The purpose that drives HOOPP is that all healthcare workers have a financially secure retirement. HOOPP manages all aspects of the pension provision for healthcare workers, not only administering the pension plan, but also investing member and employer contributions to ensure that pensions can be paid now and into the future.
Who can join HOOPP?
Full-time employees at a HOOPP employer, such as Southlake, immediately upon hiring become a member of HOOPP.
Part-time and other non-full-time employee at a HOOPP employer now have the option to join HOOPP without waiting to be eligible. As a HOOPP member, your lieu of benefits will be reduced by 4% (except SEIU Clerical and Service).
How to join HOOPP
Full-time employees will be enrolled into the pension plan upon date of hire.
Part time employees will be provided the opportunity to enroll in their Onboarding day and in their offer letter..
Transferring to full time, enrollment is compulsory
Part-time, or other non-full time employee (excluding contract positions), may be enrolled at any time. Please complete the HOOPP Enrolment Form
and submit to Human Resources (either by email at firstname.lastname@example.org
or in person on the 3rd floor of the Medical Arts Building) in order to be enrolled.
How to maximize your HOOPP pension by buying back service
The number of years you've contributed to the HOOPP Plan is a major factor in determining your pension. When you buy back service, you gain additional weeks of contributory service, increasing your overall pension in retirement.
Services you can buy back:
Prior HOOPP service
A period when you were employed by a HOOPP employer but not enrolled in the Plan
- a period when you were on a leave and not making contributions
- a period of former HOOPP service for which you received a termination benefit, and were not making contributions or receiving free accrual
- a period of time you were off work due to a layoff or strike when you were employed by a HOOPP employer
- if you joined HOOPP due to a divestment and there was a waiting period to join your previous pension plan, you can purchase this period
- prior employment service with a new participating employer
Prior service with another pension plan
If you were a member of another pension plan and transferred your benefit out of that plan, you may be able to buy back the service and build your HOOPP pension.
If you have a benefit in another pension plan, you may be able to transfer the service from your previous pension plan to HOOPP.
How to pay for a buy back:
You have the option of buying back service with either cash or registered funds, such as funds from an RRSP or locked-in retirement account. Buybacks cannot be paid through payroll deduction.
HOOPP will inform you of the portion of your buyback that can be paid with registered funds, and, if applicable, which part can be paid in cash, and whether there are any tax consequences.
When is the best time to buy back service? You may buy back service at any time before you retire or terminate your membership in the Plan. However, as your age, earnings and years in the Plan increase, so does the cost of buying back service.
How to begin the buyback process:
Visit hoopp.com to use HOOPP's buyback calculator tool.
- Input the necessary information from your current HOOPP statement (available on HOOPP Connect online portal or mailed to your home address if you have not registered with HOOPP Connect) and you will be provided with an estimate of the cost of the buy back.
- To proceed with an official quote from HOOPP, print the buyback estimate, complete the buyback form and return both documents to Human Resources, email to email@example.com or deposit in the HR lobby drop box.
- HOOPP will mail you the official quote within six to eight weeks. The official quote has an expiry period from date of issue. If this time expires, you will need to resubmit the buyback quote request..
Additional information can be found on hoopp.com in the member booklet, You Can Have More.