Pension Increases Approved For Post-2015 Service

Your pension will be growing again in 2023!

The Saskatchewan Teachers’ Federation Executive recently approved two enhancements to Saskatchewan Teachers’ Retirement Plan pensions:

• Effective January 1, 2023, retired members will receive a 2.7 percent conditional cost-of-living adjustment for post-2015 pension benefits. This is on top of the guaranteed COLA, which will increase pre-2015 pensions by 3.0 percent in January 2023.
• Effective June 30, 2023, eligible active members will receive a 3.8 percent conditional upgrade for post-2015 benefits accrued to June 30, 2022.

This is the second year in a row the Plan has been able to provide active members with conditional upgrades on their post-2015 benefits, and this year retirees will see an increase to their post-2015 pensions as well.

Conditional upgrades are provided to active members while they are still working. They are increases to your lifetime monthly pension that may be granted depending on the financial health of the Plan. They are not a guaranteed benefit and are only provided when the Plan can afford it.

Conditional COLAs are provided to retired members who are already receiving a monthly benefit. They are also dependent on the financial health of the Plan.

Conditional increases help your pension keep up with inflation to provide a more meaningful retirement benefit.

For more information on the difference between conditional upgrades, conditional COLAs and guaranteed COLAs, visit the STRP e-Guide.

WHAT’S THE DIFFERENCE?
Conditional upgrades These are increases to your lifetime monthly pension applied before you retire. Conditional upgrades may or may not be granted depending on the health of the Plan and may apply to either your pre-2015 lifetime pension or your post-2015 lifetime pension. If granted, the increase is applied on June 30 of the applicable year.	Conditional COLA These are increases to your lifetime monthly pension applied after you have retired. Conditional COLA increases may or may not be granted depending on the health of the Plan and apply to pension benefits earned after June 30, 2015. If granted, the increase is applied on January 1 of the applicable year.	Guaranteed COLA These are increases to your lifetime monthly pension applied after you have retired. Guaranteed COLA increases will occur each January and are not dependent on the health of the Plan. They are applied to pension earned before July 1, 2015 and are equal to 80 percent of inflation to a maximum of 3%.