Teachers' Retirement Allowances Fund
Defined benefit pension plan for Manitoba public teachers.
The Teachers' Retirement Allowances Fund (TRAF) is the defined benefit pension plan for public school teachers and other eligible employees in the Province of Manitoba, established in 1925. Its primary functions are to collect member contributions, manage the pension plan's investments, and administer retirement, termination, and death benefits to members and their beneficiaries. The plan operates under the legislative authority of The Teachers' Pensions Act (TPA), which can only be amended by the Legislative Assembly of Manitoba, and must also adhere to The Pension Benefits Act and the Income Tax Act (Canada).
Governance is overseen by a nine-member Board appointed by the Lieutenant Governor in Council. This Board consists of three members nominated by The Manitoba Teachers’ Society (MTS), one from the Retired Teachers' Association of Manitoba (RTAM), and five from the general public. The Board is responsible for the strategic direction, policy approval, and ensuring the fund's administrative and investment obligations are fulfilled. Daily operations are managed by a leadership team led by a President & CEO.
TRAF is a funded pension plan, with assets derived from member contributions, investment income, and deposits from the Province of Manitoba. As of year-end 2024, the plan served 41,205 members, including 16,751 active and 16,973 retired members. The fund's investment portfolio achieved a return of 15.48% in 2024, significantly above its long-term discount rate of 5.75%. The pension benefit is calculated based on a formula using the member's years of pensionable service and their average salary over the best five of their final twelve years of service.
Keywords: Manitoba teachers pension, public school retirement plan, defined benefit plan, TRAF, The Teachers' Pensions Act, pension fund management, retirement benefits, teacher savings, pension administration, Manitoba public sector, investment management, employee benefits, pension governance, retirement services, public pension fund.