4.5 Employer Required Contributions
Determination of Employer Contributions
The level of employer contributions is determined by the Plan administrator on the advice of the Plan’s actuary in accordance with the funding provisions of the HOOPP Plan Text and legislative requirements.
How Employer Contributions Work
Employer contributions support the Plan as a whole; they do not apply directly to each member's individual account.
For administrative purposes, employer contributions are expressed as a percentage of total member required contributions.
The current employer contribution rate is 126% of member contributions received during the year.
When Contributions are Required
Employers must contribute at the prevailing employer contribution rate, for member required contributions in relation to the following:
A member’s pensionable earnings
Retroactive salary or wage adjustments (using the rates in effect for the year(s) the payment applies)
Leaves
Temporary periods of reduced earnings/approved work schedule reduction
Health leave top ups