Editorial Archive

Message from the Chief Executive of the TTC Pension Fund Society

PFS CEO Sean Hewitt 4/9/20 3:27 PM

A Note to Members and Pensioners from the TTC Pension Fund Society

We put you first in everything that we do, beginning with a financially strong Plan that allows us to provide our Members and Pensioners with a solid foundation for their retirement. In 2019, our net assets grew to $7.3 billion, representing an investment return of 13.6% after all fees and expenses, one of our strongest years ever. The strength of 2019’s performance is a continuation of a consistent long-term track record.

While this performance is strong, we fully expect, and are prepared for, periods that are characterized by challenging short-term performance as a result of external factors, such as the COVID-19 pandemic. While this type of pandemic is something we have not yet encountered in our 80-year history, we, like you, have successfully navigated through rough waters in the past. Our thoughtful pension plan design and strong joint governance framework were developed so that we can weather the storms that come our way.

Particularly in challenging times, we reiterate our commitment that the Plan continues to run smoothly and you can rest assured that the pension you have earned will continue. We remain dedicated to serving our Members, and supporting the health and safety of our staff. During this extraordinary time, we will conduct pension meetings with current and future pensioners through teleconferences to protect you, our staff, and the broader community. Staff are fully engaged and continue our work from home, but please note, our response time to calls and e-mails may be slower than normal as we adapt our procedures to ensure a continued high standard of service to our Members and Pensioners. Please e-mail our office at pfs@ttc.ca with any inquiries you may have, and we will respond as soon as we can.

Due to the current outbreak of COVID-19, and the government’s recommendations on social distancing, the TTC Pension Fund Society Board has decided to move the date of the 2019 Annual General Meeting, tentatively to September 2020, with additional details to follow. During this time, the Pension Fund Society Board will undertake its annual review of the plan’s financial status and potential benefit improvements, incorporating the most recent actuarial and financial information available. Due to the extraordinary circumstances we are all facing, you can expect that final decisions and recommendations on benefit improvements, if any, will be shared with the membership later than usual.

Best Regards,

Sean Hewitt
TTC Pension Fund Society
April 2020

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