Much has been written lately about what happens to pensions when an organization runs into trouble. Pensions can be reduced, sometimes dramatically. Could this ever happen to HOOPP?
Strength in numbers
Much has been written about what happens to pensions when an organization runs into trouble. Pensions can be reduced. Could this ever happen to HOOPP?
HOOPP is a successful pension model. HOOPP isn’t a pension plan offered and funded by one organization. Instead, it is offered at more than 500 healthcare employers across the province.
As well, both members and employers have equal representation on HOOPP’s Board of Trustees, and the Board must act in the best interest of all HOOPP members.
This joint governance has made HOOPP a very stable plan – one that has not raised its contribution rates since 2004. At the end of 2016, HOOPP had more than $70.4 billion in net assets and $1.22 in net assets for every pension dollar owed.
A single employer pension plan is less likely to have this sort of member/employer partnership. Since only one organization is funding such plans, as opposed to more than 500 with HOOPP, the financial impact of offering the plan is borne on only one shoulder. For HOOPP, there is strength in numbers and the impact is shared by many organizations, resulting in a more reliable and stable plan for members. And that means greater retirement security for the 321,000 working and retired members who depend on HOOPP.
HOOPP delivers on its pension promise by offering access to adequate and predictable retirement security in a way that is sustainable for both members and employers.
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Strength in numbers
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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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