MARCH 15, 2018
Important information for all teachers who may be considering retiring at the end of the current school year.
Please be advised of the following notice based on information recently received from the Teachers’ Pension Plan Corporation:
This is a reminder that teachers planning to retire prior to the beginning of the 2018-2019 school year should submit their resignation to the school district and their pension application to the Teachers’ Pension Plan Corporation (TPPC) by March 31, 2018. As administrator of the pension plan, TPPC has advised that federal government pension regulations may prevent retroactive payment to July 1 for any pension applications received between July 1 and August 31. Therefore, it is important that you submit all documents by no later than June 30.
Under the Teachers’ Pension Plan, eligible teachers can begin receiving their pension in the month following their resignation and submission of application for a pension. Therefore, a teacher who submits their resignation notice and pension application by June 30, 2018 will be eligible for a pension benefit in July 2018. However, a teacher who submits their resignation notice and pension application in July 2018 will not be eligible to begin receiving a pension until August 2018; a teacher who submits their documentation in August 2018 will not receive a pension until September 2018, etc. and so on, depending on the month in which a teacher chooses to retire.
To be clear, March 31 is the resignation deadline for teachers planning to retire effective the end of the school year, as per the Clause 12.02(c) of the Provincial Collective Agreement and Clause 48.02(c) of the Labrador West Collective Agreement. Teachers who have submitted their resignation to their school district and have submitted their pension application to TPPC on or before March 31 will receive their entire summer holdback pay as a lump-sum payment during the first pay period following the end of the school year and will begin receiving pension benefits by July 31.
If you have any questions regarding pension eligibility or pension administration, please contact an Administrative Officer in Programs and Services.