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OMERS, officially the Ontario Municipal Employees Retirement System, is a pension fund created by statute in 1962 to handle the retirement benefits of local government employees in the Canadian province of Ontario. It has become one of the largest institutional investors in Canada. Over the past 20 years approximately two-thirds of the capital added to the pension fund has been through investment returns, while about 1/3 has been added by contributions split evenly between employees and employers. As of December 2013[update], OMERS had 65.1 billion Canadian dollars in net investment assets. OMERS serves 982 employers and almost 440,000 members, retirees and survivors, including municipal workers, firefighters, police, emergency services staff, Childrens Aid Society workers, school board staff (non-teaching), and transit and hydro workers. OMERS is governed by the Ontario Municipal Employees Retirement Act, 2006, an Ontario law which superseded the older Ontario Municipal Employees Retirement System Act. Under the 2006 law, OMERS is composed of two corporations:
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