The unfunded liability in the Saskatchewan Teachers' Superannuation Plan (STSP) is estimated to be $5.952 billion.
There are 304 teachers who are active
members of this pension plan.
The youngest active member of the Plan was born in December 1959.
There are 11,347 people receiving a pension benefit from the Commission. All but 33 have their funds direct deposited.
The
Plan's oldest superannuate was born in January 1908.
The
Plan's oldest spouse receiving a survivor's benefit was born in March 1910.
The
youngest member receiving a superannuation allowance from the Plan was
born in December 1959.
The
youngest spouse in receipt of a survivor's benefit from the Plan was born in October 1964.
At
August 31, 2016, 21,985 teachers and superannuates participate
in the Teachers' Group Life Insurance Plan with a total
of $3.31 billion of insurance in force.
The Cost of Living Allowance (COLA) increase for 2017
is 1.1%. For those who began receiving payments during the 2016 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 benedit 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 inforamtion.
Interesting
Facts:
