The Annual Meeting of the Members is this Thursday, January 18, 2018, at 4:00 p.m., 360 Colborne Street, St. Paul, MN 55102, in Auditoriums D & E.
We invite all members to join us for the election of SPTRFA Trustees, as well as reports on membership, revenues & expenditures, and investments.
If you do not plan to attend the meeting in person, submit your proxy to the office of the Association no later than 4:30 p.m. on Tuesday, January 16, 2018. If you attend the meeting you may withdraw your proxy and vote in person.
SPTRFA’s 2018 benefit recipient increase letters are being mailed to all benefit recipients, beginning the week of December 25th. However, SPTRFA has not yet received the Federal 2018 tax tables from the IRS. Federal withholding amounts are based upon 2017 published tax tables. 2018 Federal tax withholding amounts will be updated for your February 1, 2018 benefit payment.
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.
Your Investment Fund – Exceptional 2016 Returns
Investment returns are an important source of funding for your Pension Plan – along with Employee and Employer contributions. SPTRFA continued its track record of good stewardship with returns that led its peers for both the 2016 fiscal and calendar year. For the fiscal year ending June 30, 2016, your Fund generated a return of 0.34% (after all fees) compared with many peers who experienced negative returns during that same period. For the calendar year ending December 31, 2016, your Fund generated a return of 9.56% (after all fees), significantly outpacing its peers.
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.