The Healthcare of Ontario Pension Plan (HOOPP) expanded its reach in 2024, adding 33 new employers from Ontario’s healthcare sector, including hospices, mental health clinics, and community services organizations. The addition brings the total number of participating employers to more than 700, underscoring HOOPP’s growing role in providing retirement security for healthcare workers across the province.
With $112 billion in net assets, HOOPP is one of Canada’s largest pension plans and has maintained full funding since 2009.
“Even as inflation pushed prices higher at the grocery store and the gas pump this past year, HOOPP was able to keep contribution rates stable for active members,” said Steven McCormick, HOOPP’s Chief Pension Officer. He added that the plan also delivered a cost-of-living adjustment for retired and deferred members in 2024 and improved benefits for active members.
HOOPP, established in 1960, serves over 475,000 active, deferred, and retired members. It pays more than $3 billion annually in pensions, supporting the financial security of healthcare workers and contributing to Ontario’s economy. Among its retirees, more than 100 members are over 100 years old.
The plan’s commitment to retirement security was further emphasized by its move to introduce pension eligibility to physicians. “We are very excited to be continuing HOOPP’s mission of expanding retirement security across the healthcare system in Ontario,” said Ivana Zanardo, Head of Plan Services. “It is a privilege to support more healthcare workers who take care of all of us.”
A recent survey conducted by HOOPP and Angus Reid Group highlighted the advantages of investing in retirement benefits. Employers who provide such benefits reported reduced concerns over labour market pressures, including hiring competition. Businesses with improved retirement offerings also noted increased employee productivity.
McCormick said HOOPP remains committed to serving its members and expanding its reach. “In addition to continuing to serve the people who already belong to HOOPP, we look forward to growing our membership in 2025 and advocating for retirement security for all Canadians.”
