Pension plan members object to “plundering”Ontario government diverts $1.4 billionBy 08/13/2001|hrreporter.com|Last Updated: 04/08/2003 Members of the Ontario Municipal Employees Retirement System (OMERS) claim the Ontario government is “raiding” their pension plan and giving the money to municipalities to compensate for government underfunding.OMERS is one of the largest pension plans in Canada, with $36 billion in assets. It has around 300,000 members, composed of active and retired local government employees.The pension fund has a surplus of somewhere between $4 billion and $6 billion. Under federal tax law, pension funds are required to either increase benefits or call a contribution holiday when surpluses get too big. Given the size of the OMERS pension surplus, neither employers nor employees have to make contributions until Jan. 2003. To Read the Full Story, Subscribe or Sign In Remember Me Forgot Password If you are a current Subscriber, please click here to set-up or update your login information.