HOOPP benefits for employers
For Plan Rules, please visit the Admin Manual: Link
With HOOPP, you can offer a pension plan that:
Helps you to attract and retain top talent
You pride yourself on delivering quality healthcare and your people are the key ingredient. They are your most valuable asset and HOOPP is the most valuable benefit you can give them. Becoming a HOOPP employer enables you to help you attract and retain the staff that you and your organization need. Healthcare workers often move from one job to another over the length of their career. Offering the HOOPP defined benefit pension plan can play a key role in an employee’s decision to join one organization over another.
Reduces costs associated with turnover
A 2014 survey by Towers Watson found that 68% of those in DB plans said their current employer’s retirement program is an important reason why they will stay.
Offers employees with a secure financial future and peace of mind in retirement.
Retired HOOPP members receive an annual pension based on their earnings and years of service. Since HOOPP is a DB plan, your employees will be able to predict how much they will receive before they retire, allowing them to select a retirement date with confidence and peace of mind.
After 30 years in the Plan, a retiring member can generally expect to receive total pension income from HOOPP and government pensions equal to about 60% of their pre-retirement earnings. This income can provide security and independence in retirement. Your employees will also enjoy other valuable Plan features, including:
- The option of retiring early, at age 55
- Inflation protection that can help protect the buying power of their pension*
- Portability which allows them to build their pension at multiple HOOPP employers
- Survivor benefits
- Disability benefits, for those who qualify
Provides service and support for your organization
As a HOOPP employer, you will be partnered with a Regional Manager dedicated to your organization who will provide administrative education and support and conduct presentations for your employees.
All of our administrative activities are available online through HOOPP Insight. Employers can use this system to securely process enrolments, terminations and retirements by instantly submitting information to HOOPP.
Our commitment to you continues beyond the approval process. Your Regional Manager will provide an orientation to explain the administration requirements and continue to support you on an ongoing basis.