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Main -> Superannuation Plan -> Summary
Saskatchewan Teachers Superannuation Plan Summary
Membership to this Plan has been closed since July 1, 1980.  
A. Eligibility/Benefit Levels
Benefit Formula (x service) 2% x best 5 year average (final years part-time as if full-time salary)
Age & Service Combinations   Any age with 30 years eligibility service; or

Age 55 when age + service = 85; or

Age 60 with 20 years eligibility service; or

Age 65 with 1 year of eligibility service.
Earliest Possible Retirement   55 with 20 years eligibility service (reduction .25%/month < age 60); or

Age + service = 85
Cola Index   80% of change in CPI
Disability Benefit   Requires:

* 10 years of eligibility service;

* 3 years of eligibility service in last 5 years; and

disabled > 60 days

Benefit recalculated at age 65 to include STF Income Continuance Plan Service
Survivor's Allowances   60% to spouse; 10% to dependent; dependent child to maximum 25%;

or 60% to dependent parents
B. Purchasing Other Service as Teaching Service
(i) Service
Parenting Absence, Deferred Salary Leave Up to 1 year *
Educational Leave(3) Up to 1 year full time attendance
Sabbatical Leave (3) All
Transfer Agreement Differentials All
Kelsey, STI, Wascana All
CIDA, CUSO, WUSC (2) All
WUSC CUSO 3 yrs
Study Supervisor All
U of S , U of R, Gov't. of Sask. Schools, Sask. Gov't. All
Sask. Private School Service 7 years
Outside Service (2) 7 years with 10 years eligibility
Military W.W.I
W.W. II

All purchases are subject to Canada Revenue Agency (CRA) restrictions. Approval is dependent upon type of service, date of service, and the method of payment.
* More than 1 year if absence is for parenting leave after February 3, 1998.

(ii) Required Contributions
Parenting Leave Teacher contributions (no interest if paid within one year of end of parenting leave)
Educational Leave (3) Teacher contributions + interest
Sabbatical Leave (3) Teacher contributions (+ interest if not made while on sabbatical)
Kelsey, STI, Wascana Teacher contributions + interest
CIDA, CUSO, WUSC (2) Teacher contributions + interest
Study Supervisor Teacher contributions + interest
U of S, U of R, Gov't. of Sask.School, Sask. Gov't. Teacher + government contributions + interest
Sask. Private School Service Teacher + government contributions + interest
Outside Service (2) Teacher + government contributions + interest
Military Teacher contributions + interest
2 Income must have been taxable by Canada Revenue Agency (CRA).

3 In combination, maximum 1 year sabbatical leave and educational leave.
C. Qualifying Services (4)
Private School Service Up to 7 years
Outside Service Up to 7 years with 10 years eligibility
Service with Government Jurisdictions All with 10 years contributory
Service from transfer agreement differentials
All
University of Saskatchewan and University of Regina Teaching Service Public Office
All
D. Terminations
Terminations (a) Refund of contributions + interest at rates earned by the fund (5)
(b) After 1 year of eligibility service; with contributions locked-in may transfer commuted value to prescribed plan.
Reinstatement if Refund Taken (a) Refund + interest at 2% > rate earned by the fund (5)
(b) No reinstatement
Reinstatement for Transfer Purposes
(a)

(b)
Yes (5)

No
 
Reciprocal Agreements for Transfers
Interprovincial MB, NB, NS, PEI, NF; AB, ON, PQ; BC at time of retirement
Other PEPP, PSSB, U of S, CIC, Luther College, Western Christian College, MEPP
E. Financial Arrangements
Teacher Contribution Rates (6)
7.85%
Government Contribution Rates(6)
Matching.
Integration with CPP
Yes
Government Guarantees
All benefits guaranteed by Government

Teachers' Superannuation Fund Market Value(1)

Voluntary Contribution Fund Market Value(2)


June 30, 2016
$376.903 million (1)



June 30, 2016
$3.148 million (2)

Unfunded Liability for Superannuation Plan (1)

Unfunded Liability for Disability Plan (2)

June 30, 2016
$5.952 billion (1)


June 30, 2016
$2.0 million (2)
(4) Used for eligibility purposes only as applied in the formula: age + service = 85.

(5) Check with Teachers' Superannuation Commission for current interest rates.

(6) Rate quoted is rate applicable on salary above year's maximum pensionable earnings and below yearly basic exemption as set out for Canada Pension Plan.
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ADMINISTRATION
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FUNDS
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CONTRIBUTION RATE
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TEACHING SERVICE
* Contributory Teaching Service
* Income Continuance Plan Service
* Purchase of Service
* Service on a Part-Time Contract
* Substitute Service
* Accumulation of Partial or Substitute Service
* Qualifying Service
* Procedures
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RECIPROCAL TRANSFER AGREEMENTS
* Procedure
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ELIGIBILITY
* Retirement with an Unreduced Allowance
* Retirement with a Reduced Allowance
* Procedures
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RETIREMENT BENEFITS
* Prior to Age 65
* Age 65
* Minimum Allowance
* Procedures
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INDEXING OF ALLOWANCES
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DEFERRED ALLOWANCES
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SURVIVOR BENEFITS
* Death Before Retirement
* Death After Retirement
* Adjustment at Age 65
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TERMINATION
(For Reasons Other Than Retirement)
* Conditions for a Refund
* Amount of Refund
* Reinstatement of Refund
* Commuted Value
* Spouse of Deceased Teacher
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SUPERANNUATES WHO RETURN TO TEACHING
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PENSION DIVISION ON MARRIAGE BREAKDOWN
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VOLUNTARY CONTRIBUTIONS
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SUMMARY
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PENSION AUTHORITIES' CONTACT
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