In observance of the Thanksgiving holiday, the SPTRFA office will be closed this Thursday (November 26) and Friday (November 27). We will reopen on Monday, November 30, at 8:00 am. We wish you a happy Thanksgiving!
The Fall 2015 Newsletter is here!
- 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
More retirement events to be scheduled in 2016! Stay tuned…
Retired SPTRFA Assistant Director, James Callaway, Remembered
It is with great sadness that we share the news of the death of Jim Callaway, a trusted colleague and friend. In his 34 years with the SPTRFA he wore many hats, but will be remembered by most in his role as a trusted retirement counselor, with a jovial personality and deep consideration for others. Assistant Director at the time of retirement in January 2007, Jim and his beautiful wife, Joan, ventured to places near and far, literally cruising into their retirement years. A man of great integrity and faith, he will be deeply missed, but always fondly remembered.
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.
Are you over age 50 and retiring in the near future? View your member estimate mailed in April for an estimated benefit.
Estimates were mailed on April 3 to those SPTRFA members actively working at least 50% full-time equivalency with Saint Paul Public Schools, vested with 3 years of service credit, and at least 40 years of age (as of June 30, 2014.)
The projected gross monthly pension values on the estimate assume continued employment with SPPS until July 1st of each year listed, as well as a projected salary increase of 1% occurring every school year. It is important to note that any final benefit is contingent upon actual service and salary with the Saint Paul Public Schools and Minnesota laws and statutes effective at the time of retirement.
Once you review your estimate, if you wish to update your record with new beneficiaries you may do so by returning the Designation of Beneficiary form to the SPTRFA office by fax or mail. If an error was found please contact the office by submitting an email to firstname.lastname@example.org with your Full Name and DOB and a staff member will reply within 1-3 business days.
Thinking of Retiring in 2015-2016?
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.
NIRS study indicates defined benefit pensions plans are the most the economically efficient retirement plan – costing up to 48% less than 401(k) plans;
Read more the new analysis from the National Institute on Retirement Security (NIRS) online. NIRS is a non-profit, non-partisan organization established to contribute to informed policymaking by fostering a deep understanding of the value of retirement security to employees, employers, and the economy as a whole.