Message from the TTC Pension Fund Society CEO12/20/18 12:47 PM
Enhancements to the TTC Pension Fund Society
The Sponsors of the TTC Pension Fund Society (PFS), the TTC and ATU Local 113, along with the TTC PFS Board are committed to prudent management of the PFS. Several considerable improvements to the PFS governance structure have been made in recent history:
> In 2011, the PFS converted to a Jointly Sponsored Pension Plan (JSPP), where plan Sponsors have an equal say on matters that impact current and future pensioners;
> In 2016, the Board hired an independent CEO to manage the day-to-day affairs of the PFS, reporting directly to the Board; and
> In 2018, the TTC PFS Board approved amendments to the PFS Bylaws that will empower the Board to retain current staff and secure additional staff directly.
These changes have transitioned the PFS to an independent pension organization that gives the PFS Board greater ability to respond to evolving organizational needs. The responsibility for day-to-day administration, including office space, pension staff hiring, and salary administration will rest with the PFS CEO, who is directly accountable to the Board.
This change marks a significant organizational enhancement and has important advantages over the current organizational structure. It will ensure that the PFS continues to confidently and systematically meet its fiduciary obligations through adequate staffing and resourcing. It will also enable the TTC PFS to continue its prudent management and administration of pension assets and, to continue to deliver service in a manner that is consistent with a best-in-class pension organization.
From a member and pensioner perspective, there are no changes to your pension; you will continue to be a part of a strong, secure pension, governed by the PFS Board consisting of members from TTC Management and the ATU Local 113. To facilitate the changes described above, TTC employees that currently work in the pension office will become employees of the TTC Pension Fund Society starting on January 1, 2019.
Pension staff are available to answer your questions and we remain committed to delivering exceptional customer service to members and pensioners. Staff phone numbers and e-mail addresses remain unchanged.
Chief Executive Officer
TTC Pension Fund Society
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