** Archived Item **
Archived items are provided as an historical record. This article may not reflect current provisions.
Pensioners Get 1.79 Per Cent COLA Increase April 1
All HOOPP pensioners – including deferred pensioners – will see a cost of living adjustment (COLA) of 1.79 per cent on April 1, 2008.
Please note that pensioners who started receiving their pension partway through 2007 will see their COLA pro-rated.
HOOPP COLA is equal to 75 per cent of the previous year's consumer price index (CPI). From December 2006 to December 2007 the CPI rose by 2.38 per cent.
Pensioners will see the exact amount of their COLA when they receive pension statements from HOOPP in late March.
HOOPP's Board of Trustees is aware of the importance of providing COLA to pensioners and has consistently worked to ensure that HOOPP pensions maintain their buying power. As in previous years, the Board has decided to make the ad hoc COLA increase on post-2005 service equal to the guaranteed increase. Visit the Power of inflation protection page to see the COLA provided since 1999. For more information about the CPI, please click here.
March 2008
