TORONTO, Dec. 10, 2024 (GLOBE NEWSWIRE) -- The Healthcare of Ontario Pension Plan (HOOPP) is pleased to announce that effective in January 2025, eligible physicians in Ontario will be able to join its defined benefit pension plan. Opening the pension plan to physicians is another way that HOOPP is helping Ontario’s healthcare workers build the foundation for a financially secure retirement.
This new development will allow incorporated physicians who run their own practices, provide services from a medical clinic or provide services from a hospital to enrol in HOOPP.
“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,” said Rachel Arbour, HOOPP’s Head of Plan Benefits, Design and Policy.
“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.”
Eligible physicians who are incorporated under and receive employment earnings from what’s known as a Medicine Professional Corporation (MPC) will have the option of joining HOOPP. The MPC would become a HOOPP employer and the incorporated physician and other employees who work for the MPC would be eligible to join the Plan. The Ontario Medical Association reports there are approximately 36,000 practising physicians in Ontario and the College of Physicians and Surgeons of Ontario says more than 24,000 physicians in the province are incorporated. HOOPP is a valuable component of a strong retirement strategy and giving physicians and their staff the option of joining the Plan is a way to support recruitment and retention of key healthcare professionals across the province – including those in smaller and more remote communities.
HOOPP is one of Canada’s strongest and most reliable pension plans. At the end of 2023, the fund’s net assets rose to an all-time high of $112.6 billion. For every $1 that HOOPP owes in current and future pension benefits, the Plan had roughly $1.15 in assets as of Dec. 31, 2023.
About the Healthcare of Ontario Pension Plan
HOOPP serves Ontario’s hospital and community-based healthcare sector, with more than 670 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, and many others who provide valued healthcare services. In total, HOOPP has more than 460,000 active, deferred and retired members.
HOOPP operates as a private independent trust, and its Board of Trustees governs the Plan and Fund, focusing on HOOPP’s mission to deliver on our pension promise. The Board is made up of appointees 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). This governance model provides representation from both employers and members in support of the long-term interests of the Plan.
Contact:
Scott White, Senior Director, Media Relations and External Communications
swhite2@hoopp.com
