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 (Click Here).
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TipTIP HOOPP occasionally receives a Termination Notice, rather than a Retirement Notice, for a member who is age 55 or older when they cease employment. Before submitting the event to HOOPP, be sure to ask whether the member intends to start receiving |
We caution employers against engaging in re-employment arrangements with HOOPP members for the primary purpose of enabling employees to access their HOOPP benefit. For more information refer to section 8.2 Termination of Employment for Access to Benefits (Click Here).
Step 5 – Retirement Final Data
When submitting Retirement Final Data information for retiring members, use the appropriate reporting method in HOOPP Insight. This information may be reported by initiating a Retirement Final Data event or submitting an Events Final Data data collection.
The purpose of submitting the Retirement Final Data to HOOPP is to provide the following information:
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Retirement Final Data information is required to be submitted immediately after the member's final payroll information is available so that HOOPP can calculate the member’s pension entitlement.
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Important Never estimate final weeks and contributions. All information reported to HOOPP when the final retirement data is submitted is final and binding and is used by HOOPP to calculate a member’s pension. Errors in reporting this information will result in the payment of an incorrect pension amount. If, however, the member's final weeks and contributions are known when the Retirement Notice is ready to be submitted, please submit the Retirement Final Data at the same time as the Retirement Notice. |
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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 (Click Here).
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) (Click Here) for details.
Checking Calculations
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