Glossary
Bridge benefit
This is a temporary supplemental benefit payable to all retiring members up to age 65. The bridge benefit is not payable to your beneficiary.
Canada Pension Plan (CPP)
The Canadian Pension Plan is a federal government program that provides retirement pensions, disability benefits and survivor benefits to contributing members. To receive a benefit from CPP, you must apply directly to them. If you have questions regarding these benefits, or if you would like an estimate of your CPP benefit, please call 1-800-277-9914. You can also receive information, application forms and other details at the Government of Canada website.
Commuted value (CV)
The commuted value of your pension is the current lump-sum dollar value of your future pension benefit.
Continuous service
The length of time accumulated from your last date of entry to employment. It encompasses the total number of years, months and days you have been in continuous employment, and it can be used in determining your eligibility for early unreduced retirement.
Credited service
The length of time during which you have made contributions to the Plan. Your credited service encompasses the total number of years, months and days that your employer reported pensionable earnings. The credited service is used in the calculation of your pension entitlement.
Full-time employee
An employee of the Toronto Transit Commission (TTC), the Amalgamated Transit Union (ATU) Local 113, or TTCPP who works full-time, for whom membership in TTCPP is mandatory after completing six continuous months of service.
Locked-in
A legal requirement that vested pension benefits must be used to provide a lifetime retirement income and cannot be released as an immediate cash payment.
Old Age Security (OAS)
Old Age Security is a pension in the form of a monthly payment that you receive from the Government of Canada. The eligibility criteria and the amount that you receive is determined by them. Learn more about OAS by visiting Service Canada.
Part-time employee
An employee of the Toronto Transit Commission (TTC), the Amalgamated Transit Union (ATU) Local 113, or TTCPP whose normal weekly hours are less than 28.
Survivor benefit date
The date at which we determine the cost of providing a lifetime survivorship to an eligible spouse. The reduction for a 60% survivorship option is applied only to the pension you have earned after the survivor benefit date.
Temporary employee
An employee of the Toronto Transit Commission (TTC), the Amalgamated Transit Union (ATU) Local 113, or TTCPP whose normal weekly hours are equal to or more than 28 and whose employment is for a defined term.
Termination
The point at which you end your membership and stop making contributions to TTCPP because your employment has ended with the employer who had been matching your contributions. Your employment could end because of your dismissal, resignation, retirement or death.
Vested
Having earned the right to receive a pension based on your membership and credited service in TTCPP. As of January 1, 2012, for service after 1986, your pension benefits are immediately vested as soon as you become a contributing member.
Year’s Maximum Pensionable Earnings (YMPE)
The maximum salary amount on which you need to make Canada Pension Plan contributions. The YMPE is set each year by the federal government. For more information, visit the Canada Revenue Agency.
Feedback
Share your feedback
Your response is valuable to us and will help us to make continuous improvements to our website. Please note that we are unable to respond to the feedback provided here.