Do MN state employees get a pension?
State Pension Plans A pension plan provides retirement, survivor, and disability coverage for eligible employees. Available to all Minnesota state employees, as well as the Metropolitan Council and many non-faculty employees at the University of Minnesota and Minnesota State university system.
What is the state of Minnesota pension plan?
The Minnesota Deferred Compensation Plan (MNDCP) is a voluntary savings plan intended for long-term investing for retirement. Authorized under Section 457 of the Internal Revenue Code, the MNDCP is a smart and easy way to supplement retirement income from your Minnesota public pension and Social Security benefits.
How is MN Pera calculated?
As a Coordinated Plan member, you may also be eligible for benefits through Social Security. You and your employer both contribute a per- centage of your gross salary to PERA. You currently contribute 6.5 percent of your total salary. Your employer contributes 7.5 percent.
What is a high five retirement?
Your highest five consecutive years of salary is used to determine your retirement benefit. For most employees, the highest five consecutive salary is the last 60 months (or five years) of your employment. Your average monthly salary includes all regular salary as well as per diems earned while in session.
Is MN PERA a pension?
PERA is the largest public pension plan in Minnesota serving more than 480,000 members.
What is PERA retirement Minnesota?
The Public Employee’s Retirement Association (PERA) is a retirement system that provides benefits for eligible employees of county and local governments in Minnesota. Both you and the City make contributions to the retirement system. PERA is governed by an eleven member board of trustees.
Is MN PERA an IRA?
PERA is a tax qualified plan under Section 401(a) of the Internal Revenue Code. Because PERA is a tax-qualified plan, there may be limits on the amount you can contribute tax deferred to an IRA. You should contact the IRS or a qualified tax advi- sor to find out what the limits are for you.