HOOPP pensions will increase April 1, 2020
Spring forward with a 2.25% COLA
We are pleased to announce that HOOPP’s Board of Trustees has approved a cost of living adjustment (COLA) equal to 100% of the change in the consumer price index (CPI) over the previous year.
As a result, pensions for all retired and deferred members, as well as pensions paid to surviving spouses and beneficiaries, will increase by 2.25%. You will see the increase on your April 1, 2020 pension payment.
Pension payments that started part way through last year will receive a prorated COLA increase. For example, a pension payment that began on July 1 will receive half of the annual COLA increase.
The Board understands the importance of providing members with inflation protection through COLA and is committed to ensuring pensions keep up with rising prices, whenever possible. While increases aren’t guaranteed, our positive funded status and the Plan’s strong performance have enabled us to grant annual COLA at a rate of 100% of the CPI since 2014.
To learn more about this valuable benefit, please visit our inflation protection section.
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HOOPP pensions will increase April 1, 2020
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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