Pension and Tax-Deferred Retirement Plans

Public Employees Retirement Association (PERA)

PERA is a retirement plan for non-licensed public employees in Minnesota.  Membership is automatic and mandatory for all non-temporary employees.  PERA deductions are 6.25% of the employee’s gross salary and the District contributes at 7.25%.  The contribution amounts are forwarded to PERA each payday and invested for you.  If you have questions regarding your PERA balance, withdrawing funds, or changing beneficiaries, please contact PERA directly.
 
PERA
1(800)-652-9026

www.mnpera.org



Minnesota Teachers Retirement Association (TRA)

TRA is a retirement plan for teachers and other licensed administrators.  Membership is automatic and mandatory for all licensed employees.  TRA contributions are 7.5% of the employee’s eligible salary and the District contributes at 7.5%.  The contribution amounts are forwarded to TRA each payday and are invested for you.  If you have questions regarding your TRA balance, withdrawing funds, or changing beneficiaries, please contact TRA directly.
 
TRA
651-296-2409
www.minnesotatra.org
https://minnesotatra.org/resources/

  

Tax-Deferred Retirement Plans  

General Information
A 403b is an optional tax-deferred retirement investment offered through the District to all employees. The term 403b refers to sections of the IRS Code which define the rules by which “pre-tax” investments may be made through payroll deduction. Pre-tax investing allows money to be deducted from your pay without current taxation. The result, depending on your W4 withholding rate, is that your investment will be larger than the amount by which your paycheck is reduced. In the long run, this may help maximize your retirement savings while minimizing the impact on your current take-home pay. Participation in a 403b supplements the mandatory defined-benefit pension plan (PERA or TRA) to which you already belong. Some employees are eligible for a district match to their 403b contributions.  See your labor agreement or individual contract to determine if you qualify for a match. All vendors offer the ability for the matching annuity.

Enrollment Instructions and Form

1. Contact the vendor of your choice to enroll and establish an account. Here's the 403(b) Approved Vendor List
2. Employee and agent representative signs the 403(b) Salary Reduction Agreement Form
3. Return form to Payroll Department
4. Questions, contact District Office Payroll Specialist at 651-306-7831