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Severance packages and termination notice periods may affect a member‘s retirement date. For more information about termination and severance packages please refer to Contributions on Termination Payments in section 4.7 Contributions in Other Situations (Click Here).
TIP
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HOOPP occasionally receives a Termination Notice, rather than a Retirement Notice, for a member who is age 55 or older when they cease employment. Before submitting the event to HOOPP, be sure to ask whether the member intends to start receiving pension payments immediately. If so, submit a Retirement Notice on Insight. |
We caution employers against engaging in re-employment arrangements with HOOPP members for the primary purpose of enabling employees to access their HOOPP benefit. For more information refer to section 8.2 Termination of Employment for Access to Benefits (Click Here).
Step 5 – Retirement Final Data
When submitting Retirement Final Data information for retiring members, use the appropriate reporting method in HOOPP Insight. This information may be reported by initiating a Retirement Final Data event or submitting an Events Final Data data collection.
The purpose of submitting the Retirement Final Data to HOOPP is to provide the following information:
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For more information about leaves and temporary periods of reduced earnings/approved work schedule reduction, please see Temporary Periods of Reduced Earnings in section 4.7 Contributions in Other Situations (Click Here).
Reporting a Retirement Where the Last Pay is Received in the Following Calendar Year
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Once this information is received, HOOPP will adjust the record for the member accordingly. For information pertaining to reporting retroactive payments for a retired member please refer to section 4.5 Retroactive Pay (Retro) (Click Here) for details.
Checking Calculations
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