4.8 Remitting Contributions – Deadlines and Methods |
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Both member and employer contributions must be remitted monthly, except when members contributing for a leave or topping up contributions for a temporary period of reduced earnings/approved work schedule reduction choose to remit their contributions as a lump sum within twelve months (temporarily extended from six months) after the end of the leave period. The deadline for making contributions after these periods is set out in the sections of this manual which describe these options (for Leaves and Layoffs, see section 5. Leaves and Layoffs , for Health Leaves, see section 7. Disablity Benefits ). In such a case, employer contributions should be made at the same time as the member contributions and must be submitted to HOOPP no later than 15 days after the end of the month in which the member has made its contribution.
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Remitting payments – Procedures
At the end of each calendar month, all employee contributions and related employer contributions are due and must be remitted by electronic funds transfer (EFT) no later than the 15th of the month following the month the contributions were deducted. If the 15th of the month is a weekend or holiday, the contribution due date shall be the next business day after the 15th of the month.
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Remittance of contributions for a previous year adjustment or contributions made on retroactive pay are due 15 days after the information is submitted to HOOPP. |
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Remitting on time is important because Ontario pension legislation requires that contributions deducted in one month be deposited in the pension fund within 30 days of the end of the month in which the deductions were made. To meet that deadline, HOOPP needs your contributions no later than the 15th of the month. Failure to do so will result in penalties, interest and/or late payment fees. This is in accordance with HOOPP’s Agreement and Declaration of Trust and the PBA. When you do not remit HOOPP pension contributions or remit pension contributions late, the benefits of all Plan members are adversely affected. HOOPP has a statutory obligation to notify FSRA when an employer does not remit contributions to HOOPP within 30 days of the end of the month for which the contributions were deducted or received.