Our latest changes to improve retirement security
Retired and deferred members: Learn about HOOPP’s Plan updates, and more
HOOPP continues to proudly support our members while striving to improve their retirement security. Earlier this year, our Board of Trustees approved a 2021 cost of living adjustment (COLA) of 4.8% for our retired and deferred members. This valuable benefit will help pensions grow and stay protected against rising costs.
That’s not all. Our Board has made some other changes to the HOOPP Plan Text effective January 1, 2023.
Here are the latest changes:
- Benefit improvement – Earlier this year, we announced 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. If you left 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.
- 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.
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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
You can have 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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Our latest changes to improve retirement security
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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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