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Member, Beacon International Group, Ltd.
Aided by strong investment results, a big Ontario, Canada, pension plan providing coverage to health care workers reported that its funded ratio hit 114% in 2013, up from 104% in 2012.
The Healthcare of Ontario Pension Plan said Thursday that it racked up investment gains of 8.5% in 2013, boosting plan assets to a record 51.6 billion Canadian dollars ($57.1 billion) up from CA$47.4 billion ($52.5 billion) at the end of 2012.
“Being fully funded means we are able to deliver the pension promise for all of our members,” HOOPP President and CEO Jim Keohane said in a statement.
The plan provides coverage to about 286,000 active or retired health care workers in Ontario who currently or previously worked for 470 health care organizations Last year, the plan paid out about CA$1.9 billion ($2.1 billion) in benefits.