PERA (Public Employees Retirement Association)
PERA is a retirement plan for public employees in Minnesota. Membership is mandatory for all non-temporary employees. PERA deductions are at 6.25% of the employee’s gross pay and the District matches at 7.25% effective 01/01/11. 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 at 1(800) 652-9026 or check out their website at www.mnpera.org.
SPTRFA (St Paul Teachers Retirement Fund Association)
SPTRFA is a retirement plan for teachers and other licensed administrators in St Paul Public Schools. Membership is mandatory for licensed employee in all work assignments. SPTRFA deductions are at 5.75% of the employee’s gross pay and the District matches at 8.59% effective 7/1/2011. The contribution amounts are forwarded to SPTRFA each payday and invested for you. If you have questions regarding your SPTRFA balance, withdrawing funds, or changing beneficiaries, please contact SPTRA directly at (651) 642-2550 or check out their website at www.sptrfa.org.
TSA (Tax Sheltered Accounts)
Participation in a TSA is optional. By definition, a TSA is generally a tax-deferred retirement investment plan such as the 403b and 457 plans offered through the District. The terms “403b” and “457” refer 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 is that, depending on your W4 tax withholding rate, your investment will be larger than the amount by which your paycheck is reduced. In the long run, this may help maximize your retirement nest egg while minimizing the impact on your current take-home pay. Tax-deferred retirement investment programs are a valuable part of your employee benefits. These voluntary savings plans supplement the mandatory defined-benefit pension plan (such as SPTRFA or PERA) to which you already belong. Together they will help you be prepared for a more comfortable and secure life after you retire.
Any employee may participate in a TSA. Some unions also have negotiated a district match to TSA contributions, so for those employees, the district would match your deduction amount up to a certain maximum amount. (See your collective bargaining agreement to determine if you qualify for a district match.)
The approved vendors for TSA plans with SPPS are:
Monthly Retirement Insurance Sessions
Saint Paul Public Schools’ Human Resources is sponsoring a series of biweekly meetings regarding District retirement insurance information from March to May 2013. During these meetings, District personnel policies and retiree insurance benefits will be discussed. It will also include details on the District’s severance program. All meetings will be held at District Headquarters (360 Colborne Street).
Meeting Dates and Times are as follows:
March 14, 2013
4:00 pm to 6:00 pm
March 27, 2013
10:00 am to Noon
April 9, 2013
4:00 pm to 6:00 pm
April 25, 2013
4:00 pm to 6:00 pm
May 10, 2013
1:00 pm to 3:00 pm
May 16, 2013
4:00 to 6:00 pm
RSVP: The seminars are open to all employees and their spouses; however, space is limited. If you would like to attend the seminars, reservations will be taken on a first-come basis. Reserve your attendance to one of the meetings by emailing email@example.com. You will receive a confirmation email of your reservation. Please indicate your name, and if a spouse will be attending, employee ID, title, date of attendance. Phone reservations will not be accepted.
Retiree Seminar Presentation
Retiree Medical and Life Insurance Application
Back to Benefits Main Page
10 Frequently Asked Questions about Social Security
Early Retiree Frozen Contribution Rates by Bargaining Unit
Regular Retiree Frozen Contribution Rates
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