PERA stands for the Public Employees Retirement Association, and it is a pension plan that covers all eligible public employees across the state of Minnesota. Most states have some form of a PERA plan, although it may be called by a different name.
In Minneapolis, public employees can become a PERA member. This allows the individual to contribute to a traditional pension plan model. Employees agree to contribute a specific amount from each paycheck into the plan, and the plan invests and grows this money, which is available once the individual retires or if he or she is permanently disabled.
What Employees Need to Do
While this is a relatively simple plan to understand, there are some essential things that all employees have to do to qualify for PERA retirement. The most important issues to notify PERA of any changes in your location of employment, your contact information, as well as any changes in your income.
In general, all employees on a twelve month employment schedule are enrolled, while those working for the school with a nine or ten month employment year are also enrolled. The employees in these types of positions must make at least $5100 and $3800, respectively. There may be additional options for employees that do not meet these earning thresholds, and the employer is responsible for providing this information.
All of the deductions for the PERA retirement are automatic and completed by the employer from the gross pay. This is also true for those who are voluntarily paying into the pension and paying an amount they have selected.
In some cases, employees may find that errors have occurred in the system, which can impact your eligibility to begin to collect PERA retirement. In these situations, working with an experienced Minneapolis lawyer familiar with the PERA plan can often correct the documentation or other error and allow you to begin to receive benefits as expected.
