What is a buyback?
During your working life, you may take a leave of absence from work, for example, to raise a family, tend to a personal emergency, or travel. There may also be times when you worked for a HOOPP employer but were not a contributing member. As a result, there may be gaps in your contributory service that could be filled to increase your pension at retirement.
When you buy back service, you gain additional weeks of contributory and eligibility service in the Plan. You can buy back service at any time before you retire or terminate your membership with HOOPP. However, as your age, earnings, and years in the Plan increase, so does the cost of the buyback.
Our HOOPP Buyback Estimator calculates an estimated cost of buying back service in the Plan based on your age, earnings, and service to date. It also shows your estimated monthly pension with and without a buyback.
For more information about what periods of time you may be eligible to buy back, and to learn how this can help increase your pension at retirement, visit Buying Back Service. You can also contact Client Services.