The Healthcare of Ontario Pension Plan (HOOPP) has posted its 2013 Annual Report, Fully Committed, on hoopp.com, detailing a strong year in which the fully funded plan had returns of 8.55 per cent. HOOPP, with a record $51.6 billion in net assets, ended 2013 with a very strong funded ratio of 114 per cent.
In the report, HOOPP President & CEO Jim Keohane notes that HOOPP’s “key objective is to pay the promised pension benefits to members regardless of the economic backdrop and to ensure that the HOOPP plan remains affordable for both members and employers.” The plan’s fully funded status has helped HOOPP keep contribution rates stable for more than a decade, he states in the report.
As well, the report notes, retirement security is also important to HOOPP. “Building from a solid foundation of financial stability and service strength, we will continue to focus our efforts on retaining our fully funded position and continuing our defined benefit (DB) advocacy efforts,” writes 2013 Chair Helen Fetterly and Vice-Chair Bryce Walker. A DB advocacy section has been added to the HOOPP website.
In addition to detailing HOOPP’s investment activities in 2013, this year’s report has a new section on Member and Employer services that provides a detailed look at the makeup of HOOPP’s membership, the average unreduced pensions paid out, and the age at which HOOPP members retire.
About the Healthcare of Ontario Pension Plan
Created in 1960, HOOPP is the pension plan of choice for Ontario’s hospital and community-based healthcare sector with over 470 participating employers. HOOPP’s 286,000 members and pensioners include nurses, medical technicians, food services staff and laundry workers, and many other people who work hard to provide valued Ontario healthcare services.
As a defined benefit plan, HOOPP provides eligible members with a retirement income based on a formula that takes into account a member's earnings history and length of service in the Plan. Once eligible members start receiving a pension, they receive it for life.
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). The unique governance model provides representation from both management and workers in support of the long-term interests of the Plan.