TRAF is governed by a Board which oversees its operations. The Board acts as trustee of the Fund and is ultimately responsible for the proper administration of The Teachers' Pensions Act.

The general responsibilities of the Board are to:

  • Provide overall strategic direction
  • Approve matters of policy
  • Ensure that the organization fulfills the investment and administrative obligations set out in the TPA and complies with the requirements of both The Pension Benefits Act (PBA) and the Income Tax Act (Canada) (ITA)

In discharging its general responsibilities, the Board must:

  • Approve the annual operating and capital budget of the Fund
  • Obtain an actuarial valuation of the Fund at least every three years
  • Annually obtain an actuarial valuation of the Pension Adjustment Account (PAA) and set the annual cost of living adjustment (COLA)
  • Annually review the Fund's Statement of Investment Policies & Procedures (SIP&P)
  • Oversee the audit of the Fund each year by the Office of the Auditor General
  • Prepare and table an Annual Report with the Legislature of the Province of Manitoba
  • Appoint the Chief Executive Officer and annually review his or her performance
  • Assess the performance of the Board itself including an annual peer review
  • Establish procedures to identify and resolve conflicts of interest

The Board is comprised of seven members - three nominated by The Manitoba Teachers' Society (MTS) and four from the general public. These representatives are appointed by the Lieutenant Governor in Council.

The Board holds 10 scheduled meetings each year, in addition to special meetings as necessary. The Board members meet in-camera (ie. with no members of management present) for a portion of each meeting. The Board also has an in-camera session with the President and Chief Executive Officer during which no other members of management are present. To guide Board members in the orderly discharge of their responsibilities, there is a Board Calendar which notes the items to be on the meeting agendas of the Board.

Investment Committee

TRAF's Investment Committee oversees and directs TRAF's investment activities. The Chair of the Board and a teacher representative from the Board sit on this committee with the Deputy Minister of Finance for the Province of Manitoba. A second teacher representative from the Board acts as an observer on this committee.

Under the terms of TRAF's Statement of Investment Policies & Procedures (SIP&P), the Investment Committee is responsible to:

  • Provide authorities for the investment of the assets of the Fund
  • Monitor compliance with the SIP&P
  • Review asset allocation and individual investment manager performance
  • Advise the Board with respect to selecting, retaining and terminating investment managers
  • Establish annually, for approval by the Board, the asset allocation for the Fund

All recommendations of the Investment Committee must be approved by the Board prior to implementation.

Audit Committee

The Audit Committee ensures that TRAF is fulfilling its responsibilities with respect to the financial reporting process.

In addition to overseeing the preparation and audit of TRAF's annual financial statements, the Audit Committee also provides input on TRAF's internal controls and risk management activities. This includes an annual review of our Code of Conduct and policies regarding Conflicts of Interest and Whistleblower Protection.

Two of TRAF's Board members and an external accounting professional sit on this committee.


The day-to-day operations of TRAF are carried out under the leadership of a six-member management team. In addition to the President & CEO, there is a Senior Vice President for Member Services, and Finance, as well as Vice Presidents for Legal, Pensions, and Investments.