The unfunded liability in the Saskatchewan Teachers' Superannuation Plan (STSP) is estimated to be $4.959 billion.
There are 41 teachers who are active
members of this pension plan.
The youngest member of the Plan was born in December 1959.
There are 10,575 people receiving a pension benefit from the Commission.
The
Plan's oldest superannuate was born in June 1912.
The
Plan's oldest spouse receiving a survivor's benefit was born in August 1915.
At
August 31, 2020, 22,201 teachers and superannuates participate
in the Teachers' Group Life Insurance Plan with a total
of $3.38 billion of insurance in force.
The Cost of Living Allowance (COLA) increase for 2021
is 0.8%. For those who began receiving payments during the 2020 calendar year, the COLA will be prorated.
Applying for your Superannuation Allowance:
Once you have decided to take the big step towards retirement, you must contact the Saskatchewan Teachers' Superannuation Commission (STSC) to apply for any benefit payable from the superannuation plan by submitting the appropriate forms THREE months in advance of your retirement date. Application to commence your retirement allowance must be done separately from notifying your school division of your retirement, even if you plan on returning to teaching as a substitute or on a tempory contract. You must apply for any benefit from the Plan before the end of the calendar year that you reach age 71.
Amendment to the Teachers' Superannuation and Disability and Benefits Act:
Through collective bargaining between Saskatchewan teachers and the Government of Saskatchewan, The Teachers Superannuation and Disability Benefits Act (the Act) was amended to allow teachers with less than 20 days of contributory service eligible to receive a refund of their contributions with interest. Previously legislation locked-in these contributions and were only payable as a death benefit. The amendment to the Act was effective June 30, 2016. If you or someone you know may qualify for a refund please contact the Saskatchewan Teachers Superannuation Commission for further information.
Interesting
Facts:
