9.1 Steps to Help a Member Retire |
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The following resources are available to members to help them make decisions about their retirement.
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To help members make informed retirement decisions, give members who are within three to five years of retirement (i.e. members aged 50 or over), a copy of the HOOPP retirement booklet, Retirement Planning or refer them to hoopp.com to get a copy. The booklet will help members understand some key factors about their pension including: survivor options; choosing a retirement date; early retirement; and the retirement process. The booklet also includes an early retirement table that shows members how their age and number of years of eligibility service can affect their pension. The early retirement table can be found in the When You Can Retire section of the booklet and on hoopp.com.
The booklet also provides detailed information designed to help members through the many decisions and timelines they will face as their retirement date approaches.
Step 2 – Member Meetings
You should contact your Regional Manager to find out about upcoming pre-retirement presentations that your members can attend, or to schedule one on-site or by webcast. For one-on-one member meetings,
members can contact HOOPP directly to setup an appointment with one of our Member Advisors.
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.
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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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 .
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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 .
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) for details.
Checking Calculations
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