Pension & Benefits Boards
The Saskatchewan Teachers’ Federation is the trustee of the Saskatchewan Teachers’ Retirement Plan, the Members’ Health Plan, the Income Continuance Plan and Portaplan.
The STF Executive, which is elected by Council, has the legislated duty to manage and regulate the STF pension and benefits programs. The governance structure established by the Executive to oversee these programs has evolved over the years as each plan was established. Each time a new program was created, so too was a board of directors to oversee the management of that program. Presently in place are the Saskatchewan Teachers’ Retirement Plan Board of Directors, the STF Portaplan and Members’ Health Plan Board of Directors and the Income Continuance Plan Board of Directors. Each board reports to the Executive on a regular basis.
In 2016, an Investment Committee was also established to oversee the investment of the assets of the Federation, including the funds of each of the pension and benefits plans. Prior to this change, the investment oversight responsibility rested with the board of directors for each of the programs.
New Pension and Benefits Board of Directors – July 1, 2018
Given the evolution of the pension and benefits programs and the increasingly complex environment in which they operate, the Executive approved a decision to amalgamate the three boards into one board effective July 1, 2018. The new board will be called the Pension and Benefits Board of Directors.
Having one board to oversee the full suite of teacher benefits managed by the Federation will provide a more consistent and streamlined approach to benefit administration and plan management. This change in the governance structure will also save money – approximately $40,000 to $80,000 per year. In addition, there will be more opportunities to train and develop board members.
Teachers can rest assured they will continue to have a strong voice in the management of the pension and benefits plans as they will continue to hold the majority of the positions on the newly created board. The Pension and Benefits Board of Directors will be comprised of eight members, appointed by the Executive, which will include six teachers from the general membership and two pension and benefits industry experts to provide support and expertise. The new board will continue to report to the Executive.
Although the boards overseeing the pension and benefits plans are being amalgamated, the plans themselves are not. Plan provisions will not be impacted as a result of this amalgamation and, as required by legislation, the assets of each plan will continue to be held in separate funds.