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Notice of updates

PFS logo 4/29/21 6:00 PM

From the TTC Pension Fund Society

The following notice outlines affordable TTC Pension Plan updates that have been set forth after careful consideration, based on the Plan’s actuarial reports. Please be advised that voting on these updates is required, and will be presented to the TTC Board on June 16, 2021 and to the Plan members at the AGM on June 26, 2021 for approval before the updates come into effect:
> For pensioners who retire on or after January 1, 2021, your pensionable earnings in 2020 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, 2020.
> Together with this formula update, the survivor benefit date has been moved to January 1, 2021 This means that for married members, the 60% survivorship option will have no cost for all pension service prior to January 1, 2021.
> Also effective January 1, 2021, pensioners who retired as of December 31, 2020, will receive an ad hoc cost-of-living increase of 1.03%.

There is no contractual obligation to provide benefit updates. On an annual basis, the Board of Directors assesses affordability and grants them at its discretion. Future enhancements are not guaranteed.

If you have any questions, please contact pfs@ttc.ca or 1-800-663-6820.

April 29, 2021

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