contribution rates, plan text changes
Find out what’s new with the Plan.
Keeping you informed
Find out what’s new with the Plan
Keeping members and employers informed about what’s happening with the Plan is one of our top priorities.
Contribution rates
We are pleased to announce that our contribution rates will remain the same until at least the end of 2020. Our contribution rates are among the lowest of all major Canadian pension plans and have not changed since 2004.
Stable rates keep the Plan affordable for members and employers. Our Board of Trustees approved this decision based on the sustainability of the Plan and our strong investment track record.
HOOPP Plan Text changes
Recently, we have been working with a few pension plans in the healthcare sector that want to merge into HOOPP. We continue to work with these plans and the Ontario pension regulator to get approval for these mergers. In preparation, our Board has made changes to the HOOPP Plan Text to accommodate these mergers. We have also made changes to clarify some Plan terms. These Plan changes will take effect on Jan. 1, 2019, which is also when some of these mergers are expected to take place.
Bringing new members and employers into HOOPP increases the size of the Plan and provides greater flexibility to members in their working years. We look forward to welcoming new members into HOOPP in the coming year.
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Keeping you informed
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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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