TRAF
The Teachers' Retirement Allowances Fund (TRAF), was established in 1925, and is the pension plan for public school teachers in the Province of Manitoba.
TRAF is responsible for collecting members monthly contributions, investing those contributions, and providing retirement benefits for it's members.
The pension provided by TRAF is a defined benefit plan and is calculated by a formula based on average salary and years of pensionable service.
General Services
TRAF Provides the following general services:
- telephone or email inquiries
- face-to-face meetings - they are open 8:00 to 5:00 Monday to Friday and one Saturday a month during the school year (the dates are on the website) as well as Christmas break and Spring break
- early career seminars and nearing retirement seminars - these are generally coordinated through MTS; there are also audio visuals of these seminars on the TRAF website
- webinars - they are holding a second webinar on Voluntary Contributions on November 15 and then two in the spring
- Online Services - members can register for Online Services to have access to the Annual Benefits Statement, pension estimator, tax calculator, declare your beneficiary, change address, newsletters, etc.
- website - lots of information can be found on the website, including forms, fact sheets, booklets as well as financial and investment information
- French language services - we have some written information available in French on our website and we have bilingual staff who present the seminars, meet with members and can answer questions
TRAF CONTACT INFO:
TRAF
Johnston Terminal
330 - 25 Forks Market Road
Winnipeg, MB
R3C 4S8
Phone: 204-949-0048
Toll Free (Canada/US): 1-800-782-0714
Fax: 204-944-0361
email: info@traf.mb.ca
New Teacher Info
As a new employee, the Teachers’ Retirement Allowances Fund (TRAF) may seem like a forethought, however, this plan will provide you with a source of income once you have completed your teaching career. Although retirement may not be in your immediate future, understanding how your pension works and what options are available to you are important. Ideally, your TRAF pension represents only one portion of your retirement income strategy it is also important to consider other income sources as part of your overall retirement planning. Although TRAF does not provide financial planning services, they are there to help answer any questions you may have about your TRAF pension.
For more information please visit the link below:
TRAF for New Teachers https://www.traf.mb.ca/images/stories/Publications/Your_TRAF_Pension_2016_rev.pdf
Voluntary Contributions
Members may also make tax deductible additional voluntary contributions. These contributions are separate of their TRAF contributions and serve as additional retirement savings. These additional contributions are subject to certain limits as they pertain to retirement savings.
Voluntary Contributions are pooled with TRAF's investments and, thus, receive the same rate of return (positive or negative) as your TRAF contributions receive.
The balance in the account can be:
- Converted to an annuity at retirement which supplements your TRAF pension, or
- Used to purchase eligible service such as substitute service or educational leaves, or
- Withdrawn as cash, less withholding taxes or transferred on a tax-deferred basis to your RRSP any time before you retire.
For additional information regarding Voluntary Contributions please visit the link below:
https://www.traf.mb.ca/images/stories/Facts/Facts_Voluntary_Contributions_Jan_2017.pdf
Service Purchases
Many teachers have service that could be purchased under The Teachers' Pensions Act, in particular, maternity/parental leave and substitute service. There's a section on Increasing Your Pension on the TRAF website as well as related forms and fact sheets.
For additional information on Service Purchases please visit the link below:
https://www.traf.mb.ca/your-pension/activedeferred-members
Preparing for Retirement
Preparing for your retirement will help you understand how your pension works so you can make the decisions best suited to you and your pension needs. As you plan for your retirement, the first step is to gather information about your TRAF pension. Things you should consider include:
- OBTAIN A PENSION ESTIMATE
- ATTEND A RETIREMENT SEMINAR
- MEET WITH A SPECIALIST
For more information on Preparing for Retirement please visit the link below:
https://www.traf.mb.ca/images/stories/Publications/Preparing_for_Your_Retirement_2016.pdf