We are steadfast in our commitment to safeguarding TTC Pension Plan’s ability to provide sustainable pensions for our members, now and in the years to come.
In our roles as the Board of Directors of TTC Pension Plan, we bear the responsibility of overseeing the Plan and supporting the management team in securing pensions for our members throughout their retirement years. Upholding our fiduciary obligations, we maintain vigilant oversight over investment performance, funding status and expenditures, all the while upholding stringent governance policies.
Emerging from the challenges of recent years, TTC Pension Plan remains in a strong position, attributed to the prudent investment strategies implemented by the management team. The Plan met its long-term financial performance targets and benchmarks and remains well funded, ensuring ample resources to meet both current and future pension obligations.
Annually, the Board conducts a thorough actuarial review to evaluate the feasibility of implementing benefit improvements, considering both affordability and the Plan’s long-term viability. We are pleased to announce that, for the 12th consecutive year, the Board has approved an update to the base period and a cost-of-living adjustment, effective January 1, 2024. It’s important to note that while these enhancements have been approved, there exists no contractual obligation to provide them, nor are future upgrades guaranteed. The Board remains committed to managing risks diligently and adapting strategies as necessary to ensure the sustained viability of the Plan, prioritizing the long-term pension security of our members.
We would like to extend our sincere appreciation to Sean Hewitt, who recently departed his role as chief executive officer. The Board wishes Sean every success in his new chapter. We are grateful for the invaluable contributions he made to TTC Pension Plan during his 8-year tenure as our inaugural CEO.
James Clarkson, our current Chief Financial Officer and Treasurer, has assumed responsibilities as Acting CEO on an interim basis. The Board is confident in James’s ability to provide stable and effective leadership during this transitional period. With over 20 years of pension expertise in finance, operations, strategic leadership, investments, compliance and administration, James is well suited to navigate us through this phase, leveraging his 11-year tenure with TTCPP.
As we undergo this transition, the Board is optimistic about the future. We are committed to conducting a thorough search to identify a suitable candidate for the permanent CEO role. The Board is confident that we will find a qualified and capable individual to continue advancing TTCPP’s mission, vision and values for our members.
In closing, we want to express our heartfelt gratitude to our members for their ongoing support and confidence in TTC Pension Plan. We recognize the significance of securing your retirement, and we remain steadfast in our dedication to upholding this vital commitment. Rest assured we are fully dedicated to continually striving to fulfill this mission to provide every member with dependable retirement security throughout their lifetime.