She retired at age 65 and started collecting her HOOPP pension on January 1, 2025. She has 25 years of contributory service and average annualized earnings of $100,000.
See how benefit improvements give you more in retirement
Prefer an example where Julia's circumstances look a bit different?
Age when she joined HOOPP
Average earnings
New Benefit Improvements Page
The benefit improvements apply to the 1.5% portion of the formula. Because the rate increase is on the portion of average earnings up to the average YMPE, the increases have the greatest impact to members whose average earnings are below or near the average YMPE.
$50k
$80k
$110k
25
30
35
40
45
Employment status
Part-time
Part-time
Full time
Full time
Part-time
Full time
Part-time
25
30
35
45
25
30
35
40
45
40
$80k
$110k
$50k
$50k
$110k
Use the selections to see what Diane's pension could have looked like if she joined HOOPP earlier or later, with different work schedules, or if she had different average annualized earnings at retirement.
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Without the pension increases:
With the benefit improvements:
Diane will receive an additional every year in retirement, bringing her annual lifetime pension to .
Over 20 years, Diane will receive more in pension income because of the increases.
This increase to her lifetime pension provides her with greater financial security.
What this means
$xxx,xxx
$x,xxx
$xx,xxx
$xx,xxx
$xx,xxx
1 year
5 years
10 years
30 years
15 years
1 year
5 years
10 years
30 years
15 years
Work schedule
If Diane joined at age and worked until age 65, she’d have years of contributory service.
25%
50%
75%
100%
25
50
75
25%
50%
75%
100%
$50K
$65K
$90K
$100K
$115K
$50k
$70k
$90k
$130k
$110k
$50K
$65K
$90K
$100K
$115K
100
Diane’s average annualized earnings
Meet Diane
Cumulative BI
$xx,xxx
$xx,xxx
$6,342
Cumulative BI
Total lifetime pension without BI:
$XX,XXX
$X,XXX
$XX,XXX
Total lifetime pension with BI:
Total lifetime pension before BI: $41,993
Total lifetime pension with BI: $48,334
full-time
30
40
$xx,xxx
Julia's new benefit improvement
Julia is a 65 year-old HOOPP member who is ready to retire. She has 30 years of contributory service and and average annualized earnings of $50,000. She's wondering how HOOPP's benefit improvements add value for her.
Cumulative BI
1 year
1 year
5 years
5 years
10 years
10 years
15 years
15 years
30 years
30 years
25
25
30
30
35
35
40
40
25
25
30
30
35
35
40
40
45
30 years
What if Diane’s circumstances looked a little different?
50
50
Total lifetime pension before BI:
Cumulative BI:
Total lifetime pension with BI:
Without the benefit improvements:
Upon her retirement at age 65, Diane would receive an annual lifetime pension of .
$130K
$130K
45
45
$130k
$130K
•
Because of these improvements, any survivor benefits payable to Diane’s qualifying spouse or beneficiaries will also increase. This is because the survivor benefits are based on Diane’s increased lifetime pension. Plus, with the benefit improvements Diane may have more flexibility on her decision of when to retire.
•
Diane’s pension may also increase with any approved cost of living adjustments (COLA).
•
This illustration assumes that Diane was employed until December 31, 2024, and that she started her pension on January 1, 2025, at the age of 65.
Since Diane retired at age 65, it does not reflect any bridge benefits or early retirement adjustments.
Her birthday is December 31 and she enrolls in HOOPP on January 1.
Her work schedule did not change throughout her career and she did not have any gaps in service. The maximum contributory service in a calendar year is one year (52 weeks).
The average YMPE for December 31, 2024, is $64,060.
Average annualized earnings are determined as of December 31, 2024.
The illustration produces two results. The first is a lifetime pension that does not reflect the past service benefit improvements granted in recent years.The second includes the benefit improvements approved by HOOPP, up to and including July 1, 2024.
• These benefit improvements can also result in increased financial protection for Julia's loved ones in the event that she passes away before them. This is because survivor benefits are impacted by the lifetime pension amount; when Julia's lifetime pension increases, the amount her loved ones can receive from survivor benefits, will also increase. Learn more about survivor benefits.
•
This increases the 1.5% portion of the pension formula. Because the rate increase is on the portion of average earnings, up to the average YMPE, the pension increases have the greatest impact to members whose average earnings are below or near the average YMPE.
•
Because of these enhancements, the , the survivor benefits payable to Diane’s qualifying spouse or beneficiaries will also increase. This is because the survivor benefits are based on Julia’s increased lifetime pension.
xx
25
100% represents full-time equivalent (FTE) hours.
The highest average of your annualized earnings during any consecutive period(s) of five years of eligibility service before your benefit is calculated. Benefits are calculated when you retire, terminate or pass away.
A full-time member generally earns one year of service per calendar year. Part-time members earn service based on the percentage of full-time hours that they work and contribute at each of their HOOPP employers.
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Diane's new total lifetime pension
Diane’s average annualized earnings
Average annualized earnings (AAE)
This increases the 1.5% portion of the pension formula. Because the rate increase is on the portion of average earnings, up to the average YMPE, the pension increases have the greatest impact to members whose average earnings are below or near the average YMPE.
Cumulative BI:
Total lifetime pension with BI: $33,450
Total lifetime pension before BI: $28,125
$5,325
How have HOOPP’s benefit improvements (BI) helped provide Diane with a more secure retirement?
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