Inflation protection
Great news for retired members: your pension is going up!
Every year, HOOPP’s Board of Trustees carefully examines the sustainability of the Plan, its funding status, and other factors when considering whether to provide inflation protection.
We are pleased to announce that as a result of the strong funded position of the Plan, the Board has approved a cost of living adjustment (COLA) for our retired and deferred members. A COLA will be granted at a rate of 100% of the change in the consumer price index over the previous year. As a result, all pensions and deferred pensions will increase by 1.87% as of April 1, 2018.
Pension payments that started part way through last year will receive a prorated COLA increase. For example, a pension payment that began on July 1 will receive half of the annual COLA increase.
The Board understands the importance of providing inflation protection and is committed to ensuring pensions keep up with rising prices, when possible.
Learn more about inflation protection.
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Inflation protection
Retired
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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