HOOPP Key Facts
HOOPP has a long history of providing pensions to Ontario's healthcare community. It's one of the largest and most respected pension plans in the country and is an industry leader among multi-employer plans.
History
Created in 1960, the Healthcare of Ontario Pension Plan (HOOPP) is the pension plan of choice for Ontario's hospital and community-based healthcare sector with over 370 participating employers and more than 270,000 plan members and retirees. HOOPP invests the net assets of its $40.3 billion Fund, administers the Plan and pays more than $1.3 billion per year in pension benefits. The HOOPP defined benefit plan is a formula based benefit that provides security and peace of mind to Ontario's healthcare workforce.
HOOPP was named one of Canada's 10 Most Admired Corporate Cultures in 2010.
How the Plan Works
As a defined benefit plan, HOOPP provides eligible members with a retirement income based on a formula that takes into account a member's best five consecutive years of earnings and length of service in the Plan. Once eligible members start receiving a pension, they receive it for life. HOOPP's assets are actively managed using a diversified, long-term investment strategy.
Finance & Governance
HOOPP is governed by a Board of Trustees with representation 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 unique governance model provides representation from both employers and unions in support of the long-term interests of the Plan.
Membership profile
|
| Members (working) |
173,106 |
| Pensioners (including deferred pensioners*) |
92,486 |
| Participating employers |
370 |
As of Dec. 31, 2011
* Deferred pensioners are people who left their benefits in HOOPP upon terminating employment, and who will collect a pension at a later date.
Other Facts about HOOPP
- HOOPP is the largest private pension trust fund in the country and fourth-largest pension plan overall.
- HOOPP is fully funded. As of the end of 2011, it was 103% funded. This stability in funding has allowed HOOPP to keep its contribution rates stable – rates have not changed since the beginning of 2004 and will stay the same until at least the end of 2013.
- HOOPP pays more than $1.3 billion per year in pensions to retired Ontario healthcare workers.
- HOOPP is a not-for-profit trust fund. No fees are charged to members.
- HOOPP's investment management costs work out to approximately 23 basis points. That compares favourably with the defined management expense ratios (MERs) of retail mutual funds, which can be as high as 200 basis points. Low investment costs mean more money can be paid out in pensions.
