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History of TWPP Pension Benefit Increases

History of Pension Benefit Increases for Retirees of the TWPP

The plan was established in 1975.  Raises did not start until 1981.

The information up to 2010 was obtained by a call to the TWPP office by the Secretary of Local R55.

According to the February 2022 letter from the Pension Administrator, Income Tax Regulations limit post retirement increases to a maximum of the increase in Consumer Price Index (CPI) since retirement.

Although it is not shown in the Funding Policy, the Trustees decided in 2007 to further limit the retirement increases to 25% of the increase in CPI.

1981 varied amounts (like 2007)
1982 – none
1983 – none
1984 – 2%
1985 – 2.4%
1986 – 2.5%
1987 – 2.3%
1988 – 2.5%
1989 – 2.5%
1990 – 3% minimum $25
1991 – 3% minimum $25
1992 – 3.5% minimum $25
1993 – none – December 13, 1993 – The Trustees made a decision that there would be no more increases for retirees until updating for active members could be accomplished for an indefinite future.
1994 – none
1995 – none
1996 – none
1997 – 3% of CPI (Consumer Price Index)
1998 – none
1999 – none
2000 – none
2001 – none
2002 – none
2003 – none
2004 – none
2005 – none
2006 – none
2007 – 4% maximum – Based on CPI and depending on retirement date.
2008 – none
2009 – none
2010 – 1.25% – Depending on retirement date.
2011 – none
2012 – none
2013 – none
2014 – none
2015 – none
2016 – none
2017 – none
2018 – 3.5% for those who retired before 2010. For those who retired after 2010, pro-rated to number of months retired prior to December 2016
2019 – 0.7% for all members who retired before January 1, 2018. This increase is effective April 1, 2019
2020 – Effective April 1, 2020 – 0.5% for all members who retired before January 1, 2019.
2021  – no increase – 25% of the increase in CPI rounded to 0%
2022 – Effective April 1, 2022, 1.1% for all members who retired prior to January 1, 2021.
2023  – Effective April 1, 2023, 3.5% for all members who retired prior to January 1, 2022.
2024 – Effective April 1, 2024, 3% for all members who retired prior to January 1, 2022

Updated March 2024