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-> Superannuation Plan |
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The
Saskatchewan Teachers
Superannuation Plan
and
The Saskatchewan Teachers
Disability Benefits Plan
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The
following is a summary of the main provisions of The
Teachers Superannuation and Disability Benefits Act
and Regulations. The Saskatchewan Teachers Superannuation
Plan became negotiable in 1974 as a mandatory item under
The Teachers' Collective Bargaining Act 1973. Any
amendments to The Teachers Superannuation and Disability
Benefits Act must first be agreed to and included
in a provincial collective bargaining agreement. Subsequently,
the Legislature amends The Teachers Superannuation
and Disability Benefits Act to reflect the negotiated
provisions of the Plan.
The Saskatchewan Teachers' Superannuation Commission may
from time to time make policies for the purpose of implementing
the provisions of The Teachers Superannuation and Disability
Benefits Act according to their intent and meaning.
The provisions of the Saskatchewan Teachers Superannuation
Plan as described herein apply to Saskatchewan teachers
who began teaching in Saskatchewan prior to July 1, 1980
and did not exercise the option to transfer to the Annuity
Plan prior to July 1, 1991.
This can include teachers under contracts of employment
in accordance with Section 200 of The Education Act,
1995, substitute teachers, League of Educational Administrators,
Directors and Superintendents (LEADS) members, employees
of the Saskatchewan Teachers' Federation (STF) or Saskatchewan
School Boards Association (SSBA) in professional positions
and teachers in Regional Colleges or Saskatchewan Institute
of Applied Sciences and Technology (SIAST) in designated
positions.
The Teachers Superannuation Plan is a defined benefits
plan that provides retirement benefits based on a formula
incorporating years of service and average earnings.
*Note: The Saskatchewan Teachers'
Federation administers the Saskatchewan Teachers Retirement
Plan which covers all teachers and former teachers who
had an interest in the Annuity Fund as of June 30, 1991
or who were receiving benefits from the Annuity Fund,
and teachers employed for the first time in the Province
of Saskatchewan by a participating employer after July
1, 1991. (See the pamphlet: The Saskatchewan Teachers
Retirement Plan.) |
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