Reminder: Important Changes Coming to Your Pension Plan

In case you missed it previously, four changes will be coming into effect on July 1, 2024, that will improve equity among STRP members. They will also affect your pension benefit, so it’s important to understand them. Here are the highlights:

1. The STRP will be changing to a flat accrual rate formula that will see members earn a pension of 1.6% on all pensionable earnings. Contribution rates will also change to a flat rate of 10.0% of all earnings.
2. All eligible substitute teachers will receive future conditional upgrades that are granted by the Plan. To be eligible, a substitute teacher must have worked a minimum of 20 days of eligibility service in that Plan year or the immediately preceding Plan year.
3. The STRP will be doubling the interest-free period for parental and compassionate leave purchases (from one year to two years following the end of your leave). Retroactive interest will also be eliminated if you purchase your leave after the interest-free period ends.
4. A rarely used death benefit option that gives dependent children and dependent parents an additional benefit if the member passes away before retirement, with at least eight years of service, is being removed.

If you would like more information about these changes and how they will affect you, please visit Important Changes Coming to Your Pension Plan or contact the STRP by phone at 1-800-667-7762 or by email at strp@stf.sk.ca.