Notice of improvements7/14/20 11:44 AM
Message from the TTC Pension Fund Society
After careful consideration of affordable plan improvements based on the Plan’s actuarial reports, the Board of Directors are pleased to advise all Members of the following changes to the Pension Plan effective January 1, 2020.
For Members who retired on or after January 1, 2020, your pensionable earnings in 2019 will now be included in the base period for calculating the pension benefits. The base period formula will now be the average of your best four years of pensionable earnings up to December 31, 2019.
In lock-step with this formula update, the Survivor Benefit Date has been moved to January 1, 2020. This means that for married Members, the 60% survivor option will have no cost for all pension service prior to January 1, 2020.
Also, Pensioners who retired prior to 2020 will receive an ad hoc cost of living increase of 1.96% effective January 1, 2020.
The Bylaw Amendments to effect the improvements were approved by the PFS Board at their meeting on June 24th and at the TTC Board meeting held today, July 14th. Membership approval of these improvements will be requested at the Annual General Meeting, date to be announced.
As a reminder, there is no contractual obligation to provide benefit improvements. On an annual basis, the Board of Directors assess affordability of benefit improvements and grant them at their discretion. Future enhancements are not guaranteed.
If you have any questions, or would like an updated pension estimate, you can contact us via email at PFS@ttc.ca or call us at 416-393-4367, 416-393-4368 or toll free at 1-800-663-6820.
July 14, 2020
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