COLA, 2023 COLA, cost of living 2024, April 1
To help our retired and deferred members’ pensions keep up with inflation, HOOPP’s Board of Trustees has approved a 2024 cost of living adjustment (COLA)
HOOPP announces COLA for 2024
Protecting the buying power of HOOPP pensions
HOOPP’s Board of Trustees has approved a 2024 cost of living adjustment (COLA) of 1.83% to help our retired and deferred members’ pensions keep up with inflation. The increase is effective April 1, 2025, and equals 100% of the rate of increase in the Consumer Price Index (CPI). HOOPP uses the CPI, a measure of the rate of inflation, when determining COLA.
While COLA is not guaranteed each year, the Board understands the importance of providing this valuable benefit to members. For contributory service before 2006, COLA is guaranteed at 75% of the previous year’s rate of increase in the CPI, up to a maximum CPI increase of 10%.
Retired members will see their monthly pension payments increase as of the effective date. Those with pension payments that started part way through last year will receive a prorated COLA increase. For example, a member with pension payments that began on July 1, 2024, will receive half of the annual increase. This increase will be reflected in your next annual statement, coming this spring.
Members who no longer work for a HOOPP employer and have deferred their pension will see the change reflected on their annual statements this spring. They have the opportunity to benefit from COLA before and after they retire, as approved annually by the Board of Trustees.
HOOPP’s inflation protection can help you keep up during these challenging economic times. Learn more about inflation protection.
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HOOPP announces COLA for 2024
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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