Pension Points for Employers June 2023
Update on ATRF's New Employer Portal
ATRF is developing a new employer portal as part of our Project Lantern initiative. Earlier this year, ATRF partnered with an external software development vendor that will assist us in building a new, web-based portal that incorporates feedback we’ve received over the years from you, our employers, about the types of improvements and features you’d like to see.
Annual Plan Member Statements
Every year, members have the choice of receiving their Annual Plan Member Statements digitally or by mail. Starting in the upcoming 2023-24 school year, all plan member statements will be mailed simultaneously (instead of multiple batches) in the spring of 2024, once all employers have submitted their finalized year-end data. The ATRF website is updated as statements become available.
Members can receive their statements earlier by signing up to receive a digital copy through MyPension. Remember to encourage your staff to register for the MyPension portal, as this is a safe, secure, and convenient way to view their statements once they’re available.
ATRF's Government Billing Process for Employer Contribution Payments
Have you ever been curious how ATRF processes employer contribution payments and why there is often a discrepancy between your payment and the amount the provincial government pays?
Over the years ATRF’s Finance department has received a number of questions from employers with the Teachers’ Pension Plan (TPP) inquiring about some of the intricacies of processing payments from employers and the Government of Alberta (GoA). There are a few key points to remember when we’re talking about contribution payments to ATRF.
Changes to ATRF Forms
In case you missed it, ATRF simplified the pension application form and process effective April 1, 2023. An e-blast was sent on March 31 detailing the changes which combined the Spousal/Pension Partner Status Declaration with the Pension Application form. Click the button below to get the details.
Contribution Rates Staying the Same
After four rate reductions since 2016, the ATRF Board determined this year that the contribution rates will remain unchanged for both plans, effective September 1, 2023. The board made this decision based on the volatile financial markets and current high inflation rates. This step will help ATRF meet our goals of:
- Prudently managing the plans’ funding, maintaining robust margins, and reinforcing the plans’ long-term sustainability, and
- Meeting the plans’ funding objectives of benefit security, contribution rate affordability/stability, and inter-generational equity.
The plans are in good financial health and are on solid footing with adequate risk management levers.
Are Your Teachers Registered on MyPension?
Did you know that members can access pension information online, anytime with MyPension? Members can read their plan member statements, get personalized benefit estimates, update personal information, and more.
We’re Here all Summer
While your teachers go on summer break, we’re here all summer, just like you! Contact your designated Data and Employer Services representative if you need anything through the summer months. Also, just a reminder for those employees that are teaching summer school, this service is not pensionable and pension contributions should not be withheld or remitted to ATRF.
Time for New Schedules
Don’t forget to create new schedules for administration staff, teachers, and substitute teachers for the 2023-2024 school year. Instructions on how to create new schedules can be found in the ATRF-CS User Manual.
You can look forward to an update of ATRF-CS in August that will contain any updates to ATA fees, even though the pension contribution rates will remain the same. If you have any questions, feel free to contact your designated Data and Employer Services representative.