Discover stability and affordability with HOOPP's unchanged contribution rates until 2024, ensuring a secure future for members and employers.
HOOPP’s contribution rates remain stable until 2024
Maintaining retirement affordability for HOOPP members
We are pleased to announce that member and employer contribution rates will remain unchanged until at least the end of 2024.
This decision by HOOPP's Board of Trustees was based on the ongoing positive performance of the Plan. We’re pleased to help keep it affordable for members and employers, especially through the challenges and economic uncertainty caused by the pandemic.
HOOPP’s Plan strength, combined with our overall operating costs, which are some of the lowest among major pension plans in Ontario, have enabled us to keep contribution rates unchanged since 2004.
What are contribution rates?
They are rates that are set by our Board and can be adjusted periodically, and determine how much members and employers contribute to the HOOPP Fund. 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.
Why is this important?
By keeping our contribution rates stable, we can keep the Plan affordable for our members and employers, allowing us to offer more value for the cost and provide more Ontario healthcare workers with a secure pension in retirement.
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HOOPP’s contribution rates remain stable until 2024
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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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