We have been notified by SPPS that the previously announced SPPS Early Retirement Incentive Program has been cancelled. If you have questions regarding the program, please see the announcement shared on the SPPS Human Resource website by clicking here, https://hr.spps.org.
To help our members better understand their retirement options a personalized Member Estimate will be mailed early May. Members will receive this estimate if they are actively working with SPPS and have at least three years of retirement service credit as of 6/30/2015. This estimate reflects lifetime monthly benefit options that rely in part on assumptions including; retirement service credit, salary, the age at which you retire, and current MN pension laws. This estimate also details current beneficiary information.
If you notice a discrepancy or have questions regarding this estimate please email our Member Service team at, Info@sptrfa.org
No, it is not true . . . !
A March 9, 2016 Pioneer Press article incorrectly stated that the St. Paul Public School District is considering reducing payments for “teacher pension benefits” in order to close a budget deficit. As confirmed by SPPS CFO, Marie Schrul, this is not the case. This is not an item up for consideration – SPTRFA will continue to receive its statutorily-required pension contributions from the District.
The complete Pioneer Press article is here: www.twincities.com/2016/03/08/st-paul-public-schools-projects-15m-deficit-in-2016-17/
Please Join us for a Retirement Planning Seminar Wednesday, March 9, 5:00 at SPPS District Headquarters, 360 Colborne Street, in Rooms A & B.
We care about your retirement security – if you’re within 1 to 5 years from retirement then this meeting is for you! We’ll be on-site to give you an overview of your retirement plan. Topics will include the factors that influence the value of your lifetime benefit, the benefit options available to you at retirement, as well as the process of applying for your SPTRFA retirement benefit.
If you have questions regarding the district’s retirement insurance benefits, personnel policies and severance program, please click here to view information on Session 4: District Benefits Seminar as offered by Saint Paul Public Schools.
- Memo To Our Members
- Recommended Financial Reading
- Portfolio Update
- Helpful Financial Planning Tools
- Are you saving enough for your future?
- Call for Board of Trustee Nominations
Are you retirement ready?
Schedule an appointment on Tuesdays or Thursdays, when we offer early or late day counseling sessions! Unable to meet with us in person? Schedule a phone counseling appointment or send us a message at info at sptrfa.org
Notice to our active members
Your SPTRFA lifetime pension benefits, paid at retirement, are earned throughout your career with St. Paul Public Schools. You make biweekly payroll deductions to help fund those benefits.
Good news: Beginning with the 2015 – 2016 school year, the value of your pension benefits will increase as a higher multiplier takes effect. You will see this change reflected in your June 30, 2016 SPTRFA annual statement.
To pay for this benefit increase, your contribution rate will adjust to 7% on July 1, 2015, and 7.5% on July 1, 2016. Contribution rate increases will be shared with the District through 2017.
Are you retired and returning to work?
What you need to know about the Break In Service rule.
In order to have a right to receive your retirement benefit from SPTRFA, Minnesota law requires a “complete and continuous separation for 90 days from employment in any form with Independent School District No. 625.” Importantly, “employment” for this purpose includes “service provided to the school district as an independent contractor or as an employee of an independent contractor.”
Under this rule, for example, employment with Teachers on Call for service as a substitute teacher in District 625 within 90 days of your final date of employment with District 625 would result in a failure of the Break in Service rule. Please be advised that Minnesota law requires the SPTRFA to recover, with interest, amounts received by a member who fails to satisfy the Break in Service rule.
Thinking of Retiring in 2016-2017?
If you are retiring at the end of school year 2016-2017, we are giving you first priority for a one-on-one appointment with our pension benefit counselors. We strongly encourage you to meet with us prior to submitting SPTRFA application documents.
Before your appointment gain an understanding of the pension benefit application process using the links below:
Important Reminder: You must complete all SPTRFA Retirement Application paperwork and provide the required documentation prior to receiving your pension benefit.