Expanding retirement security for Ontario’s healthcare workers: HOOPP welcomes 35 new employers to the plan in 2023
TORONTO, May 30, 2024 (GLOBE NEWSWIRE) — HOOPP was pleased to welcome 35 new employers, including hospices, community care and family health teams, to the Plan in 2023. As one of the strongest, lowest cost and most stable pension plans in Canada, employers who participate in HOOPP continue to find value in offering lifetime retirement benefits to their employees.
With over 460,000 members and 670 participating employers, HOOPP’s membership continues to grow and we are committed to expanding access to retirement security for Ontario’s healthcare workers.
“We believe that Ontario’s healthcare workers, wherever they work, deserve a secure lifetime pension in retirement,” said Steven McCormick, Chief Pension Officer, HOOPP. “We commend participating employers who make the decision to join the Plan in order to provide their employees with access to a secure pension for life.”
Defined benefit pension plans, like HOOPP, remain the most efficient way to save for retirement. In fact, 58% of Canadian employers who introduced or improved their retirement benefits in the last year reported an increase in productivity, according to the 2023 Canadian Employer Pension Survey from HOOPP and Angus Reid Group. The survey also found that 87% of employers who offer retirement benefits agreed that it is a cost-effective way to reduce employee financial stress.
By expanding access to more healthcare organizations, HOOPP can provide additional peace of mind to our members by ensuring that they have the ability to progress in their healthcare careers while continuing their membership in the Plan. Our members can take their pension with them to any of the more than 670 employers that participate in the Plan.
“Flexibility is key for our members,” said Ivana Zanardo, Head of Plan Services, HOOPP. “Instead of worrying about their financial future, they can focus on what matters most – taking care of Ontarians.”
In addition to supporting our members in retirement, HOOPP is also a major contributor to the Canadian economy, paying more than $3 billion in pension benefits to our members annually. HOOPP members make up more than 1% of Canada’s population, meaning that their hard-earned money is either contributing to the Fund or is being paid out in pensions, which are deployed by our retired members into their local economies.
“It’s a privilege to serve Ontario’s healthcare workers and provide them with a secure retirement,” added McCormick. “HOOPP is dedicated to fulfilling our pension promise and we look forward to continuing to grow our membership in 2024 and beyond.”
About the Healthcare of Ontario Pension Plan
HOOPP serves Ontario’s hospital and community-based healthcare sector, with more than 670 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, and many others who provide valued healthcare services. In total, HOOPP has more than 460,000 active, deferred and retired members.
HOOPP operates as a private independent trust, and is governed by a Board of Trustees with a sole fiduciary duty to deliver the pension promise. The Board is jointly governed by the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses’ Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees’ Union (OPSEU), and the Service Employees International Union (SEIU). This governance model provides representation from both management and workers in support of the long-term interests of the Plan.
Contact:
Jackie Emick, Media Relations Advisor
jemick@hoopp.com
