Actuarial Valuation of the Pension Adjustment Account as at December 31, 2023 to Determine the Cost of Living Adjustment Effective July 1, 2024

Actuarial Valuation of the
Pension Adjustment Account as at
December 31, 2023 to
Determine the Cost of Living Adjustment
Effective July 1, 2024

Dear RTAM Members,

Please be advised that TRAF has now received the actuarial valuation of the Pension Adjustment Account (PAA) as at December 31, 2023. Based on this valuation, which is attached, the Board has approved the grant of a 2.20% cost of living adjustment (COLA) effective July 1, 2024.

The 2024 COLA is set at the lesser of the maximum percentage the PAA can support and the change in the Consumer Price Index (CPI) for Canada from December 2022 to December 2023. The funds in the PAA were sufficient to support a COLA in the amount of 2.20%, while the change in CPI was 3.40%. Therefore, the COLA that can be granted is 2.20%.

Please contact us if you have any questions or would like to discuss this matter further. You can access the full report here.

Sincerely,

Brad Prokop, FSA, FCIA
Chief Operating Officer

Direct: 204.975.4573
Cell: 204.291.1846

Teachers' Retirement Allowances Fund
330-25 Forks Market Road, Winnipeg, MB R3C 4S8
Phone: 204.949.0048 • Toll-free: 800.782.0714
Fax: 204.944.0361