TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) -- For 65 years, HOOPP has been committed to providing members with the lifetime pension they have earned and the peace of mind they deserve. In 2024, HOOPP welcomed 33 new employers from the small healthcare provider space, including hospices, mental health clinics and community services organizations. The plan now includes over 700 employers across the province.
With over $112 billion in net assets, the Plan remains one of the lowest-cost and most stable pensions in Canada. HOOPP has been fully funded since 2009, with a strong funded status – one of the most important indicators of the Plan’s overall health and ability to pay pensions, today and in the future.
“Even as inflation pushed prices higher at the grocery store and the gas pump this past year, HOOPP was able to keep contribution rates stable for active members,” said Steven McCormick, HOOPP’s Chief Pension Officer. “The Plan was also able to provide a 2024 cost of living adjustment for retired and deferred members, as well as a benefit improvement for active members.”
HOOPP has been helping Ontario healthcare workers build the foundation for a financially secure retirement since 1960 and is a valuable component of a strong retirement strategy. Each year, HOOPP pays more than $3 billion in pension benefits to its more than 130,000 retired members, including more than 100 members over 100 years of age. Our members go on to spend their pension within their local communities, ultimately supporting the growth of Ontario’s economy.
“We are very excited to be continuing HOOPP’s mission of expanding retirement security across the healthcare system in Ontario by introducing eligibility to physicians,” said Ivana Zanardo, HOOPP’s Head of Plan Services. “As HOOPP’s membership grows, it is a privilege to support more healthcare workers who take care of all of us and provide them with the lifetime pension they have earned and financial peace of mind they deserve.”
The 2024 Canadian Employer Pension Survey, from HOOPP and Angus Reid Group, found that employers that invest in retirement benefits worry less about the impact of labour market-related factors, such as competition for hiring, compared to those who do not invest. Moreover, the research found businesses that introduced or improved retirement benefits reported better-than-normal employee productivity.
“At HOOPP, we are very proud to be the pension for Ontario’s healthcare workers,” said McCormick. “In addition to continuing serving the people who already belong to HOOPP, we look forward to growing our membership in 2025, and advocating for retirement security for all Canadians.”
About the Healthcare of Ontario Pension Plan
HOOPP serves Ontario’s hospital and community-based healthcare sector, with more than 700 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, and many others who provide valued healthcare services. In total, HOOPP has 475,000 active, deferred and retired members.
HOOPP operates as a private independent trust, and its Board of Trustees governs the Plan and Fund, focusing on HOOPP’s mission to deliver on our pension promise. The Board is made up of appointees from the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses’ Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees' Union (OPSEU), and the Service Employees International Union (SEIU). This governance model provides representation from both employers and members in support of the long-term interests of the Plan.
Contact:
Scott White, Senior Director, Media Relations and External Communications
swhite2@hoopp.com
