4.9 Reconciliation Process |
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When you remit contributions, they do not specify what portion applies to individual members. HOOPP gathers this information once a year via HOOPP's annual member data collection process.
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Contributions (split by the low and high contributions as discussed in section 4.1 Employee Required Contributions (Click Here) and section 4.3 Calculating Employee Contributions (Click Here))
Contributory service weeks
The employment status of plan members for a given year
Pension adjustments
Details when a member contributes for a leave or temporary period of reduced earnings (also referred to as an Approved Work Schedule Reduction)
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Once HOOPP has received and analyzed all the data, and issued annual statements, your HOOPP account will be reconciled and a HOOPP statement of account will be issued. This statement provides you with a summary of employer and member contributions, based on the data provided as well as
money that was remitted to HOOPP, and any adjustments made during the year. The statement will indicate if you have an outstanding balance or credit. You will receive your HOOPP statement of account each fall.
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