Plan Updates

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

Including the updates below, the Plan remains fully funded.* The following changes to the Plan benefits were approved for 2023:

1. For members who have retired on or after Jan. 1, 2024, your pensionable earnings in 2023 will now be included in the base period for calculating your pension benefits. The base-period formula will now be the average of your best four years of pensionable earnings up to Dec. 31, 2023.
2. With this formula update, the survivor benefit date has been moved to Jan. 1, 2024. This means that, for married members, the 60% survivorship option will have no cost for all pension service prior to Jan. 1, 2024.
3. Also, members who retired before Jan. 1, 2024, will receive an ad hoc cost-of-living adjustment (COLA) of 4.77%. If you retired in 2023, your COLA will be prorated for the number of days you were retired in 2023.

As a reminder, there exists no contractual obligation to provide benefit improvements, nor are future enhancements guaranteed. The Board will continue to manage the risks and pursue adjustments to our strategies as needed to ensure the Plan remains sustainable and meets the pension security needs of our members for the long term.

Additional Bylaw amendments

In addition to amendments required as a result of Board-approved formula improvements, TTC Pension Plan administration and the Board of Directors have recommended a revision to the Plan’s treatment of a deferred Plan member’s pension entitlement when they return to work and are eligible to rejoin the Plan. The new change allows any Plan member with a deferred pension entitlement to resume membership in the Plan immediately upon rehire.

*There is no contractual obligation to provide benefit improvements and future Plan enhancements are not guaranteed.