While retirement opens up a whole new world of possibilities, it doesn't necessarily mean you won't work again. If you find yourself working in retirement with a non-HOOPP employer, your HOOPP pension is unaffected.
Can I take my pension and still work at a HOOPP employer?
If you return to work at a HOOPP employer, you will have two options.
- Continue to receive your HOOPP pension and build no further benefits in the Plan
- Re-enrol in the Plan and continue to build your HOOPP pension until you turn 71
How does re-enrolling impact my pension?
If you re-enrol in HOOPP, you will stop receiving your HOOPP pension temporarily as you will be making contributions to the Plan.
When you begin
to collect your pension again, it will be adjusted to reflect the additional benefits you have built. You are able to contribute to the Plan until December of the year in which you turn age 71, at which point you will need to begin receiving your
pension payments.
Sarah's monthly income before resuming contributions and going back to work | Sarah's monthly income after working and resuming contributions | Sarah's monthly income after restarting her pension after the additional three years |
Basic lifetime monthly pension: $650 | Monthly pension: $0 | Basic lifetime monthly pension: $950 |
Bridge benefit (payable to age 65: $170 | N/A | Bridge benefit (payable to age 65): $250 |
Total monthly pension: $820 | N/A | Total monthly pension: $1,200 |
Monthly pay from work: N/A | Monthly pay from work: $4,417 gross amount, less HOOPP contributions and any other payroll deductions | Monthly pay from work: N/A |
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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