Our History

In 1960, the Hospitals of Ontario Pension Plan was established. HOOPP was a pioneer then – set up even before the birth of the Canada Pension Plan and Old Age Security programs. Since then, there have been several changes made to the Plan.

1960: The Ontario Hospital Association (OHA) launches HOOPP. The Plan has 71 participating employers, fewer than 10,000 members, several hundred pensioners, and $8.7 million under investment.

1968: Spousal benefits introduced.

1974: Pension formula increased.

1978: Entire HOOPP Trust Fund becomes managed in-house.

1979: Inflation protection offered (on ad hoc basis).

1980: HOOPP Trust Fund tops the $1 billion mark; HOOPP has 250 employers, more than 60,000 members, and 12,000 pensioners.

1988: Lifetime benefit vesting allowed after two years, improved early retirement reductions available at age 55 (with an unreduced pension available at age 60), partial inflation protection is guaranteed on certain periods of service.

1989: HOOPP records transferred to modern mainframe computer system.

1990: HOOPP Trust Fund tops the $5 billion mark.

1994: HOOPP becomes a separate organization, administered by an independent Board of Trustees with equal representation from the OHA and four major unions representing Plan members.

1998: Improved 1.5 and 2 per cent lifetime pension formula, improved early retirement features, and more.

1999: Contributions are reduced for members and employers by 60 per cent for 1999, 2000, and 2001; by 40 per cent for 2002; and by 10 per cent in 2003.

2005: There are 148,000 members, 72,000 pensioners and 336 employers; the Fund tops the $ 24.5 billion mark.

2006: For the first time, a post-retirement spouse can receive a spousal pension on the death of a retired member, provided the member chooses that option and certain conditions are met.

2008: The monthly amount paid to HOOPP pensioners now surpasses the $75 million mark – almost 10 times the amount of the entire Fund when HOOPP first started in 1960.