Sample Page (for reference only)

HOME  /  Sample Page

Plan Information


 

Recognizing the need for a retirement program for employees of county and local governments, the Minnesota Legislature created the Public Employees Retirement Association (PERA) in 1931. PERA serves over 160,000 public employees from 2,100 governmental agencies and pays benefits to more than 100,000 retirees, disabled members, and survivors of deceased members.

PERA administers three defined benefit plans—The General Employees Plan, the Police & Fire Plan, and the Correctional Plan. PERA also administers the Statewide Volunteer Firefighter Retirement Plan (SVFRP) and the Deferred Contribution Plan.

General Plan

The General Plan includes Basic and Coordinated members, and effective Jan. 1, 2015, former members of the Minneapolis Employees Retirement Fund (MERF). Established in 1931, PERA’s original, often called Basic, retirement plan was not coordinated with Social Security. The Basic Plan qualified as an alternative to Social Security and its members did not contribute toward it. The Basic Plan was closed to new membership in 1968, leading to the creation of the coordinated portion of the plan, which provides PERA pension benefits in addition to those supplied by Social Security. Today, there are nearly 150,000 public employees actively working as Coordinated Plan members, along with 90,000 retirees. There are six active remaining Basic Plan members.

 

LINK TO FULL PLAN HANDBOOK

Police & Fire Plan

The Police & Fire Plan, established in 1959, includes full-time local police officers and firefighters hired after 1980. Additionally, the plan includes former paid police officers and firefighters covered under a local relief association, who were merged during the 1990s and beyond. The plan covers over 11,000 active public safety officers and pays benefits to 10,000 retirees and survivors.

LINK TO FULL PLAN HANDBOOK.

Correctional Plan

The Correctional Plan was established in 1999 for correctional officers serving in county and regional adult and juvenile correctional facilities due to the physical nature of their jobs. The members of this plan are responsible for the security, custody and control of the facilities and their inmates. The plan has about 1,000 retirees, and boasts 3,700 working local correctional officers.

LINK TO FULL PLAN HANDBOOK.

SVFRP

The Statewide Volunteer Firefighter Retirement Plan (SVFRP) is for volunteer firefighters who provide service to a municipal fire department or an independent nonprofit firefighting corporation. It is voluntary and open to fire departments as a replacement of their existing volunteer firefighter retirement plan or to municipalities that do not have a retirement plan for their firefighters.

DCP

The Defined Contribution Plans (DCP) administered by PERA is exclusively for physicianselected local governmental officials, city managers, and governmental volunteer ambulance service personnel.

Members of the DCP designate a percentage of total contributions to be placed in one or more of seven accounts of the Minnesota Supplemental Investment Fund. Employee and employer contributions are combined and used to purchase shares in the accounts selected by the employee. Upon termination of service, a DCP member is entitled to a lump-sum payment of the values of shares held, with interest or dividends that have accrued. No monthly retirement benefits are available.

PERA’s Defined Contribution Plans are tax-qualified plans under Section 401(a) of the Internal Revenue Code. As a result, federal and state taxes on DCP contributions are deferred until the member withdraws the funds.

LINK TO DCP HANDBOOK       INVESTMENT ACCOUNTS

 

Elected Officials

Public officials contribute 5 percent of their elective salary, and their employers pay an equal contribution. Participation in the plan is voluntary for elected officials, and there is no minimum salary requirement. Elected officials may also choose to discontinue participation at any time. Read more to find out: LINK

City Managers and Physicians

City managers/administrators and physicians entering public service in Minnesota have the alternative of coverage under two distinctly different retirement plans administered by the Public Employees Retirement Association of Minnesota—the Defined Contribution Plan (DCP) and the Coordinated Plan.

Ambulance Personnel

Any public ambulance service may elect to participate in the DCP. Once a service chooses to join the program, individual participation in the plan is entirely voluntary, and there is no minimum salary requirement. Read more to find out: LINK

Common top three plans:

Eligibility

Membership in PERA is automatic for non-elected public employees who meet minimum salary and position eligibility requirements set by Minnesota statute. Membership is optional for qualifying non-governing elected officials.  Elected governing body officials (Ex: city council members, county commissioners) whose first term in office begins after June 30, 2002, may not participate in the Coordinated Plan. They may, however, participate in PERA’s Defined Contribution Plan.

Contributions

You and your employer contribute to PERA. Contributions are set in state law. See your plan handbook for the amount you contribute along with your employer contribution.

Personal Information

Be sure to keep your personal information current. MY PERA makes it simple and fast to update your personal information, change addresses, or view your benefits. If you don’t have a MY PERA account, register online today. Or, you can update your personal information by completing the Change form

Service Credit

PERA awards you one service credit for each month in which you worked and were compensated by your employer. You may also receive credit for up to three months while on a layoff status. As an example, school employees who work full time during the school year and are on layoff over the three summer months receive 12 months of service credit for the year. You are vested in PERA after 36 months of public service (60 months for members hired after June 2010).  Being vested means you qualify for benefits at the minimum allowable age. See Building Service Credit With PERA.

Leaves of Absence

You may also purchase service credit based upon your salary for various types of leaves if you meet the requirements. For more information, see Building Service Credit With PERA or your plan’s handbook.

Resources:

Change Form

Person

I am a actively saving for retirement.

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem.

Learn More
Planning

I am nearing retirement.

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque

laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur are magnam aliquam quaerat voluptatem.

Learn More
Money

I am retired.

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque

Learn More

Section with Imagery Example

Content Heavy Assymetrical Column Example

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim.

consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui voluptatem.eserunt mollit anim id est laborum. Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem.

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim Lorem ipsum dolor sit amet, consectetur adipisicing elit, se

.d do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.