How much do you know about your defined benefit (DB) pension plan?
Learn how HOOPP makes for a secure retirement
HOOPP is a defined benefit (DB) pension plan – the most effective way to build a secure retirement. DB plans allow you to estimate, in advance, what your pension will be when you retire.
How do DB plans work?
You and your employer make regular contributions throughout your career. When you retire, you’ll receive a monthly income based on how much you earned and the number of years you contributed.
DB plans vs. alternative savings plans
With alternative savings plans, you’re responsible for the investment decisions. Those decisions – along with market fluctuations – determine how much you get in retirement. There’s no guarantee that you’ll have enough in retirement and there’s a risk that you could outlive your pension. In many cases, people do.
As a DB plan member, you’ll never outlive your pension. Investment decisions are made by professionals who have your best interests in mind and, because your pension is defined in advance, it won’t fluctuate with the ups and downs of the stock markets.
Learn more about DB plans
You can learn more in our
Pension Advocacy section on hoopp.com. You’ll find our latest research, videos, and other resources to help you learn more about why DB plans are the most efficient way to provide a secure retirement income.
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How much do you know about your defined benefit (DB) pension plan?
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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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