Retirement Programs

  • Richfield Public School District participates in various programs to help you to fulfill your financial needs when you retire.

     

    As a district employee, non-licensed employees are mandated by Minnesota Statute to participate in PERA (Public Employees Retirement Association), as are licensed employees required to participate in TRA (Teachers Retirement Association). Both of these benefits provide an outstanding pension for you when you retire. Links to both of these associations are provided below.

     

    Members of both PERA and TRA contribute a percentage of their total salary to these plans through automatic payroll deductions. The Richfield School District also makes contributions to the plans. Because contribution rates periodically change to reflect changes in benefits and funding needs, please call the Payroll office for the current employee and district contribution percentage rate.

     

    Federal and state income taxes on PERA and TRA contributions are deferred, so most of your PERA and TRA benefits will be taxable when they are received unless placed in another tax-deferred program.

     

    Your PERA/TRA pensions and social security may not fulfill all of your financial needs when you retire, which is why we also offer tax-deferred retirement investment programs to supplement your retirement income. Some employees are eligible to receive a District match on their employee contributions up to the qualifying percentage set forth in their Collective Bargaining Agreement. Enrollment or changes to your contributions or vendor require the completion of a Salary Reduction Agreement Form. This form, along with a list of authorized vendors, have been provided below.


    Questions regarding any of the above information can be directed to the Human Resources office by calling 612-798-6032.Agreement Form.