Planning for Retirement
Retirement is one of life’s most important financial and lifestyle decisions. Get the information you need to make the decision that best suits your personal situation.
General information is provided below. For more detailed information, review the Planning for Retirement booklet, and contact your pension plan and Service Canada directly.
Making the Retirement Decision
Planning for Retirement Seminars
Every fall the Federation offers Planning for Retirement seminars for members who are thinking about retiring in the next three years. These seminars provide support and information to assist members with the retirement process. Seminars are provided on numerous dates in multiple locations throughout the province. Locations vary from one year to the next.
The Superannuated Teachers of Saskatchewan offers retirement lifestyle planning seminars. Visit the STS website for more information.
You are encouraged to consult a professional financial planner to assist you with your retirement decision. They can help you review your income from all sources and provide advice based on your personal retirement needs.
If you are a member of the Saskatchewan Teachers’ Retirement Plan, you can make an appointment with an STRP pension specialist, who will go over your pension estimate with you and explain your pension options. If you are a member of the Saskatchewan Teachers’ Superannuation Plan, please contact the Saskatchewan Teachers’ Superannuation Commission.
Teacher Pension Benefits
The Saskatchewan Teachers’ Retirement Plan provides retirement benefits to Saskatchewan teachers who began teaching in the provincial PreK-12 system after July 1, 1980. This plan is administered by the Saskatchewan Teachers’ Federation.
If you began teaching in Saskatchewan before July 1, 1980, you are a member of the Saskatchewan Teachers’ Superannuation Plan, which is administered by the Saskatchewan Teachers’ Superannuation Commission.
You may elect to retire any time after meeting the eligibility requirements under your pension plan, provided you are not continuing to teach in a position for which contributions are made to your pension plan, and you are not receiving disability payments under the Income Continuance Plan or the Saskatchewan Teachers’ Disability Benefits Plan. Request proof of eligibility to retire from your pension plan and ensure your eligibility date and service are accurate.
Generally, the more service you have, the earlier you will be eligible to retire and/ or receive an unreduced pension. If you have part-time service prior to July 1, 1991, confirm whether it has been counted for eligibility purposes. If you taught outside of Saskatchewan, you will need to decide if you should purchase any outstanding eligible pension service or transfer existing service to your Saskatchewan pension plan.
Saskatchewan Teachers’ Superannuation Plan
|Eligibility for Unreduced Pension||Eligibility for Reduced Pension|
Saskatchewan Teachers’ Retirement Plan
|Eligibility for Unreduced Pension||Eligibility for Reduced Pension|
- Teachers on a full-time contract earn one day of eligibility service for each day worked.
- Teachers on a part-time contract earn a full month of eligibility service for each month in which they provide service.
- Substitute teachers earn one day of eligibility service for each day worked.
If you are a member of the Saskatchewan Teachers’ Retirement Plan, you can get a pension estimate anytime, anywhere by accessing the STRP Pension Estimator. This tool allows you to estimate how much your pension will be at a future retirement date, based on assumptions that you select.
If you are within 12 months of your anticipated retirement date, contact the STRP for a formal pension estimate. You are encouraged to request an estimate at least six months before your planned retirement date.
Members of the Saskatchewan Teachers’ Superannuation Plan should contact the Saskatchewan Teachers’ Superannuation Commission for a pension estimate.
Step 1 - Request an application package from your pension plan.
It is recommended that you apply for your teacher pension at least six months before your anticipated retirement date.
Members of the Saskatchewan Teachers’ Superannuation Plan should contact the Saskatchewan Teachers’ Superannuation Commission.
Step 2- Gather the necessary documents.
- A copy of the letter from your employing school board accepting your resignation and indicating the effective date. (Applicants are encouraged to forward their forms to their pension plan while waiting to receive this letter, in order to begin the application process.)
- The original or a notarized copy of your birth certificate or government issued identification indicating your birthdate.
- The original or a notarized copy of your spouse’s birth certificate.
- The original or a notarized copy of your marriage certificate (STSP members only).
Step 3 – Complete the forms provided in your retirement package that are applicable to you.
Be sure to keep a copy of the completed application and documents for your personal records.
Step 4 – Mail your completed forms and supporting documentation to your pension plan.
Please allow up to two months to process your application. Once everything has been received, and your school board has remitted your final pension information to the pension plan, your pension will be calculated in accordance with the provisions of your plan. Your monthly pension will be paid on the last banking day of each month.
Notice of Resignation
You must submit your letter of resignation to your school board no later than 30 days prior to your date of resignation. Include proof of eligibility to retire, such as the top portion of your pension estimate showing only your eligibility date. There is no need to include financial information.
There are potential implications affecting benefits when the resignation is tendered earlier than the required 30 days. If you should become ill after tendering an earlier resignation, there is a risk that you could be denied certain benefits such as sick leave, dental, disability and pension accrual. Some school divisions offer early retirement incentives but require you to submit your letter of resignation earlier than 30 days in order to qualify for the incentive.
Below are samples of letters of resignation, depending on the circumstance:
- Providing notification prior to May 31 for retirement June 30
- Returning to work with same school division
- Mutual agreement to terminate contract of employment
Benefit entitlements will need to be protected if your resignation is tendered earlier than the required 30 days. If you should become ill after tendering an early resignation, there is a risk that you could be denied certain benefits such as sick leave, dental and disability insurance and pension accrual. Acknowledgement of Article 22.214.171.124 of the Provincial Collective Bargaining Agreement should be included in your letter of resignation to ensure no loss of benefit.
If appropriate, your letter should also include acknowledgement that you will receive the retirement gratuity or retirement incentive that is offered at the discretion of the board or as set out in the local collective bargaining agreement.
If you have further questions regarding the resignation process, contact the Federation.
Group Benefits Coverage After Retirement
Coverage under both the Teachers’ Dental Plan and the Members’ Health Plan ends at midnight on your last day of employment. Should you return to teaching under a continuous, replacement or temporary contract, your health and dental coverage will be reinstated.
Retired teachers are eligible to purchase health and dental coverage within 60 days of retirement under a group benefit plan offered by the Superannuated Teachers of Saskatchewan or through private group plans. Visit the STS website for more information.
Retired teachers are deemed to have elected to continue their term life and accident coverage through the Teachers’ Group Life Insurance Plan until age 65, at which time coverage is reduced by 90 percent. Coverage remains at that reduced level until age 85 and then ceases completely.
The full premium is deducted over 12 months from your pension, unless written notification from you is received by the Saskatchewan Teachers’ Superannuation Commission by August 31 in the year in which you wish the insurance to be discontinued.
Visit the Commission’s website for more information.
Portaplan, established and administered by the Federation, offers up to $400,000 term life insurance coverage until age 70 and gradually declining coverage thereafter. Coverage continues for your lifetime, as long as premiums are paid. Premiums are waived for policyholders age 90 and older.
You are not required to be under contract to purchase or maintain this insurance. Another outstanding feature is that coverage continues if you change careers or move anywhere in the world, as long as the required premiums are paid.
Any new or additional Portalan insurance must be purchased before your 65th birthday (medical evidence of insurability is required).
Your disability coverage under the Income Continuance Plan ends when you are receiving a retirement benefit from the Saskatchewan Teachers’ Retirement Plan or the Saskatchewan Teachers’ Superannuation Plan. Also, if you return to teach after you retire, you will not be eligible for disability coverage.
To ensure you are receiving the most up-to-date information available, you are encouraged to contact Service Canada directly to determine when you are eligible for and how much you can expect to receive from these programs.
Superannuated Teachers of Saskatchewan
The Superannuated Teachers of Saskatchewan is an independent organization dedicated to promoting the welfare of all retired teachers and to maintaining the ties that bind them to fellow professionals.
- Provides vital, affordable health and dental benefits for retired teachers.
- Plays an active role in educational affairs through its own independent efforts.
- Provides input into provincial bargaining when superannuation and the welfare of retired teachers is at stake through eight STS councillors on the Council of the Saskatchewan Teachers’ Federation.
- Offers social events and the chance to interact with other superannuates through 43 active chapters in large and small communities throughout the province and in British Columbia.
For more information about who is eligible to join the STS and the events and services they offer, visit the STS website.