In June, the Ontario Municipal Employees Retirement System (OMERS) announced it would be voting on a number of changes that would hugely impact the 500,000 workers that contribute to it across Ontario in November.
According to Fred Hahn, President of the Canadian Union of Public Employees Ontario, at the latest OMERS sponsors meeting the plan presented skewed numbers to convince union representatives that changes to the pension plan are necessary to protect workers.
“It’s all about the math!” he explains. “The math is like an equation and if you plug various pieces into an equation the output will be whatever you plug in. If you plug in a bunch of terrible looking variables, then the outcome could make it look like the plan’s in trouble. That’s not true.”