Contribution Rate Reduction
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Welcome to a new school year. You will notice a change to your first paycheck in September because your pension contribution rate has decreased effective September 1, 2024. A summary of the contribution rate changes for the Teachers’ Pension Plan (TPP) and the Private School Teachers’ Pension Plan (PSTPP) is displayed in the table below.
| Contribution Description | TPP (Sept. 1, 2023) | TPP (Sept. 1, 2024) | PSTPP (Sept. 1, 2023) | PSTPP (Sept. 1, 2024) |
|---|---|---|---|---|
| Teachers' Contribution Rate Up to YMPE | 9.00% | 8.24% | 8.50% | 8.25% |
| Teachers' Contribution Rate Above YMPE | 12.86% | 11.76% | 12.15% | 11.79% |
| Total Government/Employer Contribution Rate | 9.89% | 8.92% | 9.51% | 9.01% |
The ATRF Board carefully reviews a number of factors when determining the plans’ contribution rates, including an actuarial valuation, which is a study that assesses the value of a pension plan’s liabilities compared to its assets to ensure the plan is adequately funded. Contribution rates are determined based on the amount needed to cover the cost of plan benefits, including cost-of-living adjustments.
More information about the factors the ATRF Board considers when deciding to reduce contribution rates as well as the historical adjustments can be found on the contribution rates page.