The going-concern funded status compares the amount of assets in the Plan relative to the fund’s liabilities. It is measured by dividing pension fund obligations from the assets. Funded status is a useful measurement for gauging the Plan’s overall financial condition, and whether it is able to meet all of its future pension obligations. Our current funded status is 96%. When factoring in growth of the Plan, this means we are positioned to continue paying all of our pension obligations well into the future.
The Plan’s assets grow through your contributions, matching employer contributions and investment earnings.
Our top priority is ensuring the sustainability of our Plan so that we can provide our members with a pension for life. Our investment portfolio uses a long-term approach, which is diversified across a wide variety of asset classes, risk-return characteristics and liquidity. Our team continually monitors the Plan’s performance against set targets for both returns and the level of risk as markets evolve. This approach reduces overall risk and helps to balance benefit security with affordability to help ensure the Plan is equipped to pay pensions today and preserve pensions for decades to come.
TTCPP is a defined benefit pension plan. A defined benefit plan means that the pension payment you receive at retirement is predetermined and predictable, based on a formula involving your years of service and earnings. Because your benefit is defined, you always know, based on the formula, how much you will receive in payments throughout your life.
In a defined contribution plan, the amount of pension income you will receive at retirement is not predetermined because it’s based on how much you contribute individually and how much the investment grows. In that sense, it is much more subject to market volatility.
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