The pension plan is sponsored by the Ontario Teachers' Federation (OTF), representing teachers, and the Ontario government, which matches teachers’ contributions. Under the Teachers’ Pension Act (Ontario), the plan sponsors are jointly responsible for ensuring the plan remains fully funded over the long term and for setting plan benefits and contribution levels. In addition to making plan funding decisions, the plan sponsors also appoint the pension plan’s board members.

The Teachers’ Pension Act (Ontario) provides for the joint management of the pension plan by the Ontario government, through the Minister of Education, and the executive of the Ontario Teachers’ Federation ("the partners").

Signed by the plan sponsors as partners, an agreement signed by the partners effective January 1, 1992, sets out the terms of joint management. The partners are jointly responsible for plan losses and gains. A six-member partners’ committee is responsible for changes in plan design and benefit levels. The agreement deals with appointments of board members and delineates the board’s powers and duties other than those set out in legislation. The members of the partners’ committee are not members of the board. The partners have also appointed the board as trustee of the Retirement Compensation Arrangement (RCA).