We have great news: your pension is going up! HOOPP is pleased to announce that as a result of the strong funded position of the Plan, the Board of Trustees has approved a cost of living adjustment (COLA).
This increase will help ensure that your pension benefits retain their buying power.
A COLA will be granted at a rate of 100% of the change in the consumer price index (CPI) over the previous year. As a result, all pensions and deferred pensions will increase by 1.61% as of April 1, 2016.
The Board understands the importance of providing inflation protection and is committed to ensuring pensions keep up with rising prices.
To learn more about this great benefit, read our COLA FAQ.