Staff
In anticipation of federal legislation requiring pension plans to provide for immediate vesting, the Healthcare of Ontario Pension Plan (HOOPP) has announced that members will be able to vest in the plan without going through a two-year waiting period. The change takes effect July 1, 2012.
HOOPP is making this move “because it’s the right thing for our members—and because our fully funded position permits us to make the move now,” says John Crocker, president and CEO of HOOPP. “We see no reason to hold off on this, and are moving ahead on it now.”
The two-year vesting rule will continue to apply until July 1, 2012, but all non-vested members who are actively contributing or who join HOOPP on or after July 1, 2012 will be vested immediately.