Starting January 2025, Ontario’s incorporated physicians can join HOOPP's secure defined benefit pension plan
The Healthcare of Ontario Pension Plan (HOOPP) announced a major expansion of its defined benefit pension plan to cover eligible physicians across Ontario, effective January 2025.
The move will allow incorporated physicians operating private practices, medical clinics, or hospital services to join HOOPP's pension plan.
"With over 460,000 members and 670 participating employers in Ontario's healthcare community, we know the value that members and employers receive by being part of HOOPP," says head of HOOPP's Plan Benefits, Design and Policy Rachel Arbour.
Under the new policy, physicians incorporated through Medicine Professional Corporations (MPCs) and their employees will become eligible for plan membership, with MPCs serving as HOOPP employers.
The expansion covers more than 24,000 incorporated physicians in the province, catering to a huge market according to the College of Physicians and Surgeons of Ontario.
HOOPP reported a strong financial position with net assets amounting to $112.6 billion by the end of 2023 and a funding ratio of $1.15 in assets for every dollar owed in current and future pension benefits.
This expansion is part of an effort to build on health professional recruitment and retention across Ontario, particularly in smaller and more remote communities.
“Over the past six decades, membership in HOOPP has continued to evolve and grow. We are now ready and able to take another step towards providing retirement peace of mind for even more healthcare workers in Ontario,” Arbour added.
The plan will start accepting applications from physicians starting January 2, 2025. To know more about the details, visit hoopp.com.
