Message from the Chief Executive of the TTC Pension Plan6/10/21 7:45 PM
For 80 years, the TTC Pension Plan (formerly known as the TTC Pension Fund Society) has successfully navigated the shifting winds and storms of the market to continuously deliver on our promise of a stable and secure pension for our members in their retirement.
Even now, despite the current challenges facing organizations everywhere, we are positioned to continue upholding our promise, today and well into the future.
While the COVID-19 pandemic has been unlike anything the Plan has faced in its history, we nevertheless exceeded our targets for financial performance. Our net assets continued to grow to $7.97 billion, representing an investment return of 10.9% after all fees and expenses. Our 10-year track record continued its consistent long-term trend, with the Pension Plan earning 8.5%, exceeding the return of our benchmark by 0.6%. Over that period, our asset values have more than doubled.
While we are aware that we will continue to face headwinds – including a sustained low interest environment, lower return expectations and a growing retirement population – we believe that we have the strategies to combat the challenges ahead and are well positioned to continue achieving our desired rate of return going forward. As a result of very strong returns over the last 10-plus years, we entered the pandemic in the best financial position the Plan has ever been in. This stability has helped us to weather the storm and now emerge in an even stronger position.
The long-term sustainability of the Plan is at the foundation of everything we do as an organization. In 2020, to reinforce our commitment, we embarked on a mission to clarify and strengthen our purpose and how we deliver on our promise to our members. Working with our stakeholders throughout the organization, we unveiled a new name – the TTC Pension Plan – and restated our Mission, Vision and Values to give greater clarity to our purpose.
Our new Mission, Vision and Values reflect the key themes that employees and leadership identified as the most important to the organization going forward. These statements express our commitment to support our members throughout their lives – whether that means providing responsive and helpful service during their working years or ensuring they have a pension income that will last through their retirement. Our new Mission statement balances both the human and fiscal sides of our organization and reflects how both facets are critical to our ability to always support our members – making it clear what we stand for, and how our people will live this every day.
As we continue to face the extraordinary challenges brought by the COVID-19 pandemic, I want to acknowledge and thank our entire staff for their diligent efforts to ensure that the Plan continues to run smoothly and that we can serve our members while supporting the health and safety of our people. Although we have had to adjust some of the ways we administer our services, we remain committed to delivering to our high standards despite the challenges.
I extend a special note of gratitude to Cheryl Uroda, our outgoing Corporate Secretary and Director, Pension Administration, who is enjoying her much-deserved retirement after 40 years of devoted service. Cheryl has been a trusted voice on the leadership team and a staunch advocate for our members. Her positive impact will continue to be felt throughout the organization.
I am also pleased to welcome Donna Miyasaki and Helen Redmond to the leadership team and look forward to their valuable contributions as we continue to drive our organization forward.
Looking ahead, we are focused on continuing to reinvest in our people and implementing new initiatives that will enable us to continue serving the best interests of our members. With renewed energy for our mission, we are focused on doing the work to ensure that the TTCPP will always be there for our members – today, and for a lifetime.
Chief Executive Officer
TTC Pension Plan
Advancing to the next level.
COVID-19 positive tests update.
Chislett, Cotter, Delay, Fraser, Lobe, MacDonald, Marks, Moores, Moritz, Robarts, Shepherd, Snelgrove, Thomas, Westlake, Wilcox, Young, Zilli.
TTC 1921-2021. On September 1, 1921, the Toronto Transportation Commission began serving the citizens of a rapidly growing Toronto when it took over a mix of private and municipal street railways within the city.
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From the Archives
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