To help our retired and deferred members’ pensions keep up with inflation, HOOPP’s Board of Trustees has approved a 2023 cost of living adjustment (COLA) of  3.40%. The increase is effective April 1, 2024, 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, 2023, will receive half of the annual increase. This increase will be reflected in your next annual statement.

Members who no longer work for a HOOPP employer and have deferred their pension will see the change reflected on their annual statements. They have the opportunity to benefit from COLA before and after they retire, as approved annually by the Board of Trustees. Learn more about inflation protection.

When will you receive your annual statement?

If you are a retired member, your annual statement will be available on HOOPP Connect, and mailed to you if you currently receive a paper copy, by the end of March.

If you are a deferred member, your statement will be available on HOOPP Connect, and mailed to you if you currently receive a paper copy, by the end of June.

If you haven’t done so already, register for HOOPP Connect and get connected to your pension.