HOOPP continues to proudly support you while striving to improve your retirement security. Earlier this year, we announced an update to help provide some extra peace of mind: an increase to active members’ pensions.
This increase provides members who are active in the Plan on or after January 1, 2023, with a larger lifetime pension for each year of contributory service before 2023. That means eligible members will get even more from their pension!
How much is your pension increasing?
Visit HOOPP Connect today to see a personalized estimate that shows you how much bigger your pension will be.
To access your personal pension estimate, select Sign in at the top right corner of any hoopp.com page. Then, once you've signed in, select the Benefit improvement card to see what your estimated pension increase will look like!
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Did you know?
Depending on their average earnings and contributory service, eligible members who benefit from this latest improvement could, on average, receive a 15% increase to their lifetime pension. Plus, members who also received the previous improvements announced in 2017 and 2021 could, on average, see a combined increase of 24%.
Keep in mind
If you leave your HOOPP employer(s) after June 1, 2022, you may be eligible to receive the improvement effective January 1, 2023. Read more about the improvements or contact our Member Services team for more information.
Other HOOPP Plan Text changes
Here are other changes our Board has made to the
HOOPP Plan Text effective January 1, 2023:
- Transferring benefits – We’ve simplified the process for members to transfer benefits between HOOPP and other Ontario pension plans. HOOPP will be exiting all existing reciprocal transfer agreements with other pension plans by the end of 2022 and continue to offer the ability to transfer benefits through a commuted value transfer, a method that is easier and faster for our members.
- Carefor merger – We’re excited to announce that as of January 1, 2023, Carefor Health & Community Services (Carefor) will be joining as a HOOPP employer. Here’s what you need to know about this exciting new merger:
- Carefor is Eastern Ontario’s largest and oldest home healthcare and community support charity. This merger is just one example of how HOOPP continues to seek opportunities to expand and broaden pension coverage where it’s beneficial to our members and to provide greater flexibility in their working years.
- With HOOPP, Carefor employees will be joining one of Canada’s strongest pension plans, benefit from more options to grow their pension and be able to look forward to a reliable retirement income. We look forward to welcoming these new members into HOOPP in the coming year.
These amendments have been filed with the Ontario pension regulator and will be included in an updated copy of the HOOPP Plan Text available in early January 2023.
Questions?
For more information, contact our Member Services team at 416-646-6445 or toll-free in Canada and the U.S. at 1-877-43HOOPP (46677), Monday through Friday, 8 a.m. to 5 p.m., Eastern Time.
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
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Pension peace of mind with HOOPP
We remain committed to keeping your pension secure. Through the pandemic and resulting market volatility, we have been able to maintain HOOPP’s strong fully funded status, which reflects our ability to pay pensions both now and in the future. You can rest assured that your pension will be here for you when you need it.
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