Welcome to your New Employer Administrator Orientation Section
For Plan Rules, please visit the Admin Manual: Link
The New Employer Orientation section will provide you additional information focusing on the the following items:
About HOOPP
Your employees are your most valuable asset – and HOOPP is one of the most valuable benefits you can offer them. When you join the Plan, you can take pride in knowing that your organization is helping to provide your employees with financial security in retirement. Being a HOOPP employer can also help boost retention and reduce costs associated with employee turnover.
HOOPP was founded in 1960. Since then, we’ve grown to be Canada’s largest private trust fund, delivering on the pension promise for over 385,355 Ontario healthcare workers. We know we can deliver for these workers because HOOPP is 119% funded, meaning that for every $1 we owe in pensions, we have $1.19 in assets to pay out our obligation. This is the most important indicator of our Plan’s health. Despite a challenging year for the markets, our net assets grew by 17.1% to $94 billion in 2019.
We provide pensions to all employees including front-line workers such as nurses, custodians, medical technicians, housekeepers and food service employees.
The median annual HOOPP pension paid in 2018 was $15,700. Since 2004, our contribution rate has been 6.9% of a worker’s pay cheque (up to $58,700) and 9.2% above the Year's Maximum Pensionable Earnings, making HOOPP one of the most affordable plans for employees as well as employers. A low rate means more money in members’ pockets today while still saving for retirement.
HOOPP is a private, independent trust, governed by a Board of Trustees and operating at arm’s length from government. All board members, no matter their background, are bound by a fiduciary duty to deliver on the pension promise. This ensures accountability to plan members rather than employees or employers. Our jointly sponsored governance model - allows multiple employers to share the risk of the plan with employees in exchange for employees getting an equal number of seats at the table where they work together in the interest of members. This includes decisions about increasing or decreasing contributions or benefits. HOOPP is a voluntary plan that’s run like a business. Ultimately it is the independent Board of Trustees who decide what happens to the Plan, not the employer. The fate of the Plan is not tied to the fate of the employer.
HOOPP is committed to making your administration experience as simple and straightforward as possible. We manage all aspects of the Plan, from plan/policy design, regulatory compliance and reporting, plan administration right through to investments, ensuring that pensions can be paid now and in the future. Our dedicated operations and investments teams provide you and your members with deep expertise along with member engagement and support. HOOPP also provides the governance structure through an independent Board of Trustees whose sole fiduciary duty is to deliver the pension promise to plan members. Employers and employees have equal Board representation, making decisions together in the interest of members.
To administer HOOPP, you must follow the policies and procedures outlined in various pieces of legislation, the HOOPP Plan Text (click here), as interpreted and applied by the Board of Trustees of HOOPP, the HOOPP Agreement & Declaration of Trust, the Administration Manual (click here), and other material released by HOOPP. For more information on HOOPP, visit our website at www.hoopp.com.
Employer Research Infographic | Ontario Employers’ Survey on Pensions |
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