HOOPP Connect, beneficiary
Five minutes – that’s all it takes to make sure your spouse and beneficiary information is up to date
Are your loved ones protected?
Five minutes – that’s all it takes to make sure your spouse and beneficiary information is up to date
As a member of HOOPP, you have peace of mind knowing the Plan offers survivor benefits to protect your loved ones if something happens to you. Preparing for the future can alleviate some of the stress on those you leave behind.
How do survivor benefits work?
Your spouse is always first. If you have a qualifying spouse, they are entitled to receive survivor benefits when you pass away. If you pass away before you retire, your spouse can choose to receive a monthly pension for life, or a lump-sum payment.
If you don’t have a spouse, you are able to choose a beneficiary(s) to receive survivor benefits when you pass away. If you pass away before you retire and you don’t have a spouse, your beneficiary(s) will receive a lump-sum cash amount that represents the value of the pension benefit you’ve accumulated.
Who can you name as a beneficiary(s)?
You may designate a beneficiary(s) to receive survivor benefits if you don’t have a spouse, or in the event that you and your spouse pass away at the same time.
Your beneficiary(s) can be one or more individuals, such as your parents or children, or an organization, such as a charity or trust. You can also designate your estate as your beneficiary to have your survivor benefits administered according to a will. If you do not designate a beneficiary and you don’t have a spouse, any benefits payable on your death will be paid to your estate.
Keeping your information up to date
No matter how far you are from retirement, it is important to keep your information up to date. Check your Annual Statement, or visit HOOPP Connect to ensure your spouse and beneficiary(s) are on record and to make any changes.
If you need to make a change, you can update your spousal information online on HOOPP Connect. To designate or change your beneficiary(s) you can complete the Spousal and Beneficiary Designation Form and send it to HOOPP.
Five minutes of your time can give you peace of mind!
Visit Planning for Loved Ones to learn more about survivor benefits.
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Are your loved ones protected?
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This document provides a simplified overview of HOOPP's benefits based on the terms of the HOOPP Plan Text at the time of publication. From time to time, HOOPP may amend the HOOPP Plan Text. In cases where the information provided in this document differs from that contained in the HOOPP Plan Text, the HOOPP Plan Text will govern. More details, including the full HOOPP Plan Text and a complete description of the Plan and its benefits, can be found on hoopp.com.
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