The Healthcare of Ontario Pension Plan is welcoming eligible physicians in Ontario to join its defined benefit pension plan, effective January 2025.
This new development will allow incorporated physicians who run their own practices, provide services from a medical clinic or provide services from a hospital to enrol in the HOOPP, according to a press release.
Read: College of Family Physicians of Canada pension plan joining the CAAT’s DBplus
Eligible physicians who are incorporated under and receive employment earnings from a medicine professional corporation will have the option of joining the HOOPP. Under the new arrangement, the corporation would become a HOOPP employer and the incorporated physician and other employees who work for the corporation would be eligible to join the plan. According to the College of Physicians and Surgeons of Ontario, more than 24,000 physicians in the province are incorporated.
“With over 460,000 members and 670 participating employers in Ontario’s healthcare community, we know the value that members and employers receive by being part of HOOPP,” said Rachel Arbour, the HOOPP’s head of plan benefits, design and policy, in the release.
“Over the past six decades, membership in HOOPP has continued to evolve and grow. We are now ready and able to take another step towards providing retirement peace of mind for even more health-care workers in Ontario.”
Read: New multi-employer pension plan coming for incorporated physicians