Here are four examples of workers joining HOOPP.
Regardless of your age or earnings as a part-time or non-full-time worker, joining HOOPP makes saving for a secure retirement income for life easy and affordable.
You can’t join too late; HOOPP is always a smart, cost-effective investment in your future.
How to join HOOPP
Start building your retirement pension.
Contact Human Resources to join HOOPP today.
Still not convinced HOOPP is right for you?
- Research shows that a defined benefit pension plan, like HOOPP, is the most efficient way to generate retirement income.
- You can retire early and receive an additional monthly benefit until age 65.
- Survivor benefits help care for your loved ones when you pass away.
- Buying back previous service or gaps in service can help you increase your pension.
- 60% of employees in Ontario don’t have access to a workplace pension.** YOU DO.
* The examples provided are for illustrative purposes only. The annual pension will be different from the amounts shown. All examples are based on an assumed “annualized earnings” (as defined in the HOOPP Plan Text), average year’s maximum pensionable earnings (YMPE) of $64,900, no hourly earnings increases, and part-time hours worked with full-time equivalent of 37.5 hours per week; all examples exclude any cost of living adjustments (COLA) that may be provided, assume that employer and employee contribution rates do not change, and do not consider inflation in any way. The monthly pension assumes that for each year of contributory service, members receive 1.5% of their average earnings up to the average YMPE, plus 2% of their average annualized earnings above the average YMPE. Calculations do not reflect an increase to 1.75% of annualized earnings up to the average YMPE for any service before Apr 1, 2021.
**Leech, Jim, and Jacquie McNish, The Third Rail: Confronting Our Pension Failures, USA: McClelland & Stewart, 2013 (p. 25)
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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