We are pleased to report that 2021 was another strong year for TTC Pension Plan.
With the world continuing to navigate the COVID-19 pandemic, we remain focused on ensuring that TTC Pension Plan delivers on its promise of a stable and sustainable pension for all our members in their retirement. As the Board of TTC Pension Plan, it is our duty to support the pension management team and ensure our employees have the resources they need to deliver the secure retirement pension that our members count on for life.
We are pleased to report that 2021 was another strong year for the Plan. Thanks to the prudent strategies and steady guidance of the Management team, we emerged from this period of incredible disruption in a solid position. Once again, the Plan exceeded its targets for financial performance and has extended its long-term track record of sustained growth. As a result of our strong financial position, the Board approved an update to the base period, and for members who retired in 2021 or earlier, the Board approved a cost-of-living increase of up to 2.41%, effective Jan. 1, 2022. This increase reflects the positive performance of the Plan, our stable contributions structure, and our strategic, long-term focus. As a reminder, there is no contractual obligation to provide benefit improvements, and future enhancements are not guaranteed.
At the same time, we recognize that the ongoing pandemic and other factors are complicating the global economic recovery. Lower forward-looking returns and shifting demographics are putting greater pressure on our pension liabilities. The Board will continue to manage the risks and pursue adjustments to our strategies as needed to ensure the Plan can continue to meet its pension obligations today and for those retiring in the years to come.
We are proud of the way our team has managed to deliver for our members in these challenging times. Not only have they come through under the most difficult circumstances, they have also worked diligently in pursuit of even better ways to serve our members. Whether it’s the launch of our first-ever public website or hosting online webinars to educate members about the Plan in a safe and convenient forum—our team never stopped looking for ways to improve their support for our members.
We would like to express our gratitude to retiring Board members Brian Leck, Rick Fox and Kevin Morton, as well as outgoing Board member Carlos Santos. Your commitment and trusted guidance over these years have been invaluable to our collective mission. We also welcome Marvin Alfred, Michael Atlas, Angie Clark and Max Matharu to the Board and look forward to your expertise and perspectives as we chart the way forward together.
With the strength and stability of our investment portfolio and the dedication of our team, we are confident that TTC Pension Plan will continue to provide our members with the secure retirement income they can count on— now and in the future.