TORONTO, Sept. 25, 2024 (GLOBE NEWSWIRE) — Jeff Wendling, President & CEO of the Healthcare of Ontario Pension Plan (HOOPP), announced today that he will be retiring in 2025 after more than a quarter of a century with the organization.
Mr. Wendling was appointed President & CEO in April 2020. He will remain in the position until HOOPP’s Board of Trustees appoints a successor in 2025 and will work closely with the Board to ensure a smooth transition.
“One of the things that first drew me to HOOPP, when I joined in 1998, was that I saw an organization with a lot of potential to become even more successful than it was at the time,” Mr. Wendling said in a message to staff on Wednesday. “After 26 years, together, we have proved that to be the case. Working toward our mission, delivering on the pension promise for Ontario’s healthcare workers, has been at the core of what we do.”
Mr. Wendling became President & CEO just as the coronavirus pandemic was beginning to impact the global economy. Under his leadership, HOOPP grew both its membership and assets under management ($112.6 billion at the end of 2023). HOOPP’s funded status remains very strong at 115%, meaning that for every dollar owed in pensions, the Plan has $1.15 in assets. HOOPP has been selected as one of Greater Toronto’s Top Employers for four years in a row and has been commended for its focus on equity, diversity, and inclusion (EDI).
Dan Anderson, Chair of the Board of Trustees for HOOPP, and Gerry Rocchi, Board Vice Chair, praised Mr. Wendling’s leadership during his time as President & CEO.
“Jeff helped HOOPP solidify its place as one of the top-performing pension plans in the world and keep us fully funded through some of the most challenging market conditions in history. The resulting Plan strength has also allowed us to keep member and employer contribution rates unchanged since 2004 and at least until the end of 2026, and provide members with three benefit improvements since 2020.”
Prior to being appointed as President & CEO, Mr. Wendling was HOOPP’s Executive Vice President and Chief Investment Officer (CIO). He joined HOOPP in 1998 as a Senior Portfolio Manager on the Public Equities team.
About the Healthcare of Ontario Pension Plan
HOOPP serves Ontario’s hospital and community-based healthcare sector, with more than 670 participating employers. Its membership includes nurses, medical technicians, food services staff, housekeeping staff, and many others who provide valued healthcare services. In total, HOOPP has more than 460,000 active, deferred and retired members.
HOOPP is fully funded and manages a highly diversified portfolio of more than $112 billion in assets that span multiple geographies and asset classes. Over $60 billion of HOOPP’s assets are invested in Canada and HOOPP is one of the biggest investors in Canadian bonds, with over $40 billion in total government bond holdings. HOOPP is also a major contributor to the Canadian economy, paying more than $3 billion in pension benefits to Ontario healthcare workers annually.
HOOPP operates as a private independent trust, and is governed by a Board of Trustees with a sole fiduciary duty to deliver the pension promise. The Board is jointly governed by the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses’ Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees’ Union (OPSEU), and the Service Employees International Union (SEIU). This governance model provides representation from both management and workers in support of the long-term interests of the Plan.
Contact:
Scott White, Senior Director, Media Relations & External Communications
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7e10ad26-b0ad-4d30-b1f1-881e3d566307