Contribution rates will remain unchanged through 2025
Helping keep the Plan affordable for members, like you
We are pleased to announce that member and employer contribution rates (i.e., how much they pay into the Plan) will remain stable until at least the end of 2025.
This decision by HOOPP's Board of Trustees was based on a number of factors, including the Plan’s continuing strength and our overall operating costs, which compare favourably to similar Canadian pension plans. The Plan’s strength is reflected in our funded status, which at the end of 2022 was 117%. In other words, the Plan has $1.17 for every $1 owed in pensions today and in the future.
Why is this important?
HOOPP’s contribution rates are among the lowest of all major Canadian pension plans and have not changed since 2004, which helps us keep the Plan affordable for our members and employers. This is especially important at a time when the rising cost of living is on the minds of many Canadians. For example, 70% of Canadians say the cost of daily living is their top concern, and 87% of Canadians expect their day-to-day expenses will become significantly less affordable, if inflation continues to rise*.
In addition, keeping contribution rates stable enables us to offer more value for the cost and provide more Ontario healthcare workers with a secure pension in retirement.
What are contribution rates?
They are rates that determine how much members and employers contribute to the HOOPP Fund. The rates are set by our Board and can be adjusted periodically. Member contributions are based on a formula that considers how much they earn and the current contribution rate. The contributions are then invested through the HOOPP Fund and go toward paying pensions.
Learn more about how your pension works.
*Source: 2023 Canadian Retirement Survey. Visit Advocacy at HOOPP to learn more about retirement income security and HOOPP’s focus on advocating for a more affordable retirement for all Canadians.
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Contribution rates will remain unchanged through 2025
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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.
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