Ontario Teachers' Pension Plan
From Wikipedia, the free encyclopedia
The Ontario Teachers' Pension Plan, or OTPP for short, is the organization responsible for administering pensions for public school teachers of Ontario. The OTPP also invests the assets of the plan. The plan is a multi-employer pension plan, jointly sponsored by the Government of Ontario and the Ontario Teacher's Federation.
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[edit] History
The OTPP was established in 1991. Prior to 1991, Ontario teachers' pensions had been sponsored solely by the Ontario government. Assets of the plan had been invested in government bonds only.
[edit] Organization
Today, the OTPP administers the pensions for some 163,000 teachers, principals, and school administrators, and pays pensions to some 101,000 retirees.
The OTPP is headed by Claude Lamoureux, its President and CEO. The Chair of the Board is Robert Korthals.
[edit] Finances
The plan was reported to have a C$21.8 billion actuarial deficit as at December 31, 2005.[1]
The Ontario Teachers' Pension Plan is Canada's second largest pension fund after the Caisse de dépôt et placement du Québec. As of December 2005, OTPP had approximately $96.1-billion in net assets.[2]
[edit] Ownership
The OTPP maintains a prominent role as one of Canada's largest investors, owning investments across Canada. Through its fully owned subsidiary Cadillac Fairview, the OTPP owns properties including the Toronto-Dominion Centre, Toronto Eaton Centre, and the Rideau Centre in Ottawa. Through its investment arm, Teacher's Merchant Bank, the OTPP controls companies such as Samsonite, Maple Leaf Sports & Entertainment, Maple Leaf Foods, Parmalat Canada, Doane Pet Care, Shoppers Drug Mart, and Worldspan. It recently acquired a 20% stake in Bell Globemedia.[3]
[edit] Media coverage
Comedian Rick Mercer had a short segment about the Ontario Teachers Pension Plan in a January 12, 2004 episode, in which he humourously contrasted the plan's benefactors (i.e. teachers) with the investments the plan had made, including shopping malls and the tobacco industry. [4]
[edit] References
- ^ Report on the Plan. 2005 Annual Report Highlights. Ontario Teachers' Pension Plan. Retrieved on 22 June, 2006.
- ^ Fast Facts. Ontario Teachers' Pension Plan. Retrieved on 22 June, 2006.
- ^ Ontario Teachers' Pension Plan (2 December 2005). Woodbridge and BCE Announce New Ownership Structure for Bell Globemedia. Press release. Retrieved on 22 June, 2006.
- ^ Rick Mercer Report, CBC Television (12 January 2004). Ontario Teachers Know All About Synergy. Press release. Retrieved on 2006-11-26.
