Understanding your options if you leave your HOOPP employer
We have new resources that can help
When you joined HOOPP, you began building a solid foundation for your retirement that will be an important part of your retirement security. HOOPP makes it easy for you to continue to grow your pension, no matter where your career takes you.
It’s common to change jobs over the course of your career. That might mean moving into a new role, switching employers or even choosing an entirely new career path. While your career may change, the need to be ready for retirement doesn’t. No matter what path you choose, you can count on your HOOPP pension to be an important part of your retirement security.
If you’re thinking about leaving your HOOPP employer, you have a few options to consider. You can remain a HOOPP member, and if you move to another HOOPP employer, you can keep building your pension or you may choose to take your pension out of HOOPP.
While you have options, HOOPP is here to provide you with the information you need so you can make the right decision for your personal situation. Our new resources can help you learn about the benefits of staying a HOOPP member and the risks of taking your pension out of HOOPP.
What are some benefits of staying a HOOPP member?
- You will never outlive your pension.
- Your pension can grow with our cost of living adjustments to help offset inflation.
- You get survivor benefits that provide additional security to you and your family.
What are some risks of taking your pension out of HOOPP?
- You will be responsible for your own investment decisions and bear the risks of market volatility and underperformance with your personal funds.
- You run the risk of outliving your savings.
- You will lose valuable features, like survivor benefits, inflation protection and early retirement options.
We’ve enhanced the educational information available on hoopp.com so you have the guidance you need to make the right decision for your personal circumstances. Learn more about what happens when you leave your HOOPP employer.
HOOPP has new online features coming soon
If you decide to leave your employer, you’ll soon be able to use our new and convenient online feature to review your options and submit your decision to HOOPP. Stay tuned for more details.
We’re here to help you understand your options. If you have questions, contact our Member Services team at 416-646-6445 or 1-877-43-HOOPP (46677). We are available Monday to Friday, 8 a.m. to 5 p.m., Eastern Time.
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Understanding your options if you leave your HOOPP employer
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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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