan threatened a political strike after Premier Dalton McGuinty brought in Bill 206, which would change the administration of OMERS but would not fully address CUPE's concerns. However, this met with resistance from a small number of CUPE locals. The employer organization AMO (Association of Municipalities Ontario), together with OMERS administrators fought, to stop Ryan's campaign. McGuinty agreed to make some changes to address CUPE's concerns but refused to withdraw the bill. In September 2008, Ryan was appointed to the Board of Directors of OMERS. OMERS is the 4th largest pension plan in Canada with assets of around $50B.
Read more about this topic: Sid Ryan
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