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Member, Beacon International Group, Ltd.
TORONTO—Aided by hefty investment results, a big Ontario pension plan providing coverage to health care workers, reported that its funded ratio hit nearly 103% in 2011.
The Healthcare of Ontario Pension Plan said Tuesday that at the end of 2011, plan assets were $37.76 billion Canadian ($37.78 billion), while plan liabilities were $36.78 billion Canadian ($36.8 billion). That 102.7% funded ratio compares with a 100.5% ratio in 2010, when the plan had $35.07 billion Canadian ($35.09 billion) in assets and $34.9 billion Canadian ($34.92 billion) in liabilities.
“HOOPP’s benefits are fully funded. This means we have sufficient resources to pay every pension owed to the membership—not just now but into the future too,” HOOPP President and CEO Jim Keohane said in a statement.
The plan provides coverage to about 270,000 active or retired health care workers in Ontario who currently or previously worked for 370 health care organizations Last year, the plan paid out about $1.2 billion Canadian ($1.2 billion) in benefits.