HOOPP is a pension plan that is jointly administered by four unions, including CUPE, and the Ontario Hospital Association.
HOOPP’s 16 Trustees include Louis Rodrigues and Sharon Richer – full-time officers with the Ontario Council of Hospital Unions-CUPE.
Formula used to calculate the pension has changed
For service in 2018, 2019 and 2020, pension on earnings under the yearly maximum pensionable earnings (YMPE) will now be calculated at 1.75% x years of service x salary.
For active plan members, this credit of past service using the factor of 1.75% rather than 1.5% x years of service x salary for earnings under YMPE is great news.
All past service for active members up to and including 2020 is now calculated at the higher rate. Earnings above YMPE ($61,600 in 2021) are calculated at 2% x years of service x salary.
Plan members who take COVID-19 related unpaid leaves can also ask HOOPP to cover the pension contributions for those periods.
Full details: hoopp.com.
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