Plan Updates

Plan updates are approved by the TTCPP Board of Directors after careful actuarial consideration of the affordability and the long-term health of the Plan. Each year, these Bylaw amendments are also presented to the TTC Board for sanctioning and then presented at the annual general meeting (AGM) for membership approval.

The following changes to the Plan benefits were approved for 2023:

  1. For members who have retired on or after January 1, 2023, your pensionable earnings in 2022 will now be included in the base period for calculating the pension benefits. The base-period formula will now be the average of your best four years of pensionable earnings up to December 31, 2022.
  2. Together with this formula update, the survivor benefit date has been moved to January 1, 2023. This means that for married members, the 60% survivorship option will have no cost for all pension service prior to January 1, 2023.
  3. Also, members who retired before January 1, 2023, will receive an ad hoc cost-of-living increase of 5.35%. If you retired in 2022, your indexing will be prorated for the number of days you were retired in 2022.

The Board determines the amount of cost-of-living increases, but under the Canadian Income Tax Act, that percentage increase is not permitted to be in excess of the cumulative percentage increase in the Consumer Price Index.

There is no contractual obligation to provide benefit improvements. On an annual basis, the TTC Pension Plan Board of Directors assesses affordability of benefit improvements and provides them at its discretion. Future enhancements are not guaranteed.

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