In addition to our 2018 benefit improvements, HOOPP has made other changes as part of our continuous efforts to enhance service and improve the Plan for members.
Lump-sum payouts to a beneficiary
Effective Date: Jan. 1, 2018
HOOPP is adding a new payment option for beneficiaries when members pass away in retirement. If you don’t have a qualifying spouse at retirement and you pass away before receiving 15 years of pension payments, your beneficiary(s) will be able to choose to receive a lump-sum payout instead of a monthly pension.
Thinking about buying back service to maximize your pension?
Effective Date: Sept. 1, 2017
We’ve simplified the process for requesting a buyback quote for periods of past service while working at a HOOPP employer. Thinking about buying back service to maximize your pension? Try out our
Buyback Estimator. When you are ready to request a formal quote, you no longer have to complete a form. Simply call
Client Services.
Working for more than one HOOPP Employer
Effective Date: Sept. 1, 2017
Are you considering a second job at another HOOPP employer? We’ve simplified our rules for members who have more than one employer. You can now decide if you want to contribute to HOOPP for each part-time job. Here’s a simple example: Jane started a part-time job and enrolled in HOOPP in 2015. When she starts another part-time job with another HOOPP employer in 2018, she will be able to decide if she wants to enrol in HOOPP at her second job. Under the old rules, she would have had to enrol.
This change also affects members who currently have a job where they are enrolled in HOOPP and another job at a HOOPP employer where they aren’t enrolled. For instance, if you are eligible to retire from your full-time job, you can start collecting your pension and continue working at your part-time job where you didn’t join HOOPP. Under the old rules, to begin receiving your pension, you also had to quit your part-time job, even though you were not enrolled in HOOPP.
New version of the HOOPP Plan Text
Effective Date: Sept. 1, 2017
A consolidated version of the
HOOPP Plan Text is now available.
Change to definition of qualifying spouse
Effective Date: Jan. 1, 2017
HOOPP has updated its definition of qualifying spouse to be consistent with new Ontario legislation that has expanded the situations where an individual becomes a spouse when they are parents of a child. As a result, HOOPP members and their partners who are parents may now meet the Plan’s definition of qualifying spouse in less than one year.
Maximizing contributory service
Effective Date: Jan. 1, 2017
HOOPP made important changes to clarify that active HOOPP members will build a maximum of one year (52 weeks) of contributory service in each calendar year. These changes also permit members who participate in the Plan at more than one employer to build pension benefits based on their total contributions from all employers.
Questions?
For more information, please call HOOPP Client Services at 416-646-6445 or toll-free in Canada and the U.S. at 1-877-43HOOPP (46677), Monday through Friday, 8 a.m. to 5 p.m., Eastern Time.
You may submit comments about these changes to the Ontario pension regulator at:
The Superintendent of Financial Services
Financial Services Commission of Ontario, Pension Division
5160 Yonge St., Box 85, 4th Floor
Toronto, ON M2N 6L9