We would like to announce great news about the 2023 legislative pension package! Governor Walz ratified HF3100, HF2950 and HF1938 that include the following items for SPTRFA members:
- Unreduced early retirement benefits at age 62 with 30 years of retirement service credit, effective July 1, 2023, only for SPTRFA members;
- For a FAQ summary on how retiring at age 62 with 30 years of service impacts your retirement planning, visit the 2023 Legislation Update: 62/30 FAQ document.
- Decreased normal retirement to age 65 for all Minnesota teachers, effective July 1, 2025;
- Provides one-time 1.5% COLA for all retirees, in addition to 1.0% annual increase,
(COLA 2.5% total for 2024);
- Provide additional one-time 1.5% COLA for Basic Plan retirees,
(COLA 4.0% total for 2024 for Basic Plan);
- Reduced taxes for Basic Plan pensions and Social Security.
- Secures additional funding to insure pension plan security.
Additionally, the pension package:
* Grants retirees joint and survivor benefits option for qualifying Same Sex marriages;
* Extended military service buyback timeframe;
* Adopts conservative rate of return assumptions to safeguard the long-term fiscal stability of your pension plan
The pension package is funded through one-time aid totaling $15.7 million, and payroll contribution increases starting July 1, 2025, of 0.75% for Saint Paul Public Schools and 1.25% for SPTRFA members. The total contribution rate as of July 1, 2025 will be 9.75% for Saint Paul Public Schools and 9.00% for SPTRFA members.
Are you nearing retirement?
If you are retiring in the next few years we strongly encourage you to contact us prior to submitting SPTRFA retirement application. Before your appointment please use the resource materials below to review pension application paperwork and familiarize yourself with your retirement benefits by reading your personalized Annual Member benefit estimate. Estimates for Fiscal Year End 2023 will be sent to all members with at least three years of service in the next few months.
• Review SPTRFA’s Retirement Application
Important Reminder: All SPTRFA Retirement Application paperwork, required certificates, and documentation must be submitted prior to receiving your pension benefit.
Congratulations to the following members on their reelection to the SPTRFA Board of Trustees.
Matt Bogenschultz, Thomas Koreltz, Stephanie Pignato, were re-elected to serve three-year terms.
Election results were announced at the SPTRFA Annual Meeting of the Members, held virtually on March 13, 2023, at 4:00 PM CDT.
Thank you to the record 566 members who participated in this year’s electronic voting election. The SPTRFA Trustee Election took place from February 24 and closed March 13, 2023, 4:30PM CDT.
Members were able to cast their vote online or by telephone. Personalized communication was sent on February 24, 2023, that included voting instructions and voter ID/credentials. This communication was sent by email, for those members who have an email address on file, or if none, by U.S. Postal Service.
New Executive Director and Chief Investment Officer
Welcome to Phill Tencick, who was selected by the St. Paul Teachers’ Retirement Fund Association (SPTRFA) Board of Trustees to be the new Executive Director and Chief Investment Officer(CIO) for the Fund.
Mr. Tencick has been the Retirement Director and CIO for the Spokane Employee Retirement System for the past eight years. He has also served in a number of finance and leadership roles for the Army and Air Force Exchange Service and private corporations. Mr. Tencick has a Bachelor of Science degree in Business Administration from Washington University, a Master of Business Administration degree from Southern Methodist University, and holds a Chartered Financial Analyst (CFA) designation. Phill enjoys trail running, soccer, mountain biking, camping, snowboarding, and reading so will find many new areas to explore as he transitions to his new role with the SPTRFA.
Serving our members is why we are here!
The staff of the SPTRFA is ready and able to serve our members via phone or Zoom meetings. Our regular office hours are 8:00 a.m. to 4:00 p.m. but we will do everything possible to meet with you or answer your questions at a time that works for you. If you have any questions or to set up a convenient Zoom meeting to review your benefits, please contact us by phone at 651-642-2550 or email at info at sptrfa.org.
Thanks again for your dedication to the vital art of teaching. We appreciate you and look forward to helping you along your journey.