News

The design of the post-2015 STRP benefit can be boiled down into a simple formula: core benefits + conditional increases = lifetime retirement income.

Current active teachers will be receiving more pension in retirement thanks to a conditional upgrade approved by the STF Executive this spring.

Eligible teachers will receive a 2.7% increase on all pension benefits earned between July 1, 2015 and June 30, 2021. For the average teacher, that works out to about $240 a year in retirement.

Who is eligible?

In December 2021, the STF Pension and Benefits Board of Directors received its valuation report from the STRP’s actuary.  It showed that, for the first time since 2010, the STRP was 100% funded on a going-concern basis as at July 1, 2021. Total assets increased to $7.2 billion.

It has been seven years since significant design changes were made to the STRP to deal with a mounting deficit in Plan funding. Now, with the Plan reaching fully funded status and providing its first conditional upgrade since the changes were made, it’s clear to see that those alterations are beginning to pay off.