MESSAGE FROM TTC PENSION FUND SOCIETY6/17/13 6:11 AM
Notice of improvements
After careful consideration of affordable plan improvements based on the Plan’s actuarial reports, the Board of Directors is pleased to advise all Members of the following changes to the Pension Plan effective January 1, 2013.
For members who retired on or after January 1, 2013, your pensionable earnings in 2009 and 2010 will now be included in the base period for calculating pension benefits. The base-period formula will now be the average of your best four years of pensionable earnings up to December 31, 2010.
In lock-step with this formula update, the Survivor Benefit Date has been moved to January 1, 2011. This means that for married Members, the 60% survivor option will have no cost for all pension service prior to January 1, 2011.
Also, Pensioners will receive a 2% ad hoc cost-of-living increase effective January 1, 2013.
The Bylaw Amendments to effect the improvements will be presented to the TTC Board on May 24, 2013 and to the Members at the Annual General Meeting on Saturday, June 22, 2013 (see below).
If you have any questions or would like an updated pension estimate, please call the Pension Office at 416-393-4367 or 416-393-4368 or toll free at 1-800-663-6820.
SATURDAY, JUNE 22
PENSION FUND SOCIETY ANNUAL GENERAL MEETING
A presentation of the annual report, financial statements and market overview. TTC Sick Benefit Association follows Pension Meeting. Place: Ontario Institute for Studies in Studies (OISE), 252 Bloor St. W. (near St George Station) Auditorium G162M. Time: Coffee served at 8:30 a.m. Meeting begins at 9 a.m.
The purpose of these meetings is to receive the financial statements; to approve Bylaw amendments and the reports of the Auditors and Directors with respect to the fiscal period ended on Dec. 31, 2012; and to appoint the Auditors for the current year.
The 2012 Financial Statements, reports of the Auditors and Directors and Bylaw amendments are included in the June 2013 Pension Fund Newsletter, which was mailed to everyone’s home. Copies of the Newsletter and Minutes of last year’s meeting will be available at the AGM. If you would like an advance copy of last year’s Minutes, please call the Pension Office at 416-393-4372.
Please note that only Regular Members of the Pension Fund Society and the Association are eligible to vote at these meetings. However, all employees and pensioners are welcome and encouraged to attend. Please bring your TTC transportation pass for identification as voting cards will be distributed.
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