Click the MPR News link below for a 4-minute update on the 2018 Minnesota Omnibus Pension bill. Pensions, transportation on the agenda at the Capitol. https://www.mprnews.org/story/2018/03/26/what-to-watch-capitol-this-week
Follow us for pension and financial news on twitter @SPTRFA
IMPORTANT NOTICE FOR RETIREES:
SPTRFA’s 2018 benefit recipient increase letters were mailed to all benefit recipients, beginning the week of December 25th. However, the Federal withholding amounts were based upon 2017 published tax tables. 2018 Federal tax withholding amounts will be updated for your February 1, 2018, benefit payment.
If you received a statement of income from SPTRFA in February and noticed a change in your gross benefit payment, this change may be due to the implementation of the 2018 Federal tax tables. This is a permanent change and will continue unless you make an adjustment to your tax withholding.
Attention Annuitants: 1099-R forms for the tax year 2017 were mailed on January 26, 2018. For a full 1099-R form explanation, click here.
How to Contact SPTRFA Office:
Regular office hours are 8:30 – 4:30 pm, Monday – Friday.
Call 651-642-2550 to speak with our counselors who can help you with general or specific account questions.
The 2017 Legislative Session
It’s legislative season for each of the four Minnesota pension plans, ours included. This year is shaping up to be a critical one, as significant funding bills are being considered by the legislature that will have a profound impact on pension security for thousands of teachers, public safety workers, and civil servants. SPTRFA has proposed a legislative package intended to address increased costs due to 1) members living longer and 2) moving the Plan to a more conservative approach by reducing the Plan’s investment return assumption from 8% to 7.5%.
First, we should bring to your attention several positive aspects of the legislative activity surrounding pensions this year. Notably, in his recently proposed budget, Governor Dayton provided very visible support for pensions by calling for significant additional financial commitments. Although the budget did not fully fund all requests, it represented an important and bold step for which we are grateful.
Leadership on this issue then moved to the Legislative Commission on Pensions and Retirement (LCPR), the bipartisan pension commission. We commend the LCPR on the thoughtful approach they have taken thus far under the leadership of Sen. Julie Rosen (Chair); Rep. Tim O’Driscoll (Vice Chair); and Sen. Sandy Pappas (Secretary). The Commission has begun the difficult process of attempting to balance the important pension security issues at hand within the framework of available funding and the potential need for thoughtful cost savings measures. We expect an active and productive dialogue for the remainder of the session and will continue to meet with the LCPR and legislators to advocate for your Plan and the importance of retirement security.
While it’s still early days, we may call on your support as the session continues – please stay tuned!
- Please take a moment to name your beneficiary – Click to download the Designation of Beneficiary Form.
In the event of your death prior to retirement, there may be survivor benefits payable. By state law a spouse is automatically made a primary beneficiary, however it is important that you provide us with their full name and date of birth. Providing this information allows us to ensure that your money goes where you intended. If no survivor benefits are payable, your named beneficiaries or your estate will receive a refund of your contributions.
- Please note your address must be correct in the Saint Paul Public Schools Employee Self Service Portal.
Thinking of Retiring in 2017-2018?
If you are retiring at the end of school year we strongly encourage you to meet with us prior to submitting SPTRFA retirement application. Call 651-642-2550 to schedule your appointment!
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.