2. Administrative Overview

HOOPP

The HOOPP Board of Trustees governs the Plan and Fund with the important focus of meeting our mission to deliver on the pension promise. The Board’s duties include:
• Approving changes to the Plan and benefits
• Setting contribution levels
• Establishing investment policy
• Monitoring investment performance
• Approving annual operating budgets

HOOPP's President & CEO reports directly to the Board of Trustees. See hoopp.com for additional information - HOOPP Board of Trustees.

HOOPP employees provide day-to-day investment and pension administration services under the direction of the President & CEO:

• Process member benefits

• Collect contributions from and provide administrative and educational support to more than 870 employers

• Pay monthly pensions to retired members

• Maintain HOOPPʼs compliance with pension and related legislation

• Maintain records for all contributing members

• Issue an annual statement to every HOOPP member

• Holding employers accountable for fulfilling their obligations

• Respond to all member and employer inquiries

• Manage the multi-billion-dollar HOOPP Fund as per the investment guidelines established by the Board of Trustees

• Assess the Planʼs long-term financial status and perform actuarial valuations

Employers

Employers must follow HOOPPʼs policies and procedures, the HOOPP Plan Text, as interpreted and applied by the Board of Trustees of HOOPP, the HOOPP Agreement & Declaration of Trust, this Administration Manual, the instructions in the Employer Learning Centre, and other HOOPP materials.

Employers play a key role in supporting the delivery of the pension promise and compliance with regulatory requirements and the commitments in their participation agreement with HOOPP. Employer responsibilities include:

• Informing all eligible employees of their right and opportunity to join HOOPP, including part-time and non full-time employees

• Ensuring the accurate calculation and timely remittance of monthly employer and member contributions

• Submitting timely information to HOOPP that triggers routine individual member events such as a memberʼs enrolment, retirement or termination from the Plan

• Providing HOOPP with complete, accurate and timely data required to complete the annual reconciliation process and non-routine pension transactions (such as arbitration awards)

• Providing HOOPP with accurate reporting of leave periods

• Providing members who made contributions to HOOPP's retirement compensation arrangement (RCA) with personalized RCA Notices. The RCA Notices Report can be accessed in HOOPP Insight using the Report Generator.

  • For information about employer responsibilities for pension adjustments, see section A.3 Responsibilities for Reporting PAs, PSPAs and PARs.

• Ensuring that HOOPP has current and complete contact information for employer contacts and members on enrolment

• Responding to any information requests from HOOPP for the administration of HOOPP benefits

• Providing information to HOOPP to assist with responding to any requests from the Financial Services Regulatory Authority of Ontario (FSRA)

• Employers are always responsible for work and information provided by any third party they hire to support their employer responsibilities.

The obligations of participating employers based on requirements set out in the Ontario Pension Benefits Act (PBA), meaning that some obligations are required by legislation. The PBA authorizes FSRA to levy penalties when specific requirements of the PBA are not met, including obligations that fall to employers. Generally, these penalties are connected with requirements to provide information to HOOPP, the timelines for remitting contributions and the need to provide information to your employees as set out above. Employers may be subject to penalties.