Item - 2025.TTC6.10

The TTC Board

1. Approved the recommended changes to the TTC Pension Plan Bylaw, by:

a. Updating the base year period used to calculate retiring TTC employees’ pension to include 2024 and to provide a 2.69% increase to former members currently in receipt of a pension; and

b. Adopting housekeeping amendments to the Bylaws as set out in Attachment 1. 

The TTC Pension Fund Society (TTC Pension Plan/TTCPP) Board of Directors approved changes to the TTCPP Bylaws as follows:

1. To update the base year period used to calculate retiring TTC employees’ pension to include 2024 and to provide a 2.69% increase to former members currently in receipt of a pension. Based on TTCPP’s strong financial position, both base year updates and pensioner cost of living increases have been provided annually since 2011.
   
   
2. TTCPP Board of Directors have approved several housekeeping updates to correct cross-references within the Bylaws. These revisions are clerical in nature and do not alter the meaning, intent or application of the Bylaws.

Pursuant to TTCPP Bylaw 3.09, TTC Board sanction is required for the Bylaw Amendments to be effective. The amendments will be before the TTC Board for consideration on June 23, 2025 and membership approval of these amendments will be requested at the next Annual General Meeting (AGM) of TTCPP on June 28, 2025.