Amendment to Shortened Life Expectancy Option

Sent to: CHRO, Admin and MDC contacts
Date: Sept 3, 2009

Effective August 26, HOOPP has made an amendment to its Plan provision to now allow active members facing a shortened life expectancy to apply to withdraw a lump-sum pay¬ment (less withholding tax) without having to terminate employment.

A doctor licensed in Canada must give a medical opinion that the member has a life expectancy of less than two years. Under the new provision, the member must contact HOOPP directly if they choose to terminate their membership in HOOPP.

As with pensioners and deferred pensioners, if a member has a qualifying spouse, they must also get their qualifying spouse’s permission, through a signed waiver, to withdraw the funds.

In the event that a member qualifies and chooses to exercise this option, HOOPP will advise you of the date that the member has terminated membership with HOOPP and ask for the final weeks and contributions; no contributions need to be collected after this date.

Our forms and information sheets are in the process of being updated to reflect this new provision. If you have any questions or concerns, please either consult HOOPP’s online Administration Manual or contact HOOPP at info@hoopp.com or call 1-888-333-3659.