HOOPP 2018 Results: Delivering on the pension promise to our members
Funded status is 121% and net assets increased to $79B
TORONTO, March 11, 2019 (GLOBE NEWSWIRE) -- The Healthcare of Ontario Pension Plan (HOOPP) announced today that its net assets reached $79.0 billion at the end of 2018, up from $77.8 billion at the end of 2017. Funded status at the end of 2018 remained strong and stable at 121% compared to 122% the prior year.
Investment return for 2018 was 2.17% compared to 10.88% in 2017. Of the 2.17% return in 2018, 0.01% was benchmark return and 2.16% came from value-added from active management decisions. The investment environment was very challenging in 2018 so we are pleased to have been able to produce a positive return.
Investment income was $1.7 billion for the year compared to $7.6 billion in 2017. The liability hedge portfolio generated a return of $1.1 billion (real estate and fixed income strategies were the main contributors), while the return seeking portfolio generated a return of $0.6 billion (private equity and other alternative strategies were the main contributors).
The Fund’s 10-year annualized return is 11.19% and its 20-year annualized return is 8.52%.
“To ensure we deliver on our pension promise to members, our investment strategy takes a very long-term view while anticipating and adapting to market changes,” said HOOPP President and CEO Jim Keohane. “Our approach allows us to preserve value even during turbulent and challenging investment environments.”
“Looking ahead, HOOPP continues to explore new and effective investment opportunities and strategies,” he added.
- In November 2018, HOOPP released groundbreaking research that looked at the most efficient ways for individuals to save for retirement and what can be done to reduce the cost of retirement for more Canadians.
- In 2019, HOOPP will welcome more than 14,000 new members following the merger of six healthcare pension plans into HOOPP, pending regulatory approval.
- As a result of HOOPP’s strong funded status, we were able to provide the maximum increase in the cost of living adjustment (COLA) allowed under the Plan.
- Contribution rates have remained unchanged since 2004.
About the Healthcare of Ontario Pension Plan
Created in 1960, HOOPP is a multi-employer contributory defined benefit plan for Ontario’s hospital and community-based healthcare sector with more than 570 participating employers. HOOPP’s membership includes nurses, medical technicians, food services staff and housekeeping staff, and many other people who work hard to provide valued Ontario healthcare services. In total, HOOPP has more than 350,000 active, deferred and retired members.
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. 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.
For further information or to arrange interviews, please contact:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/9696cb74-5295-4032-8fb6-455ca61b11da
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