New Format for 2006 Annual Statement

Your 2006 HOOPP Annual Statement – a “snapshot” of your benefits as of Dec. 31, 2006 – has a new look this year.

Thanks to HOOPP’s new pension administration system, we’ve done away with the generic booklet that used to be provided in statement packages to explain terminology. Now, details of your benefits have been consolidated with the explanatory information that applies to you. Your statement is a bit longer, but it is custom-tailored to your situation.

For example, a member without a qualifying spouse will not have to wade through details on spousal options.

Annual statement Q&As

Q. Why don’t I get my statement earlier?

A. HOOPP collects data from employers annually, a process that can only begin until after year end. That data then has to be reviewed and verified.

Q. Can I get my annual statement online?

A. This is a service HOOPP is working towards providing, but it is not yet available. However, you can use the pension calculator on the website, along with your annual statement, to get estimates of your pension for dates other than those shown on your statement. You can also sign up for news to receive information from HOOPP electronically.

Q. Why has my vesting date changed?

A. Your vesting date is the date that you have two years of membership in the Plan and/or eligibility service. There is one exception - if, since you enrolled, you purchased or transferred more than two years of service into HOOPP, your vesting date will be your enrolment date.

Q. Where is my employment date and Plan membership date?

A. The new format statement shows your enrolment date and your eligibility service in years instead of your employment date and Plan Membership date. Plan membership was replaced with eligibility service in 2005.

Q. The commuted value of my benefits used to be in the benefits on termination section, where is it now?

A. Your annual statement no longer shows your commuted value. The purpose of this statement is to provide you with an estimate of the retirement benefits that will be payable to you in the future. HOOPP is a defined benefit plan, and as such your benefits are calculated based upon a formula, not the amount of money required today to provide you with your entitlements in the future – which is what the commuted value of your pension represents. Your commuted value does not play a role in calculating your future HOOPP benefits.

Q. My statement doesn’t list my spouse – how do I add my spouse’s name to my next statement?

A. Send HOOPP a Beneficiary Designation form – you can obtain one through your employer, or download it.

Summer 2007