The Pension Adjustment Calculator
The Pension Adjustment Calculator
A pension adjustment (PA) is the deemed value of the benefits a member earns every year in a registered pension plan such as HOOPP.
Employers determine a PA for every active, terminated and retired member of HOOPP who earned a pension benefit while employed during the previous calendar year. A PA is also required for each member at year-end, for tax reporting purposes.
This calculator provides employers with a member’s PA, based on his or her annualized earnings and contributory service, for any year ranging from 1999 to the present.
To use the PA calculator, you’ll need to know the year of pension adjustment, the member’s annualized earnings and contributory service (in weeks).
Disclaimer and notes
For complete information about PAs, past service pension adjustments (PSPAs), and pension Adjustment Reversals (PARs), please see “Appendix B: PA Guide” in the HOOPP Employer Administration Manual.
For pre-1999 PAs, please contact HOOPP.
To calculate a PA where there is retroactive pay, the PA calculator notionally increases the annualized earnings (AE). Please be aware that in this situation, the AE is overstated and should be disregarded.
Do not use this calculator to calculate PAs for members who are receiving free accrual from HOOPP while on disability leave. The Member Data Collection (MDC) module in ESE2 calculates PAs in this situation.
Please keep in mind that if the results provided by this calculator depend on the accuracy of the numbers that are input. Therefore, if you enter an incorrect value, the results will be incorrect.
This document provides a simplified overview of HOOPP's benefits based on the terms of the HOOPP Plan Text at the time of publication. From time to time, HOOPP may amend the HOOPP Plan Text. In cases where the information provided in this document differs from that contained in the HOOPP Plan Text, the HOOPP Plan Text will govern. More details, including the full HOOPP Plan Text and a complete description of the Plan and its benefits, can be found on hoopp.com.
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