At HOOPP, we’re passionate about enhancing our members’ retirement security and peace of mind. In June, we announced that eligible members active in the Plan on or after July 1, 2024, will now receive a larger lifetime pension for contributory service in 2023*.

In addition to the benefit improvement, HOOPP has announced that contribution rates will remain unchanged until at least the end of 2026. Our contribution rates have not changed since 2004 – that’s more than 20 years of stability for members and employers.

Plan Text updates

The following amendments to the HOOPP Plan Text have been filed with the Ontario pension regulator and are included in an updated copy of the Plan Text available on hoopp.com.

• Effective April 1, 2024, HOOPP provided a cost of living adjustment of 3.40% for retired and deferred members to help pensions keep up with inflation.
• Effective July 1, 2024, eligible HOOPP members who were active in the Plan on or after July 1, 2024 will receive a larger lifetime pension for contributory service in 2023.

If you have any questions, please contact our Member Services team.

You may also submit comments about these changes to the Ontario pension regulator at:
Chief Executive Officer, the Financial Services Regulatory Authority of Ontario
25 Sheppard Avenue West, Suite 100
Toronto, ON
M2N 6S6.

*Eligible members will receive a lifetime pension based on 2% of their average earnings (instead of 1.5%) up to the average year’s maximum pensionable earnings (AYMPE) for contributory service in 2023.

Members who retire before age 65 will receive a monthly bridge benefit from HOOPP, along with their lifetime pension. Since eligible members will receive a larger lifetime pension because of this improvement, the bridge benefit will be adjusted. This means that when the bridge benefit ends at age 65, members will see less of a change in their overall pension from HOOPP.