PERA & TRA Retirement Associations
Public Employees Retirement Association (PERA)
PERA is a public pension fund that serves public employees from local units of government throughout the state of Minnesota. The PERA Coordinated Plan is a tax qualified plan under Chapter 401 (a) of the Internal Revenue Code and provides lifetime retirement benefits to vested members.
Eligibility
Employees (excluding teachers and other licensed staff), earning over $425 per month in gross pay, are required to contribute to PERA through payroll deductions at the current employee rate. District 196 is also required to contribute to PERA on your behalf, at the current employer rate. Contributions to PERA are made on a per pay period basis.
Teacher Retirement Association (TRA)
TRA is a defined-benefit (“DB”) pension plan. During your career, you and your employer make mandatory payroll contributions to TRA. The funds are pooled and managed by the State Board of Investment to pay your eventual benefit.
Eligibility
All teachers* are required to contribute to TRA through payroll deductions at the current employee rate. District 196 is also required to contribute to TRA, on your behalf, at the current employer rate. Contributions to TRA are made a per pay period basis.
*Teacher includes licensed educators such as principals, counselors, social workers, among others, as governed by MN Statutes 354.05 subd 2. and 354.41.