Plan Performance and 2018 Annual Report
Plan Performance and 2018 Annual Report
Times may change, but HOOPP’s mission remains the same: to pay pensions to our 350,000+ members. To continue delivering on our pension promise, we must ensure the Fund remains healthy for decades to come; 2018 was an important year for us to prepare for future growth.
We invite you to view our 2018 Year in Review, featuring a video introduction from HOOPP President & CEO Jim Keohane.
These members asked us how HOOPP is preparing for the future. President & CEO Jim Keohane answered their questions.
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 | 2018 | 2017 | Year-over-year change |
Ratio of net assets to pension obligation | 121% | 130% | -9% |
Ratio of smoothed assets to pension obligation | 121% | 122% | -1% |
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.
| | 2018 | 2017 | 10-Year | 20-Year |
Total return | 2.17% | 10.35% | 11.19% | 8.52% |
Benchmark | 0.01% | 7.89% | 8.43% | 6.88% |
Value-added return | 2.16% | 2.99% | 2.76% | 1.64% |
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 0.18% of net assets in 2018.
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.