HOOPP to cover all Ontario hospitals as SickKids staff join plan for future service in 2025
The Healthcare of Ontario Pension Plan (HOOPP) will soon cover all hospitals in the province.
The Hospital for Sick Children (SickKids) is transitioning its employees to the defined benefit pension plan effective December 29, according to a joint announcement from both organisations.
As per the statement, almost all active members currently in SickKids’ defined benefit plan will join HOOPP for future service.
Their past contributions and service will remain in the existing SickKids plan, but years of service at the hospital will count toward HOOPP’s early retirement calculations.
A small group of staff expected to be disadvantaged by the transition will stay in the SickKids pension plan.
According to Susan O’Dowd, vice-president, Human Resources and Commercial Services at SickKids, the shift responds to staff feedback and follows a thorough review.
“Enhancing our pension plan and joining HOOPP is not only something many staff have been asking for, but also a logical step for SickKids as it aligns us with the broader sector,” she said.
She added that after careful consideration, they determined transitioning all future service into HOOPP to be the most viable path forward.
SickKids employees who have already retired, plan to retire before the end of 2025, or have left the hospital and deferred their pension will continue to receive a SickKids pension only.
According to Rachel Arbour, HOOPP’s head of Plan Benefits, Design and Policy, the transition offers long-term value. “HOOPP is one of the strongest and most stable pension plans in Canada and offers its members a secure pension for life,” she said.
She added that they look forward to working with SickKids employees in the coming months to provide help and support during the transition.
HOOPP currently serves Ontario’s hospital and community-based healthcare sector with more than 700 participating employers.
Its membership includes over 478,000 active, deferred and retired members such as nurses, medical technicians, housekeeping and food services staff, physicians, and other healthcare professionals.
Arbour stated, “HOOPP offers value and high-quality retirement benefits to workers across more than 700 employers. Workers at SickKids are important members of Ontario’s healthcare community and we look forward to helping them build a stronger financial future.”
