To help our retired and deferred members’ pensions keep up with inflation, the HOOPP Board of Trustees has approved a 2020 cost of living adjustment (COLA) of 0.73%. The increase is effective April 1, 2021 and is the maximum allowable for the year based on the Consumer Price Index (CPI).  

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, 2020, will receive half of the annual increase.  

Deferred members will see the change reflected on their statements and they will continue to have the opportunity to benefit from COLA up to and during their retirement. 

Importance of inflation protection 

The Board understands the importance of providing members with inflation protection through COLA and is committed to ensuring HOOPP pensions keep up with rising prices, whenever possible.  

While COLA increases are not guaranteed*, our positive funded status and the Plan’s strong performance have enabled us to grant COLA at a rate of 100% of the increase in the CPI each year since 2014. One of the additional benefits of COLA, is its compounding effect which allows your pension to grow even more over time. 

To learn more about COLA, please visit the inflation protection section on hoopp.com. 

Your pension statement 

If you are a retired member, your annual pension statement will be available on HOOPP Connect by early March. If you have chosen to receive a paper copy, it will be mailed to you by the end of March. Statements for deferred members will be available on HOOPP Connect and mailed by the end of April. To sign in or register for HOOPP Connect, visit hoopp.com/connect. 

*Annual COLA isn't guaranteed, except for contributory service before 2006, which receives COLA of at least 75% of the previous year's increase in the CPI..