HOOPP’s Board of Trustees has announced that member and employer contribution rates will remain stable in 2013. The contribution rates have been the same since the start of 2004.
‘Fully funded’ means that HOOPP has enough assets in its $35.7 billion fund to pay for all benefits owed to all members. “When a plan is not fully funded, it means they have to look at ways to increase the money clients contribute or else decrease the benefits provided,” says Crocker. “Our Board took action, following the tech wreck of the early 2000s, to develop our investment strategy to protect against volatility. That decision, which led to our liability driven investing strategy, helped protect HOOPP’s assets during the 2008 downturn, and helped us earn double-digit returns in 2009 and 2010.”
About the Healthcare of Ontario Pension Plan
Created in 1960, the Healthcare of Ontario Pension Plan (HOOPP) is the pension plan of choice for Ontario's hospital and community-based healthcare sector with over 370 participating employers and more than 260,000 plan members and retirees. \