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HOOPP

Providing pension peace of mind

2023 Highlights

Headshot of Jeff Wendling, HOOPP President & Chief Executive Officer

"The Plan remains strong with a funded status of 115%. In other words, the Plan has $1.15 in assets for every $1 that is owed in pensions. This is one of the most important indicators of the Plan's overall health and ability to pay pensions, today and in the future."

Headshot of Jeff Wendling, HOOPP President & Chief Executive Officer
A message to members

from our President & Chief Executive Officer

"The Plan remains strong with a funded status of 115%. In other words, the Plan has $1.15 in assets for every $1 that is owed in pensions. This is one of the most important indicators of the Plan's overall health and ability to pay pensions, today and in the future."

September 2023 marked my 25th year at HOOPP. In that time, our organization has continued to evolve, and we have seen many changes and challenges in the economy and financial markets. Through it all, what has stayed constant is our commitment to providing members with the secure pension that they've earned.

I'm pleased to tell you that 2023 was no exception. The Plan remains strong with a funded status of 115%, as of the end of the year. In other words, the Plan has $1.15 in assets for every $1 that is owed in pensions. This is one of the most important indicators of the Plan's overall health and ability to pay pensions, today and in the future.

The Plan was also able to provide a cost-of-living adjustment (COLA) for retired and deferred members and keep contribution rates stable for active members. I invite you to keep reading to learn more about our highlights from the year.

On behalf of HOOPP, I want to thank you for everything you do for our communities. We are proud to continue serving you.

Regards,

Jeff Wendling
President & Chief Executive Officer




Plan Performance
Plan Performance

Plan performance

At the end of 2023, the Plan remained fully funded. Net assets rose as a result of a strong one-year return.

Funded status

115%

A key indicator of a pension plan's health is the ratio of the Plan's assets to its liabilities (i.e., regulatory pension obligations). The Plan's assets are smoothed over five years to minimize the impact of short-term volatility.

Net assets

$112.6

billion

Net assets available to pay pension benefits, or the difference between the Plan's total assets and liabilities.

2023 investment return: 9.38%

10-year annualized rate of return: 8.43%

In addition to keeping pensions secure, in 2023 we took steps to continue supporting members and strengthening our organization for the future.

We were pleased to:

  • provide a cost-of-living adjustment (COLA) of 6.32%, effective April 1, 2023, and 3.40%, effective April 1, 2024, for retired and deferred members, to help pensions keep up with rising prices
  • announce that contribution rates will remain unchanged until at least the end of 2025; HOOPP's contribution rates have not changed since 2004 - that's more than 20 years of stability for members and employers


All figures reported in this document are as at Dec. 31, 2023.

Learn more about our history of strong Plan performance.

Funded status

115%

A key indicator of a pension plan's health is the ratio of the Plan's assets to its liabilities (i.e., regulatory pension obligations). The Plan's assets are smoothed over five years to minimize the impact of short-term volatility.

Net assets

$112.6

billion

Net assets available to pay pension benefits, or the difference between the Plan's total assets and liabilities.

2023 investment return: 9.38%

10-year annualized rate of return: 8.43%

Client Testimony

From our members...

"Navigating a demanding career, and having a trustworthy pension plan is paramount. HOOPP has proven to be more than just a financial support system; it's an assurance that my hard work today is paving the way for a secure and comfortable retirement tomorrow."

– Simran Dhillon, Registered Pharmacy Technician

Client Testimony
Investment
Investment

Investments

In 2023, there was considerable economic uncertainty as a result of persistent inflation and unsteady global growth. That, combined with the ongoing conflicts in various parts of the world, created volatile conditions for investors.

Through these challenges, we posted a return of 9.38%. Our long-term investment strategy is designed to weather all kinds of market conditions and prioritize the Plan's funded status. We believe this approach will continue to serve our members well.

2023 highlights include

  • strong gains in our private equity and private credit investments
  • strong gains in Canadian, U.S. and international public equities
  • increased exposure to real-return bonds, to help protect our portfolio against inflation

Investing at home

Canada continues to be a core market for HOOPP across asset classes. It offers attractive investment opportunities in a safe and stable environment. Currently, more than $60 billion of HOOPP's assets are invested in Canada.

green message rounded

Sustainable investing

We continued our journey toward achieving net-zero portfolio emissions by 2050, as outlined in our climate strategy. Our approach is built on the belief of doing what's good for our pension plan and our planet.

Key areas of focus for 2023 were:

  • increasing the percentage of our portfolio reporting carbon emissions and developing credible transition plans
  • continuing to increase our green investments, with more than $10 billion invested as of year end

Learn more about sustainable investing and HOOPP's 2023 climate change strategy.

Members and employers
Members and employers

Members and employers

Total number of members:

460,381

280,855

Active

130,660

Retired

48,866

Deferred

Total number of employers:

677

201

Small healthcare organizations

141

Hospitals

97

Family health teams

92

Service providers

78

Foundations

68

Community health centres

As a trusted partner, we help members make informed decisions related to their HOOPP pension and their retirement. The support we provide, along with guidance and education, continues to evolve in response to our members' needs.

2023 highlights include:

  • launching an updated digital experience for those joining the Plan, with the goal of increasing satisfaction and engagement among new members
  • providing additional estate-planning information and resources to help members and their loved ones be prepared in the event of a member's passing
  • launching redesigned annual statements for retired members, making them easier to read and understand

Total number of members:

460,381

280,855

Active

130,660

Retired

48,866

Deferred

Total number of employers:

677

201

Small healthcare organizations

141

Hospitals

97

Family health teams

92

Service providers

78

Foundations

68

Community health centres

Client Testimony
Client Testimony

From our members...

"HOOPP has provided me with reliable financial support throughout my retirement years."

– Norma Campbell
Retired Staff Nurse (left)

"HOOPP brings peace of mind as I plan my retirement and financial goals."

– Trixie Williams (Norma's daughter)
Vice President, Clinical Programs

Feedback
Feedback

We want to hear from you

Let us know what you think of our 2023 Highlights by completing a short survey. You'll be entered into a draw for a chance to win a $250 Amazon gift card.

Thank you and good luck!

Take the survey


Learn more about our results in our 2023 Annual Report.

Before you go – are you registered for HOOPP Connect?

As a HOOPP member, getting connected to your pension offers many benefits. HOOPP Connect is your one-stop online pension resource where you can:

  • Explore different retirement scenarios using various ages, dates, and salaries.
  • Access your pension details and documents - online and all in one place.
  • Update your contact and beneficiary information conveniently.
  • Communicate with HOOPP and send attachments quickly and easily.

Get connected - it's easier than you think.

Sign in or Register here

This document provides a simplified overview of HOOPP's benefits based on the terms of the HOOPP Plan Text at the time of publication. From time to time, HOOPP may amend the HOOPP Plan Text. In cases where the information provided in this document differs from that contained in the HOOPP Plan Text, the HOOPP Plan Text will govern. More details, including the full HOOPP Plan Text and a complete description of the Plan and its benefits, can be found on hoopp.com.