Message From the Executive Director Carl Roark
I’d like to provide an update on our continued efforts to support our retirees. As many of you know, a special COLA (cost‑of‑living adjustment) committee has been in place since 2024 and played a key role in the approval of the 2.7% COLA for 2026. In addition to that work, the committee has reviewed other ways to offer meaningful financial relief. As a result, we are now pursuing authority for two additional tools: a supplement, and a limited‑benefit COLA.
A supplement is a one‑time check designed to offer some inflationary assistance, particularly in years when a traditional COLA cannot be granted. The amount—determined annually by the board—does not increase future pension payments and is not guaranteed in subsequent years. Because it does not create ongoing benefit obligations, its long‑term cost to the system is significantly lower than a COLA.
A limited‑benefit COLA is an adjustment that increases retiree benefits only up to a capped dollar amount or applied to a limited portion of the benefit. This structure provides some protection against inflation while helping manage overall plan costs.
Both tools require legislative authorization, and we are working closely with key stakeholders to communicate the system’s financial position, the needs of our retirees, and the importance of offering targeted support without compromising long‑term fund stability.
HPRS remains committed to advocating responsibly and transparently as this process moves forward. We will continue to monitor developments and share updates as they become available. Thank you for your continued trust in HPRS—supporting the long‑term security and well‑being of our members remains our highest priority.
Source - February 2026 OHPRS Newsletter
