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