Contributions
In 2007, 2008 and 2009 as a member, you contribute:
- 6.9 per cent of your annualized earnings up to the year's maximum pensionable earnings (YMPE); and
- 9.2 per cent above the YMPE
For example, if you work full time, you’ll contribute $6.90 for every $100 you earn up to the YMPE, and $9.20 for every $100 above it. The 2007 YMPE was $43,700; the 2008 YMPE is $44,900.
If you work part time, your contributions are calculated using the same formula, but are reduced to reflect the number of weeks you actually work.
There is no limit on the amount of contributory service you can build while you are an active member of HOOPP. However, you can’t contribute beyond November of the year in which you reach age 71 – at that point, you must start collecting your HOOPP pension.
Your employer calculates your contributions each pay period. Contributions will be deducted directly from your pay and are tax deductible.
Employers also contribute
In 2007, 2008 and 2009 employers contribute 126 per cent of what members contribute.
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