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Step 3 – Pension Estimates
HOOPP offers pension estimates for members available through the Pension Estimator on HOOPP Connect or by calling Member Services directly. The estimate provides a projection of how much pension the member will receive at specified future retirement date(s) based on certain assumptions.
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Important If the member is enrolled in HOOPP at more than one employer, they need to inform all of their employers about their retirement if they wish to begin their HOOPP pension. Employees must end their employment with all their employers to start receiving their HOOPP pension. |
Step 4 – Retirement Notice
Submit a Retirement Notice event through HOOPP Insight to inform HOOPP of a member’s intention to retire.
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A member's pension will start on the first day of the month following the retirement date selected on the Retirement Notice. For example, if a member elects to retire on May 31, 2020 2022 and has provided HOOPP with all the required forms and any additional documents requested, they will receive their first pension payment on June 1, 20202022.
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).
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Where an active member elects to retire near the end of calendar year, it is possible that a portion of their regular earnings for that year may be included in the first payroll period for the following year. For example, a member retires December 31, 2019 2021 and a portion of their contributory earnings for late December is received in 20202022, as part of the first payroll cycle for that year.
Even though the member’s T4 earnings are based on when the pay is received by the member, it is appropriate in this unique situation to determine the HOOPP contributions with reference to the member’s contributory service in 20192021, including the portion of such earnings payable in 20202022. This may require you to adjust the final-pay contributions remitted to HOOPP for 2019 2021 and to submit this information with the Retirement Final Data. HOOPP cannot receive any contributions for a period after the member’s retirement date.
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Step 1: Determine the member's earnings for the current year (using regular contributions only – 2020 2022 contribution rates are referenced below):
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