TORONTO--()--Strong returns of 17.1 per cent, fully funded status, and a record level of assets of $47.4 billion – versus $40.3 billion at the end of 2011 – are all reported in detail in the Healthcare of Ontario Pension Plan’s Annual Report, which was posted on the HOOPP website today. This strong double-digit return increased HOOPP’s 10-year average rate of return to more than 10 per cent, one of the best long-term records among pension plans worldwide.
“This was a year when all of our investment strategies worked. We were firing on all cylinders, with positive returns from every type of investment”
Here is a link to the annual report, and a short video: http://hoopp.com/Investments/Annual-Report/
HOOPP President & CEO Jim Keohane said the healthcare workers the Plan covers can feel secure, given the Plan’s fully funded status. “Being fully funded means there are enough assets in HOOPP to cover every single member’s promised benefits,” he said. There is no shortfall to address and no funding problem, Keohane added.
“This was a year when all of our investment strategies worked. We were firing on all cylinders, with positive returns from every type of investment,” he said. HOOPP’s liability driven investment (LDI) strategy continues to contribute to HOOPP’s success, Keohane added.
Created in 1960, HOOPP is the pension plan of choice for Ontario’s hospital and community-based healthcare sector. HOOPP’s 274,000 members include nurses, medical technicians, food services staff and laundry workers, and many other people who work hard to provide valued Ontario healthcare services.
About the Healthcare of Ontario Pension Plan
As a defined benefit plan, HOOPP provides eligible members with a retirement income based on a formula that takes into account a member's earnings history and length of service in the Plan. Once eligible members start receiving a pension, they receive it for life.
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 management and workers in support of the long-term interests of the Plan.