Beneficiary Changes
HOOPP will confirm your beneficiaries at your retirement, when you terminate from the Plan, and before paying a death benefit. You may, however, change your non-spouse beneficiary at any time.
If you have a spouse
Your qualifying spouse is, by law, your primary beneficiary for HOOPP benefits, unless a waiver is signed. When you retire, your qualifying spouse remains first in line for any benefits payable upon your death, even if you later divorce or remarry.
A spouse acquired after you retire may be able to receive benefits upon your death, at the cost of a reduction to your pension, if conditions are met.
“Non spouse” secondary beneficiary
If you have a spouse and a waiver has not been signed, you can also name a secondary beneficiary -- a person, persons, organization, or your estate. The “non spouse” beneficiary receives any benefits payable after you and your spouse have died.
No spouse
If you don’t have a spouse, or spousal benefits have been waived, you can name anyone you want as your “non-spouse” beneficiary, and this beneficiary will be primary – first in line for any benefits payable upon your death. A non-spouse beneficiary can be a person, persons, organization, or your estate. You cannot, in this case, name a secondary beneficiary.
Changing designations
You can change or update information by using:
Notes
- Special rules apply for naming a minor (person under 18) as beneficiary. If you wish to name a minor, HOOPP recommends you get independant legal and financial advice.
- Where HOOPP has conflicting information regarding your non-spouse beneficiary designation, HOOPP will rely on the most recent designation you made.
Consider obtaining independent legal and financial advice to ensure your designation is legally valid and reflects your wishes.
