Pension
A pension is a type of retirement savings plan with a lifetime benefit. This means once you start collecting it, it pays every month for the rest of your life. The amount of benefit depends on your years of service, your salary and your age. As a local government employee in Minnesota, your pension is a defined benefit plan administered by PERA (Public Employee Retirement Association).
PERA is a public pension fund that serves over 450,000 current and former public employees from over 3,500 local units of government throughout the state of Minnesota. The plan you contribute to is referred to as the General Plan (aka: Coordinated Plan). Both you and your employer automatically contribute to this plan on your behalf each pay period. The money contributed is professionally managed by the Minnesota State Board of Investment.
Contributions:
Employee - 6.5% of employee salary per pay period
Employer - 7.5% of employee salary per pay period
For more information on your pension plan, please visit the website and links below.