Plan Performance and 2017 Annual Report
Plan Performance and 2017 Annual Report
Since 1960, we have been focused on one mission: paying pensions to our members. The most important measure of our success is our fully funded status, meaning that we have enough assets to deliver on all our pension obligations, now and in the future.
In the video above, HOOPP President & CEO Jim Keohane discusses our 2017 financial results, how HOOPP improved benefits for members, and how HOOPP’s investment approach puts members first.
The Plan is currently more than fully funded, meaning it has more assets than it owes in current and future pension benefits. While the Plan is currently in a stable position, volatile markets can quickly change the funded status of the Plan. We constantly adjust our investment strategies to changing market conditions to guard against potential downturns.
Funded Status | 2017 | 2016 | Year Over Year Change |
Ratio of Net Assets to Pension Obligation | 130% | 129% | +1% |
Ratio of Smoothed Assets to Pension Obligation | 122% | 122% | 0% |
Our past investment returns have kept the Plan fully funded and kept its contribution rates affordable, for both our members and their employers, and thereby sustainable in the long-term. HOOPP has been able to maintain the same contribution rates since 2004.
| | 2017 | 2016 | 10-Year | 20-Year |
Total return | 10.88% | 10.35% | 9.55% | 9.01% |
Benchmark | 7.89% | 6.12% | 7.32% | 7.32% |
Value-added return | 2.99% | 4.23% | 2.22% | 1.69% |
Further contributing to the goal of meeting the pension promise, our investment strategies are implemented in a cost efficient manner, with total investment expenses representing approximately 0.17% of net assets in 2017.
This document provides a simplified overview of HOOPP's benefits based on the terms of the HOOPP Plan Text at the time of publication. From time to time, HOOPP may amend the HOOPP Plan Text. In cases where the information provided in this document differs from that contained in the HOOPP Plan Text, the HOOPP Plan Text will govern. More details, including the full HOOPP Plan Text and a complete description of the Plan and its benefits, can be found on hoopp.com.