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.
The annual Member Data Collection process starts in December and is used to gather the following information:
Contributions (split by the low and high contributions as discussed in section 4.1 Employee Required Contributions and section 4.3 Calculating Employee Contributions )
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)
Based on the information collected, HOOPP updates member records. This information is used:
To calculate a member's benefit entitlement
To generate HOOPP annual statements
By the Plan's actuaries to assess HOOPP's financial obligations
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.
If there is an overpayment, HOOPP will credit the amount owed to you within 30 days after the account has been reconciled. If there has been an underpayment, you will receive an invoice. You will have 30 days to make the payment; after that, you will be invoiced for make whole charges.