Contribution Rate Reduction Ahead

“The ATRF Board is pleased to announce that with the elimination of the deficit and the strong plan-funded status, along with robust risk management levers in place, we are in a position to reduce contribution rates by a total of 2% of pay for the Teachers’ Pension Plan and 1% pay for the Private School Teachers’ Pension Plan,” said Sandra Johnston, ATRF Board Chair.

Effective September 1, 2024, both the Teachers’ Pension Plan and the Private School Teachers’ Pension Plan will have employer and teacher contribution rates reduced. These reductions mark the fifth contribution rate reduction for the TPP and the fourth for the PSTPP since 2016.

A key responsibility of the ATRF Board in managing plan sustainability and funding is determining contribution rates. This involves balancing various considerations such as contribution rate affordability and stability while ensuring there is adequate funding to pay the benefits teachers have earned throughout their careers.

The ATRF Board is committed to overseeing plans that continue to meet their funding objectives in producing benefit security while ensuring intergenerational equity and contribution rate stability and affordability. If you want to learn more about your pension plan, read the 2023 Annual Report.