HOOPP continues to proudly support our members while striving to improve their retirement security.

Earlier this year, HOOPP’s Board of Trustees approved a 2023 cost of living adjustment (COLA) of 3.40% for our retired and deferred members, effective April 1, 2024. This valuable benefit will help your pension keep up with inflation.

The increase 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.

Plan Text updates

The following amendments to the HOOPP Plan Text have been filed with the Ontario pension regulator and are included in an updated copy of the Plan Text available on hoopp.com.

• Effective April 1, 2024, HOOPP provided a cost of living adjustment of 3.40% for retired and deferred members to help pensions keep up with inflation.
• Effective July 1, 2024, eligible HOOPP members who were active in the Plan on or after July 1, 2024 will receive a larger lifetime pension for contributory service in 2023*.

We are pleased to be able to continue enhancing our members’ retirement security and peace of mind.

If you have any questions, please contact our Member Services team.

You may also submit comments about these changes to the Ontario pension regulator at:
Chief Executive Officer, the Financial Services Regulatory Authority of Ontario
25 Sheppard Avenue West, Suite 100
Toronto, ON
M2N 6S6.

*Eligible members will receive a lifetime pension based on 2% of their average earnings (instead of 1.5%) up to the average year’s maximum pensionable earnings (AYMPE) for contributory service in 2023.

Members who retire before age 65 will receive a monthly bridge benefit from HOOPP, along with their lifetime pension. Since eligible members will receive a larger lifetime pension because of this improvement, the bridge benefit will be adjusted. This means that when the bridge benefit ends at age 65, members will see less of a change in their overall pension from HOOPP.