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What kind of pension plan is HOOPP?

The Healthcare of Ontario Pension Plan (HOOPP) is a defined benefit pension plan. We provide a stable and reliable income to our retired members that starts in retirement and is paid for life. Our mission is to deliver on our pension promise to our more than 400,000 healthcare workers in Ontario.

How much is a HOOPP pension worth?

To calculate your monthly pension, we use: For each year of contributory service, you receive 1.5% of your average annualized earnings up to the average YMPE, plus 2% of your average annualized earnings above the average YMPE.

When can a 55 year old retire?

You can retire early, although you won't be able to receive Social Security retirement benefits until at least age 62. 401(k) holders can withdraw money from their 401(k) at age 55 without penalty, only if they are fired, quit their job, or are laid off.

What happens when you leave Hoopp?

As a HOOPP member, you are entitled to a pension when you retire. If you leave your HOOPP employer before it's time to start your pension, you can simply remain a HOOPP member by keeping your pension in the Plan and receiving it when you decide to retire.

How do I cancel my HOOPP account?

Submit a Termination event in HOOPP Insight to notify HOOPP of a member's termination of employment. You will also be required to submit Events Final Data information through HOOPP Insight for the member, including: Employment End Date. Final weeks and contributions.

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