For several years, the Healthcare of Ontario Pension Plan has been in discussions with qualifying SEPPs about how to merge into HOOPP.
Progress of mergers of single-employer pension plans into HOOPP
For several years, the Healthcare of Ontario Pension Plan has been in discussions with qualifying SEPPs about how to merge into HOOPP.
In 2014, the Ontario government amended the Pension Benefits Act (PBA) to create a framework intended to facilitate the merger of a single-employer pension plan (SEPP) in the broader public sector into an existing jointly-sponsored pension plan (JSPP), or the conversion of a SEPP into a new JSPP, if specific conditions are met. In 2015, the government passed the necessary regulations to support these transactions.
For several years, the Healthcare of Ontario Pension Plan (HOOPP) has been in discussions with a number of qualifying SEPPs about how to merge into HOOPP. These discussions are ongoing. HOOPP continues to work with these plan sponsors, along with the government and the Financial Services Commission of Ontario, regarding possible mergers into HOOPP under these provisions. We look forward to welcoming these plans into HOOPP in the future.
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Progress of mergers of single-employer pension plans into HOOPP
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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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