Members can now buy back service for an approved leave that they took while working in a different school district. Also, for leaves that last more than one year, they may choose to buy back service in affordable annual portions. Members may take advantage of these changes as long as:
their leave ended after March 31, 2013, and
they apply by the applicable deadlines.
Members must apply to purchase service within five years of returning to work at the end of the leave. Members have 30 days to apply to buy back any eligible service after they end employment with all school districts.
Contribution rate increase
(Amendment 21—effective July 1, 2013)
Effective July 1, 2013, member and employer contribution rates each increased by 1.3 per cent of salary.
An independent actuarial valuation of the Teacher’s Pension Plan as at December 31, 2011, showed the plan was 96 per cent funded. As required under the Joint Trust Agreement, the board approved the increase to contribution rates, which will restore the plan to full funding over time. Members and employers were reminded of the change in the 2012 Report to Members and throughout the past year.
Leaving a legacy
Effective March 31, 2014, the Wills, Estates and Succession Act sets out new rules for nominating a beneficiary for pension purposes. As a result members have more options to protect their family, leave a legacy to their community and customize their estate planning the way they want.
The changes expand the number of options available but existing nominations remain valid. A spouse is automatically the beneficiary unless they have waived their rights to any pension benefits, so the ability to nominate beneficiaries may be limited.