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 TTCPP Board of Directors.
Update as of June 22, 2024: The proposed Plan updates are approved, and are outlined in the 2023 Annual Report.
These enhancements will be presented to the TTC Board on June 20, 2024, and to the members at the AGM on June 22, 2024, for approval, before the updates come into effect.
As a reminder, there is 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.
- Only active members of TTC Pension Plan are eligible to vote on these enhancements. 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.
- 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.
- 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.
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 Planʼs treatment of a deferred plan memberʼs 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.
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