The Local hosts two Retirement Seminars each year for members considering retirement in approximately 5 years. These are held in November and March. Watch the website for more information.
The Local hosts a Retirement Check-Off Seminar in April for members considering retirement in the current school year. Watch the website for more information.
The Teachers’ Pension Plan Act regulation, proclaimed in 1995, contains a provision that dictates how the Income Tax Act (ITA) maximums are to be applied to plan member pension benefits at the time of retirement. The pension benefit paid out under the Teachers’ Pension Plan (the Plan) is governed by a formula that includes a calculation of a benefit that is based on a best five-year average salary multiplied by the plan member's years of pensionable service. The ITA places limits on how much pension can be earned in one calendar year. The cap is going to affect more and more plan members in upcoming years. By 2014, all teachers with more than four years of university education and who are receiving allowance will be affected. To view the ATA FAQ, click here.
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