Teachers' Pension Plan (TPP)
The Teachers Pension Plan (TPP) was established on May 31,
1991, with an effective date retroactive to January 1, 1991,
by the Teachers (Pensions) Act. The preceding Act was
established by the Education (Teachers). Pensions Act. The TPP
is one of five Defined Benefit Pension Plans administered by
Government. Under Defined Benefit Plans, pensions are
calculated based on a percentage of members years of
pensionable service and pensionable earnings.
Overall administration of the TPP is the responsibility of the
Pensions Administration Division, Department of Finance, in
cooperation with the Department of Education, the School
Boards, and the Newfoundland and Labrador Teachers Association
(NLTA). Currently there are 6,200 plan members in the TPP. There
are approximately 6,300 pensioners. The primary objective of
the TPP is to help plan members prepare for a comfortable
retirement.
|
