Media Release

HOOPP will introduce immediate vesting July 1, 2012

Under the current provincial legislation members must be vested after they have been in a pension plan for two years. Vested members of HOOPP are entitled to receive a pension, or the value of their pension when they terminate their membership. Members who are not vested are entitled to a refund of their contributions with interest.

New provincial legislation has been passed that will eliminate the two-year vesting rule and that will require immediate vesting for all members who belong to a pension plan in Ontario. This legislation is not yet in force, and the provincial government has not indicated when these changes will take effect. In response, HOOPP will introduce immediate vesting on July 1, 2012 prior to it becoming a legislative requirement. The two-year vesting rule will continue to apply until July 1, 2012, but all members who are actively contributing or who join HOOPP on or after July 1, 2012 will be vested immediately.

HOOPP has chosen to move ahead with immediate vesting before being required to do so because earlier vesting helps our members in building their retirement income. If the laws change in Ontario before July 1, 2012 immediate vesting will be introduced on the date the legislation takes effect.

For additional information, please call HOOPP Client Services at 416-646-6445 or toll-free 1-877-43HOOPP (46677).