Item - 2026.TTC15.18

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 2025 and to provide a 2.00% increase to former members currently in receipt of a pension. 

b. approving housekeeping amendments to the Bylaw as set out in Attachment 1.

The TTC Pension Fund Society (TTC Pension Plan/TTCPP) Board of Directors approved the following Bylaw changes:

1. To update the base year period used to calculate retiring TTC employees’ pension to include 2025 and to provide a 2.00% 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. Updates in Bylaw 3 to change the named Board positions from President and Vice President to Chair and Vice Chair. Added wording in Bylaw 3.01 to state that the Board Chair or any 3 Directors can call a special meeting. Additional changes in Bylaw 3.04 to remove the requirement for the Board’s Secretary and Treasurer to be members of the pension plan, and a removal of the requirement for the Secretary to be appointed by the Board.
3. An update in Bylaw 10.07 to specify that either a regular contributing member or an inactive member may elect the income levelling option as an optional entitlement at pension commencement.
4. A new subsection is added in Bylaw 15.12 to specify the method of calculation for accrued interest on lumpsum payments made to former plan members

Under TTCPP Bylaw 3.09, TTC Board sanction is required for these amendments to take effect. The amendments will go to the TTC Board on June 3, 2026, and membership approval will be sought at the TTCPP Annual General Meeting on June 27, 2026.