As a retired member of HOOPP, you will never outlive your pension. It’s paid to you for life and provides a secure monthly income in retirement. We know that every dollar counts – especially as we retire earlier and live longer. When you retire,
HOOPP may also provide inflation protection to help safeguard the buying power of your pension.
Cost of living adjustment (COLA)
HOOPP’s Board of Trustees decides annually on whether to provide a cost of living adjustment (COLA) to your pension. Though not all of these increases are guaranteed, we are proud to grant this valuable benefit to help protect your
pension against rising prices.
The Board approved an increase of 3.40% to all pensions and deferred pensions. The increase is effective April 1, 2024 and is the maximum allowable for the year based on the Consumer Price Index (CPI).
How is COLA determined?
COLA is based on three factors:
The Plan’s funding status
HOOPP’s Board of Trustees understands the importance of providing inflation protection and is committed to ensuring pensions keep up with rising prices. It is also responsible for ensuring that the Plan is sustainable and managed prudently
for the benefit of all active and retired members, and employers.
The Board votes each year whether the Plan is able to sustain a cost of living adjustment and carefully considers the Plan’s funded status, a measure of the Fund’s assets in relation to what it owes in pension benefits to members,
currently and in the future.
The change in the Consumer Price Index (CPI)
Statistics Canada measures monthly changes in the cost of living. Each month, it examines the price of a basket of consumer goods and services typically purchased by Canadian households, and compares the ups and downs to previous months. This
is called the Consumer Price Index (CPI). To calculate COLA, HOOPP uses the change in CPI each December, as compared to the December of the previous year (to a maximum CPI increase of 10%).
Contributory service
Contributory service credited to years before 2006 receives a guaranteed annual COLA increase equal to 75% of the previous year’s increase in the CPI. The Board can increase the adjustment up to 100% of the previous year's CPI increase if
funds permit, although this additional adjustment isn't guaranteed. For example, in 2015, retired and deferred members received a one-time COLA catch-up that brought pension benefit levels up to the amounts that now reflect adjustments at
100% of the CPI for the 2002 to 2013 period; during those years, COLA had been paid at 75% of the CPI.
For contributory service credited after 2005, COLA is not guaranteed. HOOPP's Board votes annually on whether to provide inflation protection and if so, decides what percentage of the change in CPI to provide. The adjustment can be anywhere from
zero to 100%, and since 2002 it has been 100%.
When do I receive my COLA?
COLA increases are applied on April 1 to all pensions for retired and deferred members, as well as pensions that are paid to surviving spouses and beneficiaries.
Every year we send you a Pension Statement with the approved COLA amount and your new
monthly payment. You can also see your pension amount and your payment history on HOOPP Connect, under My Pension Profile.
Have you deferred your pension?
If you leave your HOOPP employer and you choose to keep your pension with HOOPP, your pension will continue to grow with any approved cost of living adjustments both before and after retirement.
We're here to help
If you have questions about HOOPP’s inflation protection and how it affects you directly, please contact Member Services at 416-646-6445.
For access to your latest pension statement and to opt out of paper statements, please sign in to HOOPP Connect.
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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