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Financial literacy is not emphasized enough for professionals during training, leaving many unprepared as they begin their careers. The topics covered in beyond MD apply to all professionals, including medical students/residents and practicing physicians. This podcast is led by radiologist Dr. Yatin Chadha and guided by expert analysis. Each episode, Yatin interviews accountants, lawyers, brokers, and advisors to heighten awareness on important topics, such as professional corporations, holding companies, trusts, estate planning, insurance policies, mortgages, real estate, and investing. It’s time to take your financial knowledge base to the next level so you can get ahead outside of the workplace. Please send questions and topics of interest to beyondmdpodcast@gmail.com
Today we revisit pensions with an exploration of the Healthcare of Ontario Pension Plan (HOOPP) for incorporated Ontario physicians.
My guest is Rachel Arbour, who is the Head of Plan Benefits, Design and Policy at HOOPP. Â
Discussion points:
– HOOPP overview (2:28)
– What is a defined benefit pension? (4:13)
– How is the defined benefit calculated? (6:23)
– what to know about your best 5 years of earnings (9:35)
– Is there a ceiling to the defined benefit? (10:31)
– who is eligible to take part in HOOPP? (11:43)
– how are contributions calculated? (15:52)
– what about inflation adjustments? (23:13)
– fund investment returns (26:32)
– funded status (28:00)
– HOOPP's maturation over time (29:10)
– are special contributions possible with HOOPP? (31:47)
– pension administrative & investment costs (35:45)
– when can pension benefits begin? (38:15)Â
– pulling out from HOOPP (39:38)
– what happens to contributions in years of fluctuating income? (41:40)
– income splitting, spousal benefit options (44:55)
– estate planning (47:09)
– disability benefits (50:07)
This episode features Arya EHR – https://www.aryaehr.com/
**I endorse only products/services I personally use or would use. Any income generated offsets the costs of running this podcast 🙂
HOOPP:
https://hoopp.com/join-hoopp/physicians-joining-hoopp
https://hoopp.com/news-and-insights/research-and-analysis/white-papers
Yatin:
- Email: beyondmdpodcast@gmail.comÂ
- LinkedIn: Yatin Chadha
