Employee required contributions to HOOPP are made by payroll deduction and apply to the current year of service. It is your responsibility as a HOOPP employer to calculate, deduct and remit employee required contributions. If your organization uses an external payroll services provider, it might be helpful to supply that organization with the information contained in this section of the manual. If you or your payroll provider have any questions, contact HOOPP.
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For more details regarding waiving contributions, please see section 3.2 Full-Time Employees (Click Here) and section 3.3 Part-time Emlpoyees Employees (Click Here). The following four factors determine the amount of a member’s required contributions:
Factor 1: Pensionable Earnings
These are the regular wages, salary, or other compensation a member earns in a given pay period, excluding non-pensionable earnings. See section 4.2 Pensionable Earnings (Click Here) for a description and examples.
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Factor 3: Year’s Maximum Pensionable Earnings (YMPE)
The YMPE is set each year by the federal government based on the average wage in Canada.
YEAR | YMPE |
|---|---|
2022 | $64,900 |
2021 | $61,600 |
2020 | $58,700 |
2019 | $57,400 |
2018 | $55,900 |
2017 | $55,300 |
2016
Factor 4: Employee Contribution Rates
HOOPP uses a two-tier contribution rate. Calculate member contributions using the following formula:
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You should calculate the contributions of all HOOPP members using the universal payroll deduction method. Required contributions and contributory service should be calculated each pay period. If a member's annualized earnings are above the YMPE, contributions must be made at both the high and low rate each pay period, according to the Universal Payroll Decuction Deduction Method in section 4.3 Calculating Employee Contributions (Click Here).
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