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The typical retirement age in the public sector has been as low as 57.2, but it has subsequently grown to 61.3. Teachers can retire without penalty under the OTPP if their age plus “qualifying years” totals 85 or more. For example, a teacher with 32 qualifying years can retire at the age of 53 without penalty.
Learn how your defined benefit plan works. Reduced retirement pension. You're eligible for a reduced pension when you're at least 50 years old. Your reduced pension is calculated just like a regular retirement pension, and then reduced by a 2.5% or 5% reduction formula.
The plan provides a lifetime pension to Ontario’s active and retired teachers, and their survivors. It also provides benefits if members die, become disabled or permanently leave teaching before retirement.
It’s divided between your annual salary up to the Canada Pension Plan (CPP) contributions and benefits limit, and your salary above the CPP limit. For example, in 2024 you contribute: 10.4% of your annual salary up to the CPP limit, plus. 12.0% of any salary above the CPP limit. The CPP limit, which changes annually, is $68,500 in 2024.
The OTPP is an equal partnership between the Ontario Teachers’ Federation (OTF) and the Government of Ontario. Before 1989, the Teachers’ Superannuation Fund was entirely under the control of the Ontario Government. In 1989, the OTPP was created and, in 1991, a partnership was formed between OTF and the Government.
Mar 2, 2023 · The Ontario Teachers’ Federation (OTF) and the Ontario Government, as co-sponsors of the Ontario Teachers’ Pension Plan (OTPP), have agreed to temporarily increase the 50-day re-employment rule to 95 days for retired teachers, principals, and vice-principals in the publicly funded schools or in either a designated private school or a designated organization that operates on a reserve until ...
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Dec 6, 2023 · Firstly, they help ensure that teachers have a secure and stable retirement income. By contributing a substantial amount to the pension plan, employers help ensure that teachers receive a reliable stream of income during their retirement years. Secondly, these contributions help teachers accumulate a larger retirement nest egg.
