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9.1 Steps to Help a Member 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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TIP 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 pension payments immediately. If so, submit a Retirement Notice on Insight. |
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. |
For most HOOPP members, final weeks and contributions information cannot be determined until the member has completed their last day at work and final payroll information is available. This should not, however, delay you from initiating the Retirement Notice through HOOPP Insight.
When providing contributions data for a member who has received a retroactive pay settlement for a previous year, HOOPP contributions for each of the years relating to the settlement must be reported separately from regular contributions. Retroactive pay is considered to be an adjustment to earnings for a prior calendar year. Any adjustment to the current year is not considered to be retro for the purposes of calculating the contributions and should be reflected in the current year's contributions.
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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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