As we look back on a year unlike any other, we take a moment to recognize the efforts and commitment of our healthcare workers. Their courage, service and dedication on the frontlines of the ongoing pandemic are an inspiration to us all.
We at HOOPP are honoured to play a small part in supporting our healthcare heroes, by continuing to deliver on our pension promise to them. And we are proud to celebrate a significant milestone in our journey – we are now serving over 400,000 members of Ontario’s healthcare community.
HOOPP’s membership is growing
For more than 60 years, we have remained committed to taking care of those who take care of us. During that time, we have seen a steady increase in the number of members who have joined the HOOPP community, so they can retire with peace of mind and a lifetime pension after a selfless career.
In 2003, we crossed the 200,000 mark and saw a steady increase in membership over the next 12 years, surpassing 300,000 members by 2015. And in just the last five years, our membership grew by an additional 100,000 members due to the growing healthcare sector and more employers in Ontario offering the Plan to their employees. We also made it possible for part-time employees to join the Plan immediately, without a waiting period, and welcomed 12,000 new members following the merger of five plans with HOOPP in 2019.
Today, HOOPP’s membership includes more than:
- 250,000 active members
- 115,000 retired members
- 35,000 deferred members
We are committed to providing retirement security to a large and diverse membership. This includes groups that often don’t have access to affordable retirement savings plans, such as part-time workers, who account for 34% of our active members. Of our 400,000 members, 82% are women, while the largest group of our active members are between the ages of 30 and 34.
Our centenarians know the value of a HOOPP pension
Did you know that as of December 31, 2020, 95 of our members are 100 years of age or older? This includes 71 retired members and 24 spouses or beneficiaries.
On average, these 71 members contributed to their pension for 15 years and have collected it for over 37 years, more than twice as long as they had contributed.
Our centenarians know that they can count on HOOPP to provide them with a stable and reliable monthly pension for life. The daughter of one of our centenarians echoes this sentiment:
“Having a HOOPP pension allowed my mother to have stability in her retirement years.”
Our oldest member at 105 years of age is another shining example. She worked in a hospital for 17 years before retiring at the age of 65, and has been receiving her pension for 40 years.
These stories are true testaments to the value of the HOOPP pension – providing lifetime retirement security for all members.
Making retirement affordable
We are focused on keeping the Plan affordable and sustainable to ensure we continue delivering on our pension promise to our members. Our contribution rates have not changed since 2004 and this allows us to provide more healthcare workers in Ontario with a secure pension in retirement as well as offer survivor benefits to their loved ones.
Times may change, but HOOPP’s mission remains the same. We are here to provide lifetime pensions to our members, now and for decades to come.