As a member of the HOOPP defined benefit (DB) pension plan, your pension is calculated using your earnings and service you’ve built in the Plan.
Starting Jan. 1, 2017, all HOOPP members will build a maximum of one year (52 weeks) of contributory service in each calendar year.
This change supports consistent and equitable treatment of members. It is designed to allow part-time members working at more than one employer the ability to maximize their pension. It also ensures that full-time members who work a full year build a full year of contributory service.
Here’s what you can expect.
If you contribute at more than one HOOPP employer:
- You will continue to contribute on all your pensionable earnings across all your employers up to the full-time equivalent for your role; HOOPP will use your total contributions from all employers to calculate your annualized earnings
- If you are entitled to a refund of 2016 contributions, you will receive it in 2017
- As of Jan. 1, 2017, all contributions will remain in the Fund, and you may have higher annualized earnings
If you are a full-time employee but work less than your full-time equivalent (FTE) hours because of minor shift scheduling changes:
- You will build 52 weeks of contributory service, unless a valid reason, such as a leave, is provided
We invite all members who have questions, comments, or who would like more information, to contact HOOPP Client Services at 416-646-6445 or toll-free at 1-877-43HOOPP (46677), Monday through Friday, 8 a.m. to 5 p.m., Eastern Time. Inquiries can also be sent by email to firstname.lastname@example.org.
You may also submit questions or comments about this change 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