For active membership approval June 25, 2022
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. Additional approval is required on these enhancements, which will be presented to the TTC Board on June 23, 2022, and to the members at the Annual General Meeting (AGM) on June 25, 2022 before the updates come into effect.
All active members and retired members are welcome to attend. Only active members of the TTC Pension Plan are eligible to vote on these enhancements.
- For members who have retired on or after Jan. 1, 2022, your pensionable earnings in 2021 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, 2021.
- Together with this formula update, the survivor benefit date has been moved to Jan. 1, 2022. This means that for married members, the 60% survivorship option will have no cost for all pension service prior to Jan. 1, 2022.
- Members who retired before Jan. 1, 2022, will receive an ad hoc cost-of-living adjustment (COLA) increase of 2.41%. If you retired in 2021, your COLA will be prorated for the number of days you were retired in 2021.
Questions about a cost-of-living adjustment (COLA)? To learn more about the cost-of-living adjustment, view our article.
On an annual basis, the TTC Pension Plan Board of Directors assesses affordability of benefit improvements and provides them at its discretion. There is no contractual obligation to provide benefit improvements, and future enhancements are not guaranteed.
The TTCPP Board of Directors also recommends changes to TTCPP Bylaw 3.10 to provide flexibility for where and how the AGM is held, and how notification of the AGM is provided to members.
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