Pension Facts: Post-Retirement Information
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Period of Separation | Monthly
Benefit | Teaching After Retirement – Earnings
Limitations | Post-Retirement Increase
Period of Separation
You are not considered retired until we confirm that you have been completely and continuously separated from service with SPPS or SPC for 30 consecutive calendar days.
Monthly Benefit
SPTRFA retirement benefits are paid on the first business day of each month.
SPTRFA encourages retirees to take advantage of the direct deposit program, where retirees' monthly benefits are electronically deposited into their specified accounts each month. This is a safe, secure, and fast way to receive your monthly benefit. To start direct deposit, fill out a direct deposit form available from the SPTRFA.
Contact the SPTRFA for further information.
Teaching After Retirement – Earnings Limitations
If you are receiving a pension from the SPTRFA, are under age 65 and are re-employed by Saint Paul Public Schools (SPPS) or Saint Paul College (SPC), your benefit may be reduced. If your calendar year post-retirement SPPS or SPC earnings exceed the earnings limitation as defined by the Social Security Administration, the following year’s pension is reduced by $1.00 for every $3.00 earned over the limit.
Any excess earnings that are recovered by the SPTRFA will be returned to you one year after the termination of the re-employment or at age 65, whichever is later.
Contact the SPTRFA for further information.
Post-Retirement Increase
The post retirement increase is an annual guaranteed 2% compounding increase. An “excess investment earnings increase” will be paid in addition to the guaranteed 2% increase in years when the SPTRFA’s five year annualized rate of return exceeds 8.5%.
You must have been receiving a benefit for one full year at the end of the SPTRFA’s fiscal year to qualify for the post-retirement increase payable beginning January 1 of each year.