HOOPP fully funded; fund reaches $35.7 billion with 13.68% return for 2010
The Healthcare of Ontario Pension Plan (HOOPP) is reporting returns of 13.68% and net assets of $35.7 billion in its 2010 Annual Report, released today.
“HOOPP continues to be fully funded, providing security and peace of mind for HOOPP members and pensioners,” says HOOPP President & CEO John Crocker. Thanks to that healthy funded status, contribution rates for members and employers have not changed since 2004, and will remain the same until at least the end of 2012, says Crocker.
On the investment side, “equities and long-term bonds were our strongest performers in 2010,” he says. HOOPP reported returns of 17.38% in Canadian equities and 16.78% in U.S. equities. Canadian long bonds were up by 17.35%, real return bonds were up 11.41%, universe bonds were up 9.54% and corporate credit was up 1.71%. HOOPP’s real estate portfolio had a solid year as well, returning 12.29%. Private equity posted a 9.7% return rate (approximately 16% before foreign exchange impacts).
“2010 was a special year for HOOPP,” says President & CEO John Crocker. “We celebrated our 50th anniversary, and rebranded ourselves as the Healthcare of Ontario Pension Plan, a name which is more inclusive of our membership. We were also named one of Canada’s Top 10 Most Admired Corporate Cultures. These excellent results, and the fact that we’re fully funded, put an exclamation mark on a tremendous year – and speak to the dedication and professionalism of the HOOPP team.”
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 close to 260,000 plan members and retirees. HOOPP invests the assets of its $35.7 billion Fund, administers the Plan and pays more than $1.1 billion per year in pension benefits. The HOOPP defined benefit plan is a formula based benefit that provides security and peace of mind to Ontario’s healthcare workforce.
HOOPP was named one of Canada’s 10 Most Admired Corporate Cultures in 2010.
HOOPP is governed by a Board of Trustees with representation from 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). The unique governance model provides representation from both employers and unions in support of the long-term interests of the Plan.
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