The following notice outlines plan updates that have been set forth after careful actuarial consideration of the affordability and long-term health of the plan by the TTC Pension Plan (TTCPP) Board of Directors.
These enhancements will be presented to the members at the Annual General Meeting (AGM) on June 27, 2026, for approval, before the updates come into effect.
Only active TTCPP members are eligible to vote on these enhancements.
- For members who have retired on or after January 1, 2026, your pensionable earnings in 2025 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 December 31, 2025.
- With this formula update, the survivor benefit date will be moved to January 1, 2026. This means that, for married members, the 60% survivorship option will have no cost for all pension service prior to January 1, 2026.
- Also, members who retired before January 1, 2026, will receive an ad hoc cost-of-living adjustment (COLA) of 2.00%. If you retired in 2025, your COLA will be prorated for the number of days you were retired in 2025. The COLA adjustment will be paid retroactively to January 1, 2026.
Note: There is no contractual obligation to provide benefit improvements, nor are future enhancements guaranteed.
Additional bylaw amendments
In addition to amendments required as a result of Board-approved formula improvements, TTCPP administration and the Board of Directors have recommended the following amendments:
- Specify that both active and inactive (deferred) members who start their pension before age 65 can elect the income levelling option. This option supplements their income until they turn 65 and become eligible to receive Canada Pension Plan and Old Age Security benefits.
- Update the method used to calculate interest for terminated members who leave the plan and are eligible for a lump-sum payment.
- Update eligibility requirements for the Secretary and Treasurer roles to specify that they be TTCPP employees instead of regular members. Remove the requirement that the Board appoint the Secretary.