# TRAF

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Teachers’ Retirement Allowances Fund

## Sitemaps

- [XML Sitemap](https://www.traf.mb.ca/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Online Services is now available](https://www.traf.mb.ca/online-services-is-now-available/): Online Services is now available for registered members. We thank you for your patience as we temporarily took Online Services offline to enhance security and improve the design. This is an important step in reintroducing self-service options and establishing a foundation for future enhancements. The initial release focuses on a select set of services for
- [In memory of Glen Buhr, former TRAF Secretary-Treasurer](https://www.traf.mb.ca/in-memory-of-glen-buhr-former-traf-secretary-treasurer/): It is with heavy hearts that we report TRAF’s former Secretary-Treasurer, Glen Buhr, passed away on July 18, 2026 at the age of 92. Glen began his career at TRAF in 1963 when he became the organization’s second Secretary-Treasurer, following Jim Millard’s retirement. Glen was the 29th employee since the inception of the pension plan 38
- [The 2025 Annual Report is now available](https://www.traf.mb.ca/the-2025-annual-report-is-now-available/): The 2025 Annual Report is now available. Read the report for details on governance, member services, funded status of the plan, cost of living adjustments, investments and more.
- [A focus on the long-term sustainability of your TRAF pension plan](https://www.traf.mb.ca/a-focus-on-the-long-term-sustainability-of-your-traf-pension-plan/): A “Special Edition Newsletter Focused on Sustainability” is now available, which focuses on the plan’s funding, account structure and long-term financial outlook. Whether you’re early or mid-career, or approaching or enjoying retirement, it’s important to understand the financial outlook of your pension plan.
- [2025 investment return](https://www.traf.mb.ca/investment-return/): In 2025, the TRAF investment portfolio generated a return of 10.03% net of investment expenses, compared to the benchmark return of 10.54%. Longer-term returns remain well above our benchmark, having generated 0.61% in additional return over the past 20 years. For a breakdown of the investment returns, net of expenses, for the total portfolio and
- [Spring 2026 newsletters are available now](https://www.traf.mb.ca/newsletters-are-available-now/): Read the spring 2026 editions of The Link (for active and deferred members) and The Horizon (for retired members). News stories include 2025 investment results, member statistics, 2026 cost of living adjustments and details on maximizing your pension or when to contact us during key life events.
- [2026 cost of living adjustment](https://www.traf.mb.ca/cost-of-living-adjustment/): Effective July 1, 2026, TRAF will grant a cost of living adjustment (COLA) of 2.11% to eligible members receiving a TRAF pension. To learn more, visit Cost of Living Adjustment (COLA).
- [Annual statements now available](https://www.traf.mb.ca/annual-statements-now-available/): 2025 annual statements are now available through Online Services. Your annual statement provides important information such as when you are eligible to apply for your pension, projected gross monthly pension estimates, your termination benefit and your pre-retirement survivor’s benefit. It also confirms your beneficiary designation in the event you pass away before your pension begins.
- [Annual report on funding of Account B (Province account)](https://www.traf.mb.ca/annual-report-pn-funcing-of-account-b/): In 2022, TRAF engaged Aon, the plan actuary, to conduct an analysis on the funding of Account B by the Province of Manitoba. The report, which was presented to the Honourable Wayne Ewasko, Minister of Education and Early Childhood Learning on August 16, 2022, confirmed that Account B is projected to be depleted in 2053.

## Pages

- [Home Page](https://www.traf.mb.ca/): The 2025 Annual Report is now available The Annual Report contains information on the funded status of Accounts A and B, cost of living adjustments, investment performance and more. The 2025 Annual Report is now available The Annual Report contains information on the funded status of Accounts A and B, cost of living adjustments, investment
- [Investment Staff](https://www.traf.mb.ca/investments/investment-staff/investment-staff/): Investment Staff Investment Staff Dylan Allary, CFA Portfolio Manager 204-975-3671 Dylan Allary participates in all aspects of TRAF’s private equity and private debt investment activities. Prior to joining TRAF, Dylan was Senior Analyst, Global Asset Liability Management (ALM) at Canada Life. In this role, he was responsible for quantifying and monitoring balance sheet provisions and
- [Seminars](https://www.traf.mb.ca/active-members/seminars-2/): Active Members Seminars Active Members Seminars TRAF is pleased to deliver presentations about your pension at various seminars throughout the school year. Feel free to review the following seminar materials, which are designed to help you learn about the TRAF pension plan and make knowledgeable and well-informed decisions during your retirement planning. The "Preparing for
- [Careers](https://www.traf.mb.ca/about-us/careers/): Careers Careers About TRAF TRAF administers and manages the defined benefit pension plan for approximately 40,000 active, former and retired teachers in the public school system in Manitoba. Our staff are pursuing rewarding careers in the fields of pension administration, finance, investments, information services, communications, legal services and human resources. Working at TRAF TRAF offers
- [Services continuing during Online Services’ temporary outage](https://www.traf.mb.ca/active-members/services-continuing-during-online-services-temporary-outage/): Online Services Continued services Online Services updates and available service options Online Services is now available for registered members. Continue reading to learn how you can continue to access information and services and complete your transactions. Submitting forms and other personal information Your completed forms contain personal information. To protect your privacy, we do not
- [FAQs](https://www.traf.mb.ca/active-members/faqs-2/): Active Members FAQs How do I register for Online Services? Online Services will be restored with enhanced security and improved design. You will soon be able to register. More details will come. What is the investment return? TRAF's net investment return for 2025 was 10.03%. After the deduction of administrative expenses, the net plan return
- [Choose Plan Option](https://www.traf.mb.ca/active-members/preparing-for-retirement/choose-plan-option/): Choose Plan Option Choose Plan Option Choose Plan Option The amount of pension you receive when you retire, and the amount that is left to your surviving partner or beneficiary in case of death, varies depending on which one of the eight plan options you select. Choosing the plan option that is best for you
- [Technical Resources](https://www.traf.mb.ca/employers/technical-resources-2/): Technical Resources Technical Resources Technical Resources Upload instructions Uploading a salary file The first step is to log in to Online Services with your username and password. Online Services includes access to edit program reports, file uploads and file downloads. Salary files must be in comma-separated value (CSV) or TXT format. Select "Salary File Upload."
- [Marriage/Common-Law Relationship](https://www.traf.mb.ca/active-members/life-events/marriage-common-law-relationship/): Marriage/Common-Law Relationship Marriage Common-Law Relationship Your pension is set up to protect both you and your partner whether you are married or living common-law. Your partner is entitled to certain benefits including: The mandatory Plan D - 2/3 to Last Survivor plan option at retirement unless waived (if cohabiting in a conjugal relationship at the time of
- [Additional Voluntary Contributions](https://www.traf.mb.ca/active-members/maximize-my-pension/additional-voluntary-contributions/): Additional Voluntary Contributions Additional Voluntary Contributions Additional Voluntary Contribut What are additional voluntary contributions? As a contributing member, you may choose to make tax-deductible additional voluntary contributions (AVCs), which are deducted by your employer from your salary. These contributions do not provide you with additional service but are rather like a separate retirement savings account,
- [FAQs](https://www.traf.mb.ca/retired-members/faqs/): FAQs How do I register for Online Services? Online Services will be restored with enhanced security and improved design. You will soon be able to register. More details will come. Can I change my beneficiary? Once you are in receipt of pension, you are not allowed to change your beneficiary unless you have selected Plan
- [Evaluate Needs and Income](https://www.traf.mb.ca/active-members/preparing-for-retirement/evaluate-needs-income/): Evaluate Needs & Income Evaluate Needs and Income Attend Retirement Seminar Before you make your retirement decisions, you should know what you can expect from all sources of income and consider your retirement needs using this Retirement Income and Expenses worksheet (en français). Do I have any children or dependants living at home? Do I have
- [Forms & Publications](https://www.traf.mb.ca/forms-publications/): Forms & Publications Filter using the keywords below to find the important forms and documents you need, from forms to pension information booklets and everything in between. Forms & Publications Filter using the keywords below to find the important forms and documents you need, from forms to pension information booklets and everything in between. Log
- [Contact](https://www.traf.mb.ca/contact/): Contact We can effectively assist new pension applicants and have personal discussions with members regarding their pensions over the phone or Zoom. Contact We can effectively assist new pension applicants and have personal discussions with members regarding their pensions over the phone or Zoom. Johnston Terminal (at The Forks) 330 - 25 Forks Market Road
- [Pension Payment Dates](https://www.traf.mb.ca/my-pension-payment-dates/): Pension Payment Dates 2026 Friday, October 30 Monday, November 30 Thursday, December 31 2027Friday, January 29Friday, February 26Wednesday, March 31Friday, April 30Monday, May 31Wednesday, June 30Friday, July 30Tuesday, August 31Wednesday, September 29Friday, October 29Tuesday, November 30Friday, December 31
- [Account B](https://www.traf.mb.ca/funding/actuarial-valuation-results/account-b/): Account B Account B January 1, 2024 actuarial valuation results The most recent actuarial valuation of TRAF prepared by the plan actuary was as at January 1, 2024, which included an assessment of the financial condition of Account B. The valuation results for Account B are summarized in the following table. The next actuarial valuation
- [Account A](https://www.traf.mb.ca/funding/actuarial-valuation-results/account-a/): Account A Total Plan January 1, 2024 actuarial valuation results The most recent actuarial valuation of TRAF prepared by the plan actuary for funding purposes was as at January 1, 2024, which included an assessment of the financial condition of Account A. The valuation results for Account A are summarized in the following table. The
- [Total Plan](https://www.traf.mb.ca/funding/actuarial-valuation-results/total-plan/): Total Plan Total Plan January 1, 2024 actuarial valuation results The most recent actuarial valuation of TRAF prepared by the plan actuary was as at January 1, 2024. The valuation results for the total plan (Account A, the Pension Adjustment Account and Account B) are summarized in the following table. The next actuarial valuation is
- [Parental/Adoption Leave](https://www.traf.mb.ca/active-members/maximize-my-pension/parental-adoption-leave/): Parental/Adoption Leave Parental/Adoption Leave Parental/Adoption Leave Why purchase service? If you have taken a parental or adoption leave, you may want to purchase this service so it can count toward your TRAF pension.Your TRAF pension is calculated using your years of service and average salary. The higher these two factors, the larger your pension. How
- [Maternity Leave](https://www.traf.mb.ca/active-members/maximize-my-pension/maternity-leave/): Maternity Leave Maternity Leave Maternity Leave Why purchase service? If you will be taking or have taken a maternity leave, you may want to purchase this service so it can count toward your pension.Your pension is calculated using your years of service and average salary. The higher these factors, the greater your pension. How it
- [Internal Investment Committee](https://www.traf.mb.ca/investments/investment-staff/internal-investment-committee/): Internal Investment Committee Internal Investment Committee The Internal Investment Committee was established in 2016 to strengthen our internal processes for exercising delegated authority and certain other matters. Additional details regarding the function of the Internal Investment Committee are set out in its Terms of Reference. The current voting members of the Internal Investment Committee are set
- [Digital Presentations](https://www.traf.mb.ca/home-page/digital-presentations/): Digital Presentations Digital Presentations Watch digital presentations to learn more about your pension. The videos below cover everything from understanding your pension benefits and estimating your retirement income to navigating important decisions as you prepare for retirement. Preparing for Your Retirement This digital presentation provides you with a general overview of your TRAF pension. It
- [Governance Committee](https://www.traf.mb.ca/about-us/governance/governance-commitee/): Governance Committee Governance Committee The Governance Committee has various responsibilities, including regularly evaluating TRAF's governance structure, including the relevant policies and procedures, and making recommendations for improvements to the Board. The Governance Committee also periodically arranges for TRAF's governance practices to be benchmarked against industry standards. Additional details regarding the function of the Governance Committee
- [Board](https://www.traf.mb.ca/about-us/governance/board/): Board Board Board 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. Additional details regarding the function of the Board are set out in its Terms of Reference. The Board is comprised of
- [Human Resources Committee](https://www.traf.mb.ca/about-us/governance/human-resources-commitee/): Human Resources Committee Human Resources Committee The Human Resources Committee assists the Board in maintaining and managing the employment relationship with the President & Chief Executive Officer (CEO), and also works directly with the CEO on broader human resources issues such as succession planning. Additional details regarding the function of the Human Resources Committee are
- [Terms and Conditions](https://www.traf.mb.ca/terms-and-conditions/): Terms and Conditions Introduction These TRAF Online Services Terms and Conditions (this “Agreement”) govern your access to and use of the products and services that are provided by the Teachers' Retirement Allowances Fund (“TRAF”) from time to time through its website or Online Services portal. Those services that are made available through the website or
- [Actuarial Valuation Basics](https://www.traf.mb.ca/funding/traf-funding/actuarial-valuation-basics/): Actuarial Valuation Basics Actuarial Valuation Basics An actuarial valuation is an analysis performed by an actuary that compares the assets and liabilities of a pension plan. Actuarial valuations are necessary to assess the long-term sustainability of a defined benefit pension plan and can serve as a decision-making tool for plan sponsors. A defined benefit pension
- [Online Services Temporarily Unavailable](https://www.traf.mb.ca/online-services/online-services-temporarily-unavailable/): Online Services currently unavailable Online Services will be unavailable until at least September 30. We apologize for any inconvenience. For assistance, please call our office at 1-800-782-0714 or 204-949-0048. For more information, read about services continuing during Online Services’ temporary outage.
- [Management](https://www.traf.mb.ca/about-us/management/): Management Management The day-to-day operations of TRAF are carried out under the leadership of a seven-member management team. Graeme Hay, CPA, CMA, CFA Chief Investment Officer 204-975-3655 Graeme Hay leads all aspects of TRAF's investment program, including investment strategy, manager selection and monitoring and investment risk management. He also chairs the Internal Investment Committee. Prior
- [Annual Report](https://www.traf.mb.ca/about-us/regulatory-reports/annual-report/): Annual Report Annual Report We are pleased to present the 2025 Annual Report. Read the report now. For an overview of TRAF’s key activities during 2025 and important items members and other stakeholders should consider as we move forward, we especially encourage you to read the Message from the Chair and Message from the President &
- [Investment Managers](https://www.traf.mb.ca/investments/investment-managers/): Investment Managers Investment Managers TRAF generally does not actively manage any assets internally. Rather, we engage various investment managers to select the individual stocks, bonds and other securities for each asset class on our behalf. Details regarding our investment managers as at December 31, 2025, are set out below.
- [Portfolio Summary](https://www.traf.mb.ca/investments/portfolio-summary/): Portfolio Summary Portfolio Summary A summary of the investment portfolio’s composition by asset class as at December 31, 2025, is outlined below: Cash & Short-Term Universe Bonds Long-Term Bonds Real Estate Debt Private Debt Canadian Equity US Equity International Equity Global Equity Private Equity Canadian Real Estate Global Real Estate Infrastructure
- [Investment Performance](https://www.traf.mb.ca/investments/investment-performance/): Investment Performance Investment Performance Detailed performance results When assessing our results, the performance of each mandate is compared to the return of the benchmark that has been designated by the Investment Committee and approved by the Board. This quantitative analysis, together with other qualitative criteria, assists in the review of each investment manager. We also
- [Asset Allocation](https://www.traf.mb.ca/investments/asset-allocation/): Asset Allocation Allocation Target asset allocation (as at January 1, 2026) A fundamental step in achieving our investment objectives is to have our assets properly allocated among various asset classes. Our target and actual allocations as at January 1, 2026, are set out in the table below. The applicable benchmarks are also indicated. For additional
- [Compensation Disclosure](https://www.traf.mb.ca/about-us/regulatory-reports/compensation-disclosure/): Compensation Disclosure TRAF is subject to The Public Sector Compensation Disclosure Act, which requires disclosure of annual compensation amounts paid to each employee who receives an amount that meets or exceeds the specified threshold in a calendar year.
- [Investment Committee](https://www.traf.mb.ca/about-us/governance/investment-commitee/): Investment Committee Investment Commitee Resources
- [Audit and Risk Committee](https://www.traf.mb.ca/about-us/governance/audit-and-risk-commitee/): Audit and Risk Committee Audit and Risk Committee Audit and Risk Committee The Audit and Risk Committee assists the Board in discharging its oversight responsibilities related to the quality and integrity of financial reporting and enterprise risk management, including internal controls and fraud detection and prevention. Three of TRAF's Board members and an external accounting
- [Governance](https://www.traf.mb.ca/about-us/governance/): Governance Governance Board Audit and Risk Committee Investment Committee Human Resources Committee Governance Committee Code of Conduct
- [Overview](https://www.traf.mb.ca/about-us/overview/): About Us Overview About Us Overview The Teachers' Retirement Allowances Fund (TRAF), established in 1925, is the pension plan for public school teachers and other eligible employees in the Province of Manitoba. TRAF collects contributions from members, manages the investments of the pension plan and provides retirement, termination and death benefits to members and their
- [Educational Leave](https://www.traf.mb.ca/active-members/maximize-my-pension/educational-leave/): Educational Leave Educational Leave Educational Leave Why purchase service? If you have taken an educational leave, you may want to purchase this service so it can count toward your TRAF pension. Your TRAF pension is calculated using your years of service and average salary. The higher these two factors, the larger your pension. How it
- [Connection Newsletter](https://www.traf.mb.ca/employers/connection-newsletter/): Connection Newsletter Connection Newsletter Connection Newsletter Highlights of the current Connection issue include: Review all current-year variances Timely and accurate reporting Substitute service information Employer Guide TRAF members on disability Service types Important reminders Quick reference guide Contact TRAF Resources
- [Required Contributions](https://www.traf.mb.ca/active-members/pension-basics/required-contributions/): Required Contributions Required Contributions Required Contributions Who contributes? All full-time, part-time and term employees in a position covered by TRAF must contribute to the plan. Substitute teachers who earn more than 25% of the year's maximum pensionable earnings (YMPE) for two consecutive calendar years are also required to contribute to the plan. Substitute teachers may
- [Reporting Resources](https://www.traf.mb.ca/employers/reporting-resources-2/): Reporting Resources Reporting Resources Reporting Resources Calculating contributions The Teachers' Pensions Act (TPA) stipulates the amount of TRAF contributions. Currently, the salary rate up to the YMPE is deducted at 8.8% and any salary rate above the YMPE is deducted at 10.4%. For 2026, the YMPE is $74,600. TRAF contributions are calculated each month based on
- [100th Anniversary](https://www.traf.mb.ca/home-page/century-report/): 100th Anniversary 100th Anniversary Century Report We are pleased to present the Century Report, published in 2025, which chronicles TRAF’s 100-year history. Download the Century Report or flip through the pages by clicking on the image to read a decade-by-decade history of the plan, followed by specific plan details. Anniversary Video The following video tells
- [Service Transfer](https://www.traf.mb.ca/active-members/maximize-my-pension/service-transfer/): Service Transfer Service Transfer Service Transfer What is a service transfer? If you have service with another pension plan, you may wish to transfer that service to TRAF so that it can count toward your TRAF pension. Or, if you are leaving employment as a teacher in the Manitoba public school system, you may wish
- [Privacy Statement](https://www.traf.mb.ca/about-us/regulatory-reports/privacy-statement/): Privacy Statement Privacy Statement At the Teachers' Retirement Allowances Fund (TRAF), we are dedicated to protecting your privacy and safeguarding your personal information.1 As part of our commitment, we have established this privacy policy in accordance with the provisions of The Freedom of Information and Protection of Privacy Act (FIPPA) to govern our actions as they
- [Account B Report](https://www.traf.mb.ca/funding/account-b-report/): Account B Report Account B Report In 2022, the Board engaged Aon to conduct an analysis on the funding of Account B by the Province of Manitoba. The purpose of the analysis was to examine the Province’s current funding practice and the implications for its projected future cash outlays and the funded status of Account
- [Funding Basics](https://www.traf.mb.ca/funding/traf-funding/funding-basics/): Funding Basics Funding Basics "Funding" is the process of setting aside assets to pay for the benefits promised under the plan. Funding a pension plan can promote the long-term sustainability of the plan and improve benefit security. TRAF uses various metrics to monitor the current and projected funding levels of the plan. A key metric
- [Accessibility](https://www.traf.mb.ca/about-us/regulatory-reports/accessibility/): Accessibility Accessibility Our commitment to accessibility Teachers’ Retirement Allowances Fund (TRAF) believes in inclusion and is committed to ensuring equal access to the programs and services we provide to our members, stakeholders, and the public, regardless of their abilities. TRAF is committed to treating people with disabilities in a way that allows them to maintain
- [Calculating Your Pension](https://www.traf.mb.ca/active-members/pension-basics/calculating-your-pension/): Calculating Your Pension Calculating Your Pension Calculating Your Pension Defined benefit plan TRAF is a defined benefit pension plan. This means your pension is determined by your years of service and your salary, not your contributions. Generally, the longer you work and the more salary you earn, the higher your pension will be when you retire. If
- [Consider Integration](https://www.traf.mb.ca/active-members/preparing-for-retirement/consider-integration/): Consider Integration Consider Integration Consider Integration When you retire, you have the option to integrate your TRAF pension with the Canada Pension Plan (CPP), Old Age Security (OAS), or both. The purpose of integration is to provide a more uniform amount of income throughout retirement, rather than having less income initially (prior to CPP and/or
- [Refunded Service](https://www.traf.mb.ca/active-members/maximize-my-pension/refunded-service/): Refunded Service Refunded Service Refunded Service Why purchase service? If you have received a refund of your TRAF contributions and you have returned to teach, you may want to pay it back into the plan so the related service can count toward your TRAF pension.Your TRAF pension is calculated using your years of service and
- [Past Service](https://www.traf.mb.ca/active-members/maximize-my-pension/past-service/): Past Service Past Service Past Service Why purchase service? Your pension is calculated using your years of service and average salary. The higher these two factors, the larger your TRAF pension. Service that can be purchased You may apply to purchase past service providing: You are not receiving your TRAF pension, You have no pensionable
- [Conversion](https://www.traf.mb.ca/active-members/maximize-my-pension/conversion/): Conversion Conversion Conversion Why convert? If you have service prior to July 1980, you may want to convert it to the 5-year average current pension formula to increase your pension. How it works To be eligible, you must have service before July 1980 and you cannot be receiving a pension. For service prior to July
- [Public Access to Information Policy](https://www.traf.mb.ca/about-us/regulatory-reports/public-access-to-information-policy-2/): Public Access to Information Policy Public Access to Information Policy As administrator of the pension plan for public school teachers in Manitoba, the Teachers' Retirement Allowances Fund (TRAF) strives to be as open and transparent as possible in its dealings with members and stakeholders. To this end, we produce a number of regular communications for
- [Disclaimers](https://www.traf.mb.ca/about-us/regulatory-reports/disclaimers/): Disclaimers Disclaimers Site Policy General notice While TRAF strives to keep the information on this website current, that is not always possible. In the event of a discrepancy, it is important to note that the website does not (and cannot) alter the pension plan terms as established by The Teachers' Pensions Act, The Pension Benefits
- [Discuss With Specialist](https://www.traf.mb.ca/active-members/preparing-for-retirement/discuss-with-specialist/): Discuss With Specialist Discuss With Specialist Discuss With Specialist Contact our office to set up time to discuss your personal situation with one of our Member Services Specialists. If you are married or common-law, your partner should be invited to be a part of the discussion. Together, we will review your pension information, plan options and the
- [Changes to Your Pension](https://www.traf.mb.ca/retired-members/about-your-pension/changes-to-your-pension/): Changes to Your Pension Changes to Your Pension Throughout your retirement, different situations may cause changes to occur to your pension. Any time there is a change, you will receive an email notification from TRAF. The details will be contained in a pension change notice in My TRAF Documents.Note that once you receive your first
- [Stay Informed](https://www.traf.mb.ca/retired-members/stay-informed/): Retired Members Stay Informed Retired Members Stay Informed Log in to Online Services and keep your account profile up to date to ensure you stay informed of important news that impacts you. Throughout your retirement, you can expect to receive the following regular communications from TRAF. A first pension letter and other important documents will
- [Leaving Teaching Before May 31, 2010](https://www.traf.mb.ca/active-members/life-events/leaving-teaching/leaving-teaching-before-may-31-2010/): Leaving Teaching Before May 31, 2010 Leaving Teaching Before May 30, 2010 If you left teaching before May 31, 2010 and have not started your pension, you are a "deferred member." While you no longer contribute to the plan, it is important that you be aware of the benefits you are entitled to receive, and
- [Moving](https://www.traf.mb.ca/retired-members/life-events/moving/): Moving Moving Moving within the province If your address changes due to a move within your province, log in to your Online Services account and update your Account Profile. Or, complete a Change Notification so we can updates our files accurately. Moving out of province or country To help prevent complications at tax time, it is important to let
- [Service that Counts](https://www.traf.mb.ca/active-members/pension-basics/service-that-counts/): Service that Counts Service that Counts Service that Counts Pensionable service Pensionable service starts to accumulate when you begin contributing to TRAF and determines the amount of pension you will receive. Pensionable service is the actual time spent working full time, part time or under a term contract or in receipt of certain group disability
- [When to Contact TRAF](https://www.traf.mb.ca/retired-members/when-to-contact-traf/): Retired Members When to Contact TRAF Retired Members When to Contact TRAF Throughout your retirement, certain changes and life events must be reported to TRAF. Please contact TRAF whenever one of these changes occurs. Contact information: address, email and phone number If your address, email or phone number changes, log in to your Online Services
- [Leaving Teaching After May 30, 2010](https://www.traf.mb.ca/active-members/life-events/leaving-teaching/leaving-teaching-after-may-30-2010/): Leaving Teaching After May 30, 2010 Leaving Teaching After May 30, 2010 If you leave teaching before you are eligible to start your pension, you become a "deferred member." While you no longer contribute to the plan, it is important that you be aware of the benefits you are entitled to receive, and when you
- [Marriage/Common-Law Relationship Breakdown](https://www.traf.mb.ca/active-members/life-events/marriage-common-law-relationship-breakdown/): Marriage/Common-Law Relationship Breakdown Marriage Common-Law Relationship Breakdown If you and your partner (married or common-law) have separated, it is important to contact TRAF promptly for information on how your pension is affected. A delay in settling your relationship breakdown can delay your pension. If the separation is permanent, your former partner may be entitled to
- [Settle Breakdowns](https://www.traf.mb.ca/active-members/preparing-for-retirement/settle-breakdowns/): Settle Breakdowns Settle Breakdowns Settle Breakdowns If you and your partner (married or common-law) have separated, it is important to contact TRAF promptly for information on how your pension is affected. A delay in settling your relationship breakdown can delay your pension. If the separation is permanent, your former partner may be entitled to up
- [Retired Members](https://www.traf.mb.ca/retired-members/): Retired Members Your TRAF pension is a valuable asset designed to provide you with retirement income during your lifetime. Keep in touch with us during your retirement, as certain life events can impact your pension. Log in to Online Services and click “Account Profile” to keep your contact information current. Retired Members Your TRAF pension
- [Active Members](https://www.traf.mb.ca/active-members/): Active Members Your TRAF pension is a valuable asset designed to provide you with retirement income during your lifetime. Retirement planning should begin early in your career. Understand how your pension works and what options are available to you. Active Members Your TRAF pension is a valuable asset designed to provide you with retirement income
- [Determine Retirement Date](https://www.traf.mb.ca/active-members/preparing-for-retirement/determine-retirement-date/): Determine Retirement Date Determine Retirement Date Determine Retirement Date Before you can determine the date you will retire, you must be sure that you are eligible for a benefit.Eligibility for TRAF benefits depends on a number of variables, such as: The date you terminate your contract with the school division The length of your qualifying years
- [Employers](https://www.traf.mb.ca/employers/): Employers This page is a hub for payroll administrators from school divisions and our other employer partners, where you’ll find the resources you need. Payroll administrators may also log in to Online Services for additional tools. Employers This page is a hub for payroll administrators from school divisions and our other employer partners, where you’ll
- [Teaching After Retirement](https://www.traf.mb.ca/active-members/teaching-after-retirement/): Active Members Teaching After Retirement Active Members Teaching After Retirement If you return to work in a position that normally requires TRAF contributions (whether teaching or other covered employment) after you retire, there is a limit to the number of days you can work before it affects your TRAF pension. If you are age 65
- [Teaching After Retirement](https://www.traf.mb.ca/retired-members/teaching-after-retirement/): Retired Members Teaching After Retirement Retired Members Teaching After Retirement If you are age 65 or older and have at least 15 years of qualifying service at your retirement, you are not subject to these rules. What are the rules? Teaching after retirement rules apply to all positions where TRAF contributions are normally required. Your
- [Deductions](https://www.traf.mb.ca/retired-members/about-your-pension/deductions/): Deductions Deductions Income tax and other deductions may be taken off your gross pension amount. Income tax Income tax is a mandatory deduction, and is calculated based only on your TRAF pension. If you are living outside of Canada, income tax is deducted at the non-resident rate.Income from other sources is not taken into consideration,
- [Attend Retirement Seminar](https://www.traf.mb.ca/active-members/preparing-for-retirement/attend-retirement-seminar/): Attend Retirement Seminar Attend Retirement Seminar Attend Retirement Seminar If you are age 48 or older, you will receive an invitation from The Manitoba Teachers' Society to attend a retirement seminar. TRAF's Member Services Specialists will provide you with the basic information that will help you make the retirement decision that is best suited to your needs.
- [Calculators](https://www.traf.mb.ca/employers/calculators/): Calculators Calculators The following calculators are available for different scenarios. These calculators are updated when the YMPE and CRA maximums change. Pension adjustment (PA) calculator is to be used: When a member received earnings (i.e., retro pay) but had no service in the year. Recalculate the PA for the last year the member had service
- [News](https://www.traf.mb.ca/news/): News Read the latest news and updates. SEE MORE NEWS
- [Investments](https://www.traf.mb.ca/investments/): Funding & Investments Investments TRAF maintains a broadly diversified, professionally managed global investment portfolio which, at the end of 2025, was valued at approximately $10.3 billion Funding & Investments Investments TRAF maintains a broadly diversified, professionally managed global investment portfolio which, at the end of 2025, was valued at approximately $10.3 billion Our dynamic long-term
- [Apply For Pension](https://www.traf.mb.ca/active-members/preparing-for-retirement/apply-for-pension/): Apply For Pension Apply For Pension Apply For Pension Apply for pension Once you have read the information below, you may submit your pension application along with all required documents. Ready to submit? Apply for pension now. Completed forms contain personal information. To protect your privacy, TRAF does not recommend submitting completed forms by email.
- [Cost of Living Adjustments](https://www.traf.mb.ca/retired-members/about-your-pension/cost-of-living-adjustments/): Cost of Living Adjustments 2026 COLA Effective July 1, 2026, TRAF will grant a cost of living adjustment (COLA) of 2.11% to eligible members receiving a TRAF pension. The Consumer Price Index for Canada increased by 2.36% during 2025 (December over December). You can compare COLA granted since 1977 by reviewing the historical COLA chart and
- [Pension Adjustment Account (PAA)](https://www.traf.mb.ca/funding/pension-adjustment-account-paa/): Pension Adjustment Account Pension Adjustment Account TRAF grants cost of living adjustments (COLA) to the extent that they can be funded by a designated account known as the Pension Adjustment Account (PAA). The PAA was established in 1977 for the purpose of financing 50% of the COLA granted to retired members. The Province finances the
- [Investment Committee](https://www.traf.mb.ca/investments/investment-staff/investment-committee/): Investment Committee Investment Committee Resources
- [Employer Guide](https://www.traf.mb.ca/employers/employer-guide/): Employer Guide Employer Guide Employer Guide The Employer Guide has important information and guidelines to assist you with your responsibilities related to TRAF. Resources
- [Account Structure](https://www.traf.mb.ca/funding/traf-funding/account-structure/): Account Structure Account Structure In order to put the funded status of the plan into context, it is necessary to understand TRAF’s account structure and operations, as illustrated in the chart below. Benefits paid under the plan are primarily funded through two main accounts established under The Teachers’ Pensions Act, namely Account A and Account B.
- [Policies](https://www.traf.mb.ca/retired-members/policies/): Policies Policies Membership Categories Member Service Standards Member Appeal Policy
- [Membership Categories](https://www.traf.mb.ca/retired-members/policies/member-categories/): Membership Categories
- [Importance of Investment Returns](https://www.traf.mb.ca/funding/funding-and-sustainability-overview/importance-of-investment-returns/): Importance of Investment Returns Importance of Investment Returns A significant advantage of a defined benefit (DB) pension plan is the long-term compounding of investment returns on contributions. The contributions that are automatically deducted from active members’ pay cheques are deposited to Account A (the member account), where they are systematically invested in a globally diversified
- [Granting a Power of Attorney](https://www.traf.mb.ca/retired-members/life-events/granting-a-power-of-attorney/): Granting a Power of Attorney Granting a Power of Attorney Unforeseen circumstances such as illness or injury can prevent you from being able to manage your affairs and make decisions for yourself. When you grant a power of attorney, you will achieve peace of mind knowing that your financial affairs will be managed by someone
- [Deductions](https://www.traf.mb.ca/active-members/preparing-for-retirement/deductions/): Deductions Deductions Deductions During retirement, your gross pension amount will be subject to various deductions, including income tax and discretionary deductions. Income tax Income tax is generally a mandatory deduction, and will be calculated based only on your TRAF pension. Income from other sources is not taken into consideration. If you will have other income
- [Responsible Investing](https://www.traf.mb.ca/investments/responsible-investing/): Responsible Investing Responsible Investing As a fiduciary, TRAF is held to high standards of investment behaviour, and all investments made on behalf of the fund must be consistent with the objectives of the plan as set out in the Statement of Investment Policies & Procedures (SIP&P), which is reviewed and approved annually by the Board. TRAF
- [Understand COLA](https://www.traf.mb.ca/active-members/preparing-for-retirement/understand-cola/): Understand COLA Understand COLA Understand COLA Before you make the important decision to retire, it is important to understand the impact of inflation on the purchasing power of your pension. Cost of living adjustments (COLA), if any, that are granted under the pension plan will increase your pension after retirement; however, the increases are not
- [Account B Projection Valuation](https://www.traf.mb.ca/funding/projection-valuation-results/account-b-projection-evaluation/): Account B Projection Valuation Account A Account B A 40-year projection of the funded status of Account B has been prepared at the same date as the actuarial valuation. The most recent projection of the funded status was prepared as at January 1, 2024. The following chart sets out the historical funded status of Account
- [Account A Projection Valuation](https://www.traf.mb.ca/funding/projection-valuation-results/account-a-projection-evaluation/): Account A Projection Valuation Account A Account B A 40-year projection of the funded status of Account A has been prepared at the same date as the actuarial valuation. The most recent projection of the funded status was prepared as at January 1, 2024. The following chart sets out the historical funded status of Account
- [Leaves of Absence](https://www.traf.mb.ca/active-members/life-events/leaves-of-absence/): Leaves of Absence Leaves of Absence During an unpaid leave of absence, you: Do not contribute to the plan, Do not acquire pensionable service, and May not withdraw contributions or collect termination benefits such as a refund or a pension. The treatment of paid leaves of absence is dependent on the specific circumstances of the leave
- [Statement of Investment Policies & Procedures](https://www.traf.mb.ca/investments/https-www-traf-mb-ca-wp-content-uploads-2025-01-sipp-2025-v2-pdf-2/): Statement of Investment Policies & Procedures In consultation with the Investment Committee, the Board sets the investment policy for TRAF by way of the Statement of Investment Policies & Procedures (SIP&P). The SIP&P addresses key matters such as investment beliefs and objectives, permitted types of investments, asset allocation and investment valuation. Every external investment manager
- [Funding](https://www.traf.mb.ca/funding/): Funding & Investments Funding The financial health of a pension plan can be measured by its funded status. TRAF monitors the funded status of the plan and other metrics very carefully and communicates its findings to various stakeholders. Funding & Investments Funding The financial health of a pension plan can be measured by its funded
- [Investment Staff](https://www.traf.mb.ca/investments/investment-staff/): Investment Staff Investment Committee Internal Investment Committee Investment Staff
- [The Board's Funding Beliefs](https://www.traf.mb.ca/funding/funding-and-sustainability-overview/the-boards-funding-beliefs/): The Board's Funding Beliefs The Board's Funding Beliefs The Board believes that: Benefits should be pre-funded (Account A and Account B); and Funding concerns should be addressed on a timely basis. If these beliefs are fulfilled, the Fund is more likely to be sustainable. These funding beliefs are based on the following objectives of the
- [Regulatory](https://www.traf.mb.ca/about-us/regulatory-reports/): Regulatory Regulatory Reports Disclaimers Public Access to Information Policy Privacy Statement Accessibility Annual Report Code of Conduct Compensation Disclosure
- [Marriage/Common-Law Breakdown](https://www.traf.mb.ca/retired-members/life-events/marriage-common-law-breakdown/): Marriage/Common-Law Breakdown Marriage Common-Law Breakdown If you and your partner (married or common-law) have separated, it is important to contact TRAF promptly for information on how your pension is affected. If the separation is permanent, your former partner may be entitled to up to 50% of the monthly pension earned from the date the relationship
- [Entering a Marriage/Common-Law Relationship](https://www.traf.mb.ca/retired-members/life-events/entering-a-marriage-common-law-relatonship/): Entering a Marriage/Common-Law Relationship Entering a Marriage Common-Law Relatonship Entering into a new relationship after your pension has started will not impact your pension.Once you receive your first TRAF pension payment, you cannot change the plan option or the integration option you selected at retirement, even if your marital status changes. You can only change
- [Life Events](https://www.traf.mb.ca/active-members/life-events/): Active Members Life Events Active Members Life Events Marriage/Common-Law Relationship + Breakdown + Maximize My Pension Moving to Another Pension Plan Leaves of Absence Leaving Teaching Granting Power of Attorney Becoming Disabled Death Applying for CPP/OAS
- [Life Events](https://www.traf.mb.ca/retired-members/life-events/): Retired Members Life Events Retired Members Life Events Marriage/Common-Law Relationship + Breakdown + Moving Applying for CPP/OAS Granting Power of Attorney Death
- [Pension Basics](https://www.traf.mb.ca/active-members/pension-basics/): Pension Basics Pension Basics Calculating Your Pension Required Contributions Eligibility Salary that Counts Service that Counts
- [TRAF Funding](https://www.traf.mb.ca/funding/traf-funding/): TRAF Funding Funding TRAF Funding Funding Basics Account Structure Actuarial Valuation Basics
- [About Your Pension](https://www.traf.mb.ca/retired-members/about-your-pension/): Retired Members About Your Pension Retired Members About Your Pension Deductions Cost of Living Adjustments Changes to Your Pension
- [Maximize My Pension](https://www.traf.mb.ca/active-members/maximize-my-pension/): Maximize My Pension Maximize My Pension Conversion Educational Leave Maternity Leave Parental/Adoption Leave Past Service Refunded Service Service Transfer Substitute Service Additional Voluntary Contributions
- [Leaving Teaching](https://www.traf.mb.ca/active-members/life-events/leaving-teaching/): Leaving Teaching Leaving Teaching Leaving Teaching Before May 31, 2010 Leaving Teaching After May 30, 2010
- [Preparing for Retirement](https://www.traf.mb.ca/active-members/preparing-for-retirement/): Preparing for Retirement Preparing for Retirement Determine Retirement Date Evaluate Needs and Income Settle Breakdowns Attend Retirement Seminar Discuss With Specialist Choose Plan Option Understand COLA Consider Integration Deductions Apply For Pension
- [Projection Valuation Results](https://www.traf.mb.ca/funding/projection-valuation-results/): Projection Valuation Results Funding Projection Valuation Results Account A Account B
- [Actuarial Valuation Results](https://www.traf.mb.ca/funding/actuarial-valuation-results/): Actuarial Valuation Results Funding Actuarial Valuation Results Total Plan Account A Account B
- [Policies](https://www.traf.mb.ca/active-members/policies-2/): Policies Policies Membership Categories Member Service Standards Member Appeal Policy
- [Code of Conduct](https://www.traf.mb.ca/about-us/governance/code-of-conduct/): Code of Conduct Code of Conduct Resources
- [Code of Conduct](https://www.traf.mb.ca/about-us/regulatory-reports/code-of-conduct/): Code of Conduct Code of Conduct Resources
- [Eligibility](https://www.traf.mb.ca/active-members/pension-basics/eligibility/): Eligibility Eligibility Eligibility You are eligible to begin your pension the month following normal retirement age regardless of the length of your service. If you have less than 15 years of qualifying service, you must terminate your contract with your employer. If you have more than 15 qualifying years, you can start your pension without
- [Death](https://www.traf.mb.ca/retired-members/life-events/death-2/): Death Death We recognize that this is a difficult time, but it is important that TRAF be advised as soon as possible when a death occurs. Depending on the plan option you selected at retirement, your pension may be affected if your spouse/partner passes away. It is also important that a spouse or beneficiary inform
- [Applying for CPP/OAS](https://www.traf.mb.ca/retired-members/life-events/applying-for-cpp-oas/): Applying for CPP/OAS Applying for CPP/OAS Resources
- [Applying for CPP/OAS](https://www.traf.mb.ca/active-members/life-events/applying-for-cpp-oas/): Applying for CPP/OAS Applying for CPP/OAS Resources
- [Death](https://www.traf.mb.ca/active-members/life-events/death/): Death Death We recognize that this is a difficult time, but it is important that TRAF be advised as soon as possible when a death occurs. If your death occurs before retirement, your estate or partner is entitled to the commuted value of the deferred pension earned on all service. If you do not qualify for a
- [Becoming Disabled](https://www.traf.mb.ca/active-members/life-events/becoming-disabled/): Becoming Disabled Becoming Disabled If you become disabled, you will continue to accrue pensionable service and salary for the period during which you receive disability benefits. TRAF contributions are waived during this time.
- [Power of Attorney](https://www.traf.mb.ca/active-members/life-events/power-of-attorney/): Power of Attorney Power of Attorney Unforeseen circumstances such as illness or injury, can prevent you from being able to manage your affairs and make decisions for yourself. When you grant a power of attorney, you will achieve peace of mind knowing that your financial affairs will be managed by someone acting in your best
- [Moving To Another Pension Plan](https://www.traf.mb.ca/active-members/life-events/moving-to-another-pension-plan/): Moving To Another Pension Plan Moving To Another Pension Plan What is a service transfer? When pension plans participate in a reciprocal transfer agreement, a person who moves from one participating pension plan to another (due to a change in employment) can choose to transfer their service, which may grant them certain advantages. If you
- [Substitute Service](https://www.traf.mb.ca/active-members/maximize-my-pension/substitute-service/): Substitute Service Substitute Service Substitute Service Why purchase service? If you have substitute service, you may want to purchase this service so it can count toward your TRAF pension. TRAF contributions are not generally deducted automatically for substitute service. As a plan member, you have the option of increasing your TRAF pension by paying contributions
- [Member Appeal Policy](https://www.traf.mb.ca/active-members/policies-2/member-appeal-policy/): Member Appeal Policy Member Appeal Policy Resources
- [Member Service Standards](https://www.traf.mb.ca/active-members/policies-2/member-service-standards/): Member Service Standards Member Service Standards Resources
- [Membership Categories](https://www.traf.mb.ca/active-members/policies-2/member-categories/): Membership Categories Membership Categories
- [Salary that Counts](https://www.traf.mb.ca/active-members/pension-basics/salary-that-counts/): Salary that Counts Salary that Counts Salary that Counts The pension formula uses an average of your highest five (or seven* for service prior to July 1, 1980) years of salary out of your last 12 years of service prior to retirement. We call this your "final average." * Your best seven years, for service
- [Funding and Sustainability](https://www.traf.mb.ca/funding/funding-and-sustainability-overview/): Funding Funding and Sustainability Funding Funding and Sustainability Funding and Sustainability Policy The Board's Funding Beliefs Importance of Investment Returns
- [Funding and Sustainability Policy](https://www.traf.mb.ca/funding/funding-and-sustainability-overview/funding-and-sustainability-policy/): Funding and Sustainability Policy Funding and Sustainability Policy TRAF has established a funding and sustainability policy that is intended to establish a framework for the sound financial management of the pension benefits provided by the fund and provides guidance on the assessment, monitoring and communication of the financial condition and sustainability of the fund with a view
- [Member Appeal Policy](https://www.traf.mb.ca/retired-members/policies/member-appeal-policy/): Member Appeal Policy Resources
- [Member Service Standards](https://www.traf.mb.ca/retired-members/policies/member-service-standards/): Member Service Standards Resources
- [About Us](https://www.traf.mb.ca/about-us/overview/)
- [Public Access To Information Policy](https://www.traf.mb.ca/public-access-to-information-policy/): PUBLIC ACCESS TO INFORMATION POLICY As administrator of the pension plan for public school teachers in Manitoba, the Teachers' Retirement Allowances Fund (TRAF) strives to be as open and transparent as possible in its dealings with members and stakeholders. To this end, we produce a number of regular communications for your benefit in addition to
- [My TRAF Online Services](https://www.traf.mb.ca/my-traf-online-services/)
- [Infrastructure](https://www.traf.mb.ca/portfolio-summary/infrastructure/): Investments Portfolio Summary Excepteur sint occccaecat cupidatat non proident, sunt in culpa qui offic xcepteur siaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat. Cash & Short-Term Universe Bonds Long-Term Bonds Real Estate Debt Private Debt Canadian Equity US Equity International Equity Global Equity Private Equity Real Estate Infrastructure Infrastructure Excepteur sint
- [Real Estate](https://www.traf.mb.ca/portfolio-summary/real-estate/): Investments Portfolio Summary Excepteur sint occccaecat cupidatat non proident, sunt in culpa qui offic xcepteur siaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat. Cash & Short-Term Universe Bonds Long-Term Bonds Real Estate Debt Private Debt Canadian Equity US Equity International Equity Global Equity Private Equity Real Estate Infrastructure Real Estate Excepteur
- [Private Equity](https://www.traf.mb.ca/portfolio-summary/private-equity/): Investments Portfolio Summary Excepteur sint occccaecat cupidatat non proident, sunt in culpa qui offic xcepteur siaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat. Cash & Short-Term Universe Bonds Long-Term Bonds Real Estate Debt Private Debt Canadian Equity US Equity International Equity Global Equity Private Equity Real Estate Infrastructure Private Equity Excepteur
- [Global Equity](https://www.traf.mb.ca/portfolio-summary/global-equity/): Investments Portfolio Summary Excepteur sint occccaecat cupidatat non proident, sunt in culpa qui offic xcepteur siaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat. Cash & Short-Term Universe Bonds Long-Term Bonds Real Estate Debt Private Debt Canadian Equity US Equity International Equity Global Equity Private Equity Real Estate Infrastructure Global Equity Excepteur
- [US Equity](https://www.traf.mb.ca/portfolio-summary/us-equity/): Investments Portfolio Summary Excepteur sint occccaecat cupidatat non proident, sunt in culpa qui offic xcepteur siaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat. Cash & Short-Term Universe Bonds Long-Term Bonds Real Estate Debt Private Debt Canadian Equity US Equity International Equity Global Equity Private Equity Real Estate Infrastructure US Equity Excepteur
- [International Equity](https://www.traf.mb.ca/portfolio-summary/international-equity/): Investments Portfolio Summary Excepteur sint occccaecat cupidatat non proident, sunt in culpa qui offic xcepteur siaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat. Cash & Short-Term Universe Bonds Long-Term Bonds Real Estate Debt Private Debt Canadian Equity US Equity International Equity Global Equity Private Equity Real Estate Infrastructure International Equity Excepteur
- [Canadian Equity](https://www.traf.mb.ca/portfolio-summary/canadian-equity/): Investments Portfolio Summary Excepteur sint occccaecat cupidatat non proident, sunt in culpa qui offic xcepteur siaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat. Cash & Short-Term Universe Bonds Long-Term Bonds Real Estate Debt Private Debt Canadian Equity US Equity International Equity Global Equity Private Equity Real Estate Infrastructure Canadian Equity Excepteur
- [Private Debt](https://www.traf.mb.ca/portfolio-summary/private-debt/): Investments Portfolio Summary Excepteur sint occccaecat cupidatat non proident, sunt in culpa qui offic xcepteur siaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat. Cash & Short-Term Universe Bonds Long-Term Bonds Real Estate Debt Private Debt Canadian Equity US Equity International Equity Global Equity Private Equity Real Estate Infrastructure Private Debt Excepteur
- [Real Estate Debt](https://www.traf.mb.ca/portfolio-summary/real-estate-debt/): Investments Portfolio Summary Excepteur sint occccaecat cupidatat non proident, sunt in culpa qui offic xcepteur siaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat. Cash & Short-Term Universe Bonds Long-Term Bonds Real Estate Debt Private Debt Canadian Equity US Equity International Equity Global Equity Private Equity Real Estate Infrastructure Real Estate Debt
- [Long-Term Bonds](https://www.traf.mb.ca/portfolio-summary/long-term-bonds/): Investments Portfolio Summary Excepteur sint occccaecat cupidatat non proident, sunt in culpa qui offic xcepteur siaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat. Cash & Short-Term Universe Bonds Long-Term Bonds Real Estate Debt Private Debt Canadian Equity US Equity International Equity Global Equity Private Equity Real Estate Infrastructure Long-Term Bonds Excepteur
- [Portfolio Summary](https://www.traf.mb.ca/portfolio-summary/): Investments Portfolio Summary Excepteur sint occccaecat cupidatat non proident, sunt in culpa qui offic xcepteur siaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat. Cash & Short-Term Universe Bonds Long-Term Bonds Real Estate Debt Private Debt Canadian Equity US Equity International Equity Global Equity Private Equity Real Estate Infrastructure Cash & Short-Term
- [Universe Bonds](https://www.traf.mb.ca/portfolio-summary/universe-bonds/): Investments Portfolio Summary Excepteur sint occccaecat cupidatat non proident, sunt in culpa qui offic xcepteur siaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat. Cash & Short-Term Universe Bonds Long-Term Bonds Real Estate Debt Private Debt Canadian Equity US Equity International Equity Global Equity Private Equity Real Estate Infrastructure Universe Bonds Excepteur
- [Changes to Your Pension](https://www.traf.mb.ca/changes-to-your-pension/): Retired Members About Your Pension Deductions Cost of Living Adjustment (COLA) Changes to Your Pension Changes to Your Pension Excepteur sint occaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat sint occaecat cupidatat non proident, sunt in culpa quExcepteuExcepteur sint occaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat
- [Moving to Another Pension Plan](https://www.traf.mb.ca/moving-to-another-pension-plan/): Retired Members Life Events Excepteur sint occccaecat cupidatat non proident, sunt in culpa qui offic xcepteur siaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui offic xcepteur sint occaecat sint occaecat cupidatat non proident, sunt in culpa quExcepteuExcepteur sint occaecat cupidatat non

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