Ontario's healthcare workers deserve a secure lifetime pension says chief pension officer
In 2023, the Healthcare of Ontario Pension Plan (HOOPP) has welcomed 35 new employers, including hospices, community care, and family health teams.
HOOPP, recognized as one of Canada's strongest, lowest-cost, and most stable pension plans, continues to attract employers who value offering lifetime retirement benefits to their employees.
With over 460,000 members and 670 participating employers, HOOPP’s membership is growing. The organization remains committed to expanding retirement security access 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 at HOOPP. He praised participating employers for joining the Plan to provide their employees with secure lifetime pensions.
Defined benefit pension plans like HOOPP are the most efficient way to save for retirement.
According to the 2023 Canadian Employer Pension Survey by HOOPP and Angus Reid Group, 58 percent of Canadian employers who introduced or improved retirement benefits in the past year reported increased productivity.
Additionally, 87 percent of employers offering retirement benefits agreed that it effectively reduces employee financial stress.
By expanding access to more healthcare organizations, HOOPP aims to provide additional peace of mind to its members, ensuring they can progress in their careers while maintaining their membership in the Plan. Members can transfer their pensions to any of the more than 670 participating employers.
“Flexibility is key for our members,” said Ivana Zanardo, head of Plan Services at HOOPP. “Instead of worrying about their financial future, they can focus on what matters most – taking care of Ontarians.”
HOOPP also significantly contributes to the Canadian economy, paying over $3bn annually in pension benefits to members. HOOPP members represent more than 1 percent of Canada's population, with their pension funds either contributing to the Fund or being spent in local economies.
“It's a privilege to serve Ontario's healthcare workers and provide them with a secure retirement,” added McCormick.
