Leaving your HOOPP Employer
As a HOOPP member, you are entitled to a pension when you retire. If you leave your HOOPP employer before it’s time to start your pension, you can simply keep your pension in the Plan and receive it when you decide to retire.
Choosing to keep it with HOOPP, also known as deferring your pension, gives you flexibility. Your pension will stay secure in the Plan and, if you start work with another HOOPP employer, you can continue to build your valuable benefit.
Watch our video which highlights the benefits of keeping your pension with HOOPP versus the risks associated with taking it out of the Plan.
When you leave your job your employer will notify us. A dedicated Member Services specialist will reach out to you to walk you through your options and answer any questions so you can be sure that you have all the information you need about your pension.
Your dedicated specialist will send you an information package with personalized details about your pension benefit and other available options, such as transferring your pension to another employer’s plan, or a retirement account. Your options will depend on your age, the value of your benefit and what kind of pension plan, if any, your new employer offers. Please note that if you are 55 or older, you have the option to start receiving your monthly pension immediately.
In general, when you leave your HOOPP employer, there are three options for your pension:
Keep your pension with HOOPP (defer your pension)
Keeping your pension with HOOPP means you can keep your benefit secure in the Plan to collect your pension later when you reach retirement age. HOOPP gives you the flexibility to start your lifetime pension anytime between the ages of 55 and 71. Learn more about your retirement options.
Here are three great reasons to consider keeping your pension with HOOPP:
If you don’t go on to work for another HOOPP employer, you won’t be able to make contributions to keep building benefits in the Plan. But you will still be eligible to receive a pension based on your previous earnings and service.
Your HOOPP pension offers additional security for you and your family. You have the security of receiving a lifetime pension from a world-class pension plan, without having to worry about making investment
decisions or paying for advice. Your HOOPP pension includes survivor benefits, which are designed to help protect your loved ones if you pass away before or after retirement. Learn more about planning for your loved ones.
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.