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  • A Message from HOOPP President & CEO, Jim Keohane

    HOOPP and the Government of Ontario reach agreement

    Oct. 23, 2012 

    I am pleased to announce that HOOPP and the Government of Ontario have reached a five-year agreement intended to ensure stability in the funding of the pension plan. The agreement, which was negotiated in the best interests of HOOPP's members, pensioners and employers, is reflective of the Board's policies and approach as it relates to maintaining the price and benefit stability of the Plan.

    As part of the agreement, two important assurances were given to the HOOPP Board:

    • The current ratio for member and employer contributions, where employers contribute $1.26 for every member dollar contributed, will not change.
    • HOOPP's assets will not be included in the government's proposed “pooled assets” fund, intended to consolidate the management of pension plan investments. We will continue to invest the $40.3 billion HOOPP fund using in-house investment professionals.

    HOOPP is in a solidly funded position. We have been at least 97% funded in each and every valuation filed since 1979. We were 103% funded at the end of 2011, with that percentage continuing to improve throughout 2012. As a result of this solid funding, HOOPP is well positioned to meet its pension obligations to its members.

    Today's agreement is consistent with the Board's objectives and assists in ensuring both the sustainability of the Plan and HOOPP's ability to deliver on the pension promise.