OMERS deficit increases five-fold

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CANADA - The Ontario Municipal Employees' Retirement System posted returns of 10.6% in 2009, but its scheme deficit still increased more then five-fold over the year to C$1.5bn (US$1.45bn).

The deficit in 2008 was a mere C$279m, according to OMERS documents. The scheme's portfolio totals C$47.8bn. OMERS chief financial officer Patrick Crowley said obligations have been increasing ...

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