** Archived Item **
Archived items are provided as an historical record. This article may not reflect current provisions.
Newly Enrolled Members Contacted About Buyback Changes
Newly enrolled HOOPP members received a letter in the mail towards the end of February advising them of the changes to HOOPP's buyback process.
As you will remember, we also sent out a Primer Alert broadcast e-mail to coincide with the mailings to advise you of the notifications about the buyback changes. (Here's a list of all recent Primer Alerts.)
Starting on April 1, 2008, buyback quotes will be calculated based on a member's age and earnings on the date full information is received by HOOPP rather than using our previous method of calculation, which bases the cost of buyback on a member's age and earnings at the time of enrolment and is fixed for two years.
With this change in calculation, quotes will also be valid for only 90 days – after which, the quote will expire and the member will require a new quote.
If you receive any questions, please advise members that they can find more detailed information about the cost and purchase conditions of buying back service on our Buy Back Service pages on hoopp.com.
March 2008
