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Providing pension
peace of mind
2024 Highlights
A message to members
from our President
& Chief Executive Officer
On behalf of everyone at HOOPP, I would like to say thank you
to our members in the healthcare sector. Your commitment to Ontario communities continues to drive us forward in our mission to deliver on our pension promise.
I’m pleased to report that our Plan remains strong, with a funded status of 111% at year-end. In other words, for every $1 we owe in pensions, the Plan has $1.11 in assets. This shows that the Plan is in an excellent position to continue paying pensions now and in the future.
In 2024, HOOPP was also able to provide a pension benefit improvement for active members and a full cost of living adjustment for retired and deferred members, while keeping contribution rates stable. As well, we continued to grow the Plan with increases in members and employers, and we found new ways to support our members. You can keep reading our highlights to learn more.
As announced last year, I will be retiring at the end of March. Looking back, I am extremely proud of HOOPP and what we have accomplished in my five years as President & CEO, and more than 26 years with the organization. We have built a world-class pension organization that puts members first while managing risk and navigating financial market conditions to successfully protect and grow the Plan.
Looking forward, I am very confident in the future of HOOPP. With Annesley Wallace being named as my successor, along with the incredible team already in place, our members can have peace of mind knowing that their pension will remain secure.
Again, thank you, it has been a privilege to serve you for so many years.
Regards,
Jeff Wendling
President & Chief Executive Officer
2024 Plan performance
At the end of 2024, the Plan remained fully funded with more assets than it owes in current
and future pensions. As a sign of the strength of our Plan, HOOPP’s funded status has exceeded 100% since 2009. The 2024 funded status reflects changes made to further protect the Plan in the long term and add more value for members. HOOPP made adjustments to account for the longer life expectancy of our members, and provided a benefit improvement to increase the pensions of eligible members.
Ten-year history of HOOPP's funded status
111%
Funded status, which is a key indicator of a pension plan’s health, is the ratio of the Plan’s assets to its liabilities (i.e., regulatory pension obligations).
Funded status
20-year history of HOOPP's net assets
($ billions)
$123.0
Net assets are the difference between the Plan's total assets and liabilities. These are the funds available to pay pension benefits.
billion
Net assets
All figures reported in this document are as at Dec. 31, 2024.
More information on the Annual results page on hoopp.com
To learn more, click each plus sign above.
From our members...
“I hold trust and confidence in HOOPP. The reduced stress
[in having a pension] has significantly improved my wellness.
I have been able to enjoy calmness and contentment. We can depend on our pension arrangements, and that is a freeing and empowering feeling.”
– Marisa Tacconelli Termine,
retired HOOPP member
Investments
HOOPP's net assets rose in 2024 as a result of a strong one-year return. We are pleased with this result, and remain focused on our long-term investment strategy, which is designed to weather all kinds of financial market conditions and prioritize the Plan's funded status. We believe this approach will continue to strengthen the Plan and serve our members well.
To learn more about relative performance, click the plus sign above.
2024 highlights include
- Positive returns were supported by solid performance in public and private equity markets, as well
as investments in infrastructure.
- We maintained a large position in inflation-protected investments such as Canadian real return bonds,
and U.S. treasury inflation-protected securities. The value of these securities rises with inflation, helping
to preserve purchasing power.
- Our holdings crossed $1 billion in Canadian federal, provincial, and municipal green and sustainable bonds. Learn more about HOOPP’s climate change strategy on the Climate Change page on hoopp.com.
Relative performance is the performance of the HOOPP Fund compared to the result of a benchmark passive index. It has been a long-term strength at HOOPP.
2023
20-Year
10-Year
Relative performance
-1.3%
2.0%
1.7%
Expanding our global reach
The official opening of our London, U.K., office in June marked a milestone for HOOPP. The European market is important for geographic diversification, which complements our ongoing commitment to investing in Canada. Having investment staff based abroad helps deepen relationships in the U.K. and Europe, enhancing our access to high-quality private market opportunities. We believe our new office will add value to the HOOPP Fund and benefit members long into the future.
Our commitment to investing in Canada
At the end of 2024, HOOPP had more than $60 billion in assets invested in Canada. While we have a global investment approach, Canada is its foundation because it is a safe and stable country that offers attractive investment opportunities. We maintain large holdings in Canadian bonds and real estate, while also supporting innovation and entrepreneurship by investing in home-grown companies. Click on the video thumbnail on the left to learn more.
From our members...
“I love the security of having a pension, especially since my partner doesn’t have one. We've been able to have the flexibility to invest in short-term markets to do family planning, while the pension keeps our retirement protected for our long-term goals! I’m looking forward to sitting on a dock with a cocktail in a few decades, courtesy of HOOPP.”
– Hannah Fogel,
Clinical Educator, active HOOPP member
“I am very blessed to have a pension. Currently few companies offer pensions and being part of HOOPP has given me flexibility and security. I maximized my contributions when I was working, and that has allowed me to be comfortable in my retirement, even with expenses like a mortgage.”
– Irene Zahrebelny,
Patient Care Manager, active HOOPP member
Members and employers
We are committed to providing members with the pension they have earned, while delivering exceptional service and support. These efforts include continuing to enhance the guidance and education we provide to help members make informed decisions related to their HOOPP pension and their retirement.
In 2024, HOOPP:
- provided a benefit formula improvement, effective July 1, 2024, that gives eligible active members with contributory service in 2023 a larger lifetime pension—this is the fourth improvement HOOPP has provided to active members since 2018
- provided retired and deferred members with
a cost of living adjustment of 3.4%, effective
April 1, 2024, to help pensions keep up with rising prices
- announced that contribution rates will remain unchanged until at least the end of 2026—since they haven’t changed since 2004, that will be more than 20 years of cost stability for members and employers
- engaged with members, highlighting the value of the Plan, through over 2.5 million individual interactions with members; over 7,000 members attended 44 virtual sessions and 10 in-person educational pension seminars in nine cities across the province
Active members
292,334
Retired members
134,565
Deferred members
51,980
219
Small healthcare
organizations
141
Hospitals
102
Family health teams
94
Service providers
82
Foundations
71
Community health centres
To learn more, click each plus sign above.
Helping members plan ahead for their loved ones
In 2024, we developed and launched a Survivor Benefits Guidance Tool, accessible through HOOPP Connect, to give members an additional online option to learn more about this valuable benefit. This personalized tool helps members at any age and stage of their working life:
- understand what factors to consider when choosing a spousal pension option
- see estimates of their pension and spousal pension under
each option
- learn how survivor benefits fit into overall estate planning
From our members...
“Being able to retire at age 57 has allowed me to enjoy many years of retired life. It has given me the ability to explore new interests and pursue childhood dreams. So, as a retired HOOPP member my new titles include Artist, Fisherman, Gardener, Pickleball Player, Dog Mom, and ''the Best Oma Ever''!”
– Katrine Kruders,
retired HOOPP member
We want to hear from you!
Let us know what you think of our 2024 Highlights by completing a short survey. You’ll be entered into a draw for a chance to win one of four $250 Amazon gift cards.
Thank you and good luck!
To learn more about HOOPP's results,
view our 2024 Annual Report.
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