STRP Update: Important Reminders
Teachers Get Another Pension Boost
The STRP is excited to once again be providing a conditional upgrade to teachers’ pensions.
On June 30, 2023, eligible active teachers received a 3.8 percent increase to all pension benefits earned between July 1, 2015, and June 30, 2022. This increase will show up on the June 30, 2023, annual statements being sent in December.
For more information, read the original announcement.
New Valuation Filed; Plan Remains Healthy
Earlier this year, the STRP finalized a valuation to determine its financial position as of July 1, 2022. Despite a down market in 2021-22, the Plan’s financial position improved, and the Plan remains fully funded, including reserves for future conditional increases.
Now in Effect: New Re-Employment Rules for Retired Members
As of July 1, 2023, any STRP retired members who return to work in a LEADS position or in a position as an employee of the Federation will have their monthly pension payments suspended, and will be required to re-enroll in the Plan for the entire period of their re-employment.
The common practice of returning (or continuing) to work in retirement, known as “double-dipping,” can have a significant cost to the Plan, especially in relation to high-income earners. Those costs come at the expense of the greater Plan membership. This change helps to mitigate these costs to improve the Plan’s sustainability for all members.
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STRP pensioners returning to work as:
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STRP pensioners returning to work as:
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