The SAS Trustee Corporation (STC) is the trustee of the State Super defined benefit superannuation schemes. These schemes include the State Superannuation Scheme (SSS), the State Authorities Superannuation Scheme (SASS) and the State Authorities Non-Contributory Superannuation Scheme (SANCS).
Some recent media articles have discussed the universities' liabilities for the State Super benefits of current and former university employees.
In the last three-yearly actuarial review of the State Super schemes undertaken as at 30 June 2009, the scheme actuary noted that additional employer contributions will be required for the universities' State Super liabilities. Without additional employer contributions, the universities are expected to exhaust their separate employer reserves over the period 2015 to 2022.
The Commonwealth and NSW Governments have recently written to STC confirming that negotiations are being undertaken with a view to settling the funding issue as soon as possible.
STC considers the current negotiations are a positive development in resolving the unfunded liabilities of universities and will provide members with an update on this issue in the 2011-12 Annual Report to Members.