TABLE OF CONTENTS
SECTION 12 –
TAX-DEFERRED MATCHING CONTRIBUTION PLAN
122A.46 EXTENDED
LEAVES OF ABSENCE – STATE LAW
471.61 INSURANCE
CONTINUATION – STATE LAW
This handout summarizes parts of the Collective Bargaining Agreement
between Dakota
Revised: 2/10/09
The
§
The
date when you will no longer be coming to work
§
The
date you sent the statement
§
Your
signature
Feel free
to use all or parts of the sample letter below. If appropriate, you may want to
add a word of thanks to the district and to specific people.
Please call
the DCUE office, if you have any questions.
SAMPLE
Date:
To: Director, Human Resources,
ISD 196
Re: Retirement
This letter is to give notice to
ISD 196 that I plan to retire from the district at the end of the current
school year. Per the Master Agreement between ISD 196 and the Dakota County
United Educators, I qualify for the following:
Section 11 –Retirement Pay
[Post-Retirement Health Care Savings Plan]
§
Requirements:
o
15
or more full time years of service in the school district and
o
30
years of teaching or age 55 as of June 30 of this year.
§
Reduction:
o
The
amount that the ISD 196 deposits into my Post-Retirement Health Care Savings
Plan will be reduced by the total amount that ISD 196 was contributing to my
403(b) match plan. After June 30, 2002, the amount will be reduced by the
amount I was eligible to receive, whether or not I took the match.
§
In
addition, the ISD 196 will deposit $12,000 into my Post-Retirement Health Care
Savings Plan.
Please notify payroll and
benefits of this notification. Also, please let me know if I qualify for other
benefits, not listed above.
Sincerely,
Copy: Building principal, DCUE
office, TRA
·
You
cannot get back into District insurance if you drop it.
·
You
cannot add anyone to your insurance unless the person is under 65 and there is
a qualifying event.
·
At
time of retirement, you can buy life insurance for an additional 18 months at
your own expense (MN state law).
·
Health
Insurance Premiums effective July 1, 2008:
Ø Co-pay Plan: Single - $464,
Employee + 1 - $1,031, Family - $1,367
Ø $1,000 Deductible Plan: Single -
$401, Employee + 1 - $893, Family - $1,184.
·
Dental
Insurance Premiums (paid by district) effective July 1, 2008: Full Time -
$59.54
8.1 Sick Leave
8.4 Family Leaves
8.4.3 Family Care Leave:
At its own discretion, ISD 196 may grant up to twelve (12) calendar months for
unpaid family care. Non-duty days, such as breaks, holidays, summer, and
weekends count toward calendar months. This leave shall be with no ISD 196
insurance contributions after a teacher’s FMLA Leave allowance is exhausted.
B. Reasons: Family Care Leave
shall be granted for any of the following reasons:
2. Illness of a child, spouse or parent, when
all sick leave, personal leave, and FMLA Leave are exhausted, or
8.4.4 FMLA Leave: In
accordance with the Family and Medical Leave Act (FMLA), eligible teachers are
entitled to twelve (12) weeks of unpaid leave in a twelve (12) month period.
Non-duty days, such as breaks, holidays, summer, and weekends shall not count
toward the twelve (12) weeks.
B. Reasons: FMLA Leave shall be granted for any of
the following reasons:
2. To care for the teacher’s seriously ill
parent, spouse, or child.
3. The teacher’s own serious health condition
that makes the teacher unable to work.
8.5 Personal Leave
8.7 Short-Term Leave of Absence without Pay
The building principal and a committee of
teachers designated by DCUE in each individual building may, by mutual
agreement, authorize unpaid leave(s) of absence totaling no more than five (5)
days per year per teacher. A short-term leave of absence without pay can be
applied for any time.
8.8 Business and Education Leaves
Business Leaves and Education Leaves shall
be considered for one year only, must begin at the start of the next school
year, and shall conclude at the end of that school year.
8.9 Sabbatical Leave
8.10 Extended Leave of Absence
8.10.1 Eligibility: In
accordance with Minnesota Statute 122A.46, ISD 196 may grant an unpaid Extended
Leave to a full- or part-time teacher employed by ISD 196 for at least five (5)
years and who has the equivalent of ten (10) years teaching service in a
8.10.2 Requests: Leave
requests are due in the Human Resources Department on or before April 1 of each
year. Requests received after April 1 may be considered on an individual basis.
Requests shall be subject to ISD 196 approval, whose decision is final and
binding.
8.10.3 Reinstatement:
The teacher has a right to be reinstated to a position for which the teacher is
licensed at the beginning of any school year immediately following a year of
Extended Leave, if the teacher notifies ISD 196 of his/her intent to return.
Notification shall be by certified letter postmarked on or before February 1.
8.10.4 Employment in another
District: ISD 196 shall not be obligated to reinstate a teacher who takes a
full-time or part-time position as a teacher in another district. This
provision shall not apply to a teacher employed as a substitute teacher.
8.10.5 Benefits: A teacher
on Extended Leave shall be eligible to receive insurance benefits while on
leave, if the teacher reimburses ISD 196 for the full amount of the premiums
necessary to maintain the coverage. The teacher pays the district all benefit
premiums according to a schedule agreed to at the time of the
application/granting of the Extended Leave.
8.10.6 Seniority: Any
teacher who is reinstated to a teaching position in ISD 196 shall retain
seniority and continuing contract rights as though the teacher had been
teaching in ISD 196 during the period of Extended Leave. The teacher is not
reinstated to a specific position or a specific site and the years spent on
leave do not determine steps taken on the matrix for the teacher’s salary upon
return.
11.1 Eligibility
Teachers
who retire from active employment following completion of active teaching
service (compensated by ISD 196 or its Worker Compensation carrier), equivalent
to fifteen (15) or more years in ISD 196, and who retire following either
thirty (30) years of teaching or age of fifty- five (55) as of June 30 in the
school year during which an application for retirement pay is made, shall be
eligible for retirement pay upon submission of a written resignation accepted
by ISD 196. Teachers less than full time shall receive retirement pay based on
this Section. Retirement pay shall not be granted to any teacher who is
discharged or terminated pursuant to M.S. 122A.40.
11.2 Health
Care Savings Plan
11.2.1 Twenty-Five Days: Teachers eligible
per Section 11.1 shall receive as retirement pay an amount representing
twenty-five (25) days of pay multiplied by the teacher’s daily rate of pay.
11.2.2 Sick Leave Conversion: Teachers
eligible per Section 11.1 shall receive as retirement pay an amount obtained by
multiplying fifty (50) percent of the teacher’s unused number of sick leave
days (sick leave hours divided by eight), but in any event not to exceed
seventy (70) days, multiplied by the teacher’s daily rate of pay.
11.2.3 $12,000: Teachers eligible per Section
11.1 and per Section 7.5 (eligible for district insurance) shall receive
$12,000 as retirement pay.
11.2.4 Plan: ISD 196 shall deposit the total
amount in the teacher’s name in the Minnesota State Retirement System (MSRS)
Health Care Savings Plan (HCSP).
11.3 Daily
Rate of Pay
A
teacher’s daily rate of pay shall be calculated by taking the salary at the
time of retirement as provided in the salary schedule, including longevity, if
any, dividing by 185 days, and multiplying by their FTE at time of retirement.
The daily rate of pay shall not include co-curricular activities, extended
employment or other extra compensation.
EXAMPLE OF APPROXIMATE MAXIMUM TOTAL RETIREMENT PAY:
At MA+60/Step M = $73,017 + $6,402 longevity = $79,419 ÷ 185 days » $429.29 per day (daily rate of pay);
$429.29 x 95 days (max.) » $40,782.73
less maximum match reduction ($1,000 for 13 years) » $27,782.73;
If eligible for district insurance, add $12,000 » $39,782.73 approximate maximum total retirement
pay.
YOUR TOTAL AMOUNT MAY DIFFER.
ASK THE DISTRICT FOR AN ACCOUNTING BEFORE YOU MAKE A DECISION ABOUT RETIREMENT!
11.4 Retiring
While on a Job Share
Eligible
teachers who retire while on a job share in their last year of teaching shall
receive retirement pay per Section 11.2.1 and Section 11.2.2 based on their
daily rate of pay as established by Section 11.3. Their FTE at time of
retirement shall be assumed to be 0.5 FTE. In addition, they shall receive
fifty percent (50%) of the benefit established by Section 11.2.3.
11.5 Payment
Retirement
pay shall be paid by ISD 196 in a lump sum and deposited in the MSRS HCSP
within thirty (30) days following the effective date of the retirement.
11.6 Beneficiary
If a
teacher dies before all or a portion of the retirement pay has been disbursed,
that balance due shall be paid and/or made to a named beneficiary or, lacking
same, to the deceased’s estate.
11.7 Reduction
The
amount of retirement pay for which a teacher or beneficiary is otherwise
eligible under this Section shall be reduced by the amount of ISD 196
contributions which have been made to that teacher's tax-deferred matching
contribution plan account pursuant to Section 12. The amount reduced from
retirement pay shall include:
11.7.1 Any amount received from the district as
tax-deferred matching contributions prior to July 1, 2002 and
11.7.2 The amount that the teacher was eligible to
receive from the district as tax-deferred matching contributions on or after
July 1, 2002.
In the
event that the amount of district contributions to a teacher’s tax-deferred
matching contribution plan account exceeds the amount of retirement pay due
under this Section, the teacher shall receive no retirement pay.
11.9 Health
Care Savings Plan Exemptions
11.9.1 If a retiring teacher believes that he/she
should be exempt from the MSRS HCSP, the retiring teacher may apply to the MSRS
for an exemption, specifying the reason why he/she should be exempt and
providing the needed documentation. The list of qualifying exemptions include,
but are not limited to, resident aliens, military and Federal employees vested
in Tri-Care, and employees with documented, guaranteed, life-time coverage
through their spouse.
11.9.2 Should a retiring teacher be granted a plan
exemption by the MSRS, ISD 196 shall contribute an amount equal to the value of
the benefit the retiring teacher qualifies for under Section 11 directly into
the retiring teacher’s 403(b) account, subject to the limitations listed in
Section 11.9.3.
11.9.3 ISD 196’s annual contribution into the
retiring teacher’s 403(b) account shall not exceed the IRS contribution limit.
If the retiring teacher has any retirement pay remaining after the limit is
reached in the year of separation, ISD 196 shall make a contribution up to the
IRS maximum into the retiree’s 403(b) account in the following year(s).
11.9.4 Unless subject to limitations under Section
11.9.3, ISD 196 contribution(s) into the retiring teacher’s 403(b) account
shall be made according to the timeline established in Section 11.
11.9.5 ISD 196 shall only make contributions to
investment vendors that have hold harmless agreements on file with them. For
purposes of calculating the maximum deferral limit, ISD 196 shall provide the
retiring teacher with contribution information for the previous twelve (12)
months. The retiring teacher shall then submit the calculation of maximum
deferral from the vendor.
11.9.6 In no case shall the retiring teacher receive
a lower total contribution than that for which he/she would have been eligible
had he/she not been granted the plan exemption.
12.1 Purpose
An annual (the teacher contract year) ISD 196
contribution shall be payable to a teacher's tax-deferred matching contribution
plan (hereinafter referred to as “Matching Plan”), subject to the following
provisions.
12.3 Teacher
Authorization
ISD 196 contribution is not payable unless the
teacher authorizes a matching salary reduction in the amount that they are eligible
to receive in Section 12.7 for the same period.
12.4 Eligibility
Full-time (1.0 FTE) teachers shall be eligible for
the full matching ISD 196 contribution as defined in Section 12.7. A teacher
contracted for 0.5 FTE or more shall be eligible for a prorated ISD 196
contribution provided the teacher authorizes salary reduction of an equivalent
amount paid to the plan for the same period.
12.6 Participation
Participation in the plan shall be voluntary.
12.7 ISD
196 Contribution
The amount of ISD 196 contribution shall be as
follows:
|
Effective
July 1, 2007: |
||
|
Matching
Plan Eligibility Criteria |
ISD
196 Contribution Payable to Matching Plan Account of Full-time Participant
Contribution During Teacher Contract Year |
Required
Full-time Participant Contribution to Matching Plan Account During Contract
Year |
|
Seniority date on or before
7-1-89 |
$1,000 |
$1,000 |
|
Seniority date between 7-2-89
and 7-1-92 |
$ 850 |
$ 850 |
|
Seniority date between 7-2-92
and 7-1-97 |
$ 500 |
$ 500 |
|
Seniority date between 7-2-97
and 9-15-2004 |
$ 250 |
$ 250 |
Matching Plan Contribution
$6,000
through 2002
$7,000
from 2002 to 2009
$13,000
Total (approximate)
General
Information
Q. What is the MSRS Health Care Savings Plan?
A. It
is a program established to provide tax-free reimbursement to individuals for
the payment of eligible
medical
expenses, based on the potential contributions of employers, mandatory employee
contributions
and investment returns.
Q. Must
employers participate in this plan?
A. Employer participation is a voluntary process
gained through negotiations between each union and employers or under personnel policies.
Q. Must
all unions agree on programs for the plan to be established?
A. No. Each union may independently bargain
benefits and/or funding.
Q. Who
is eligible to participate in the Health Care Savings Plan?
A. Any active public employee in
by
any of the following retirement plans:
- Public Employees Retirement
Association (PERA).
- Teachers Retirement
Association (TRA).
- Individual Retirement
Account Plan (IRAP) administered by the
Q. What provision of tax law is the Health Care Savings Plan based on?
A. Governmental Integral Part Trust.
Contributions
There
are a number of different options that may be implemented by employers based on
the agreement reached with the bargaining units or employees. Contributions may
be derived from a number of sources as determined by the agreement.
The
following are examples:
- Employer elects to apply a
specific dollar amount into employee accounts.
- It may be mandatory for an
employee to contribute a percentage of salary increases directly into the
fund.
- The employer can make
contributions in addition to the salary and other benefits provided to the
employees.
- The employer can elect to
pay unused vacation and/or sick leave as severance pay at the time an
employee terminates employment.
Since
amounts to be put into this account are negotiated and agreed upon by your bargaining
unit or employer, you are not able to add any additional money to the account.
Any
questions regarding contribution amounts or participation should be directed to
your bargaining unit or employer.
Investment Options
Members
in the Health Care Savings Plan and the Unclassified Plan can select from among
seven investment account choices offered by the State Board of Investment. Your
investment account choices are explained under each account's name. Each
account has varying degrees of risk and reward.
If you do not choose any investment option, the funds are automatically
invested in a Money Market account. Investment options may be changed monthly
by:
- completing and returning the
Investment Selection Form
- making the appropriate
account changes through the MSRS website
- calling MSRS to request the
change
You may
reallocate the current account balance (that is the money already in the
account), or any future money that will be coming into the account. You can
reallocate one without the other (for example, you can leave the existing money
where it is and only reallocate where the future money should be deposited).
The investment options are considered "monthly valued funds" which
means that any investment selections you make during the month will not be
processed until after the current month. All changes made during the month will
be effective the last business day of the month.
The State of
A prospectus is available on request. The prospectus provides greater detail
about each account and should be read before you decide how to invest your
assets. The prospectus is also available from the State Board of Investment's
web site at www.sbi.state.mn.us.
Payouts
The Health Care Savings Plan is an
individual tax-free savings account used for reimbursement of post-employment
medical costs, including health and dental insurance premiums or any other
out-of-pocket health care cost for you, your spouse, or legal dependents. The
HCSP is not health insurance.
Since all contributions and
reimbursements are tax free, HCSP disbursements are not reportable on your
income taxes.
Eligibility to receive reimbursement
You are eligible to draw from your HCSP
account when you leave employment or retire. You may also receive
reimbursements if you are:
- Collecting a disability
benefit from a public pension plan;
- On medical leave for six
months or longer; or
- On a leave of absence of one
year or longer.
Requesting reimbursement
To receive reimbursement you must
complete a reimbursement claim form which is available on Online Forms or can be obtained by calling
our office. You must attach documentation of the expense. Examples of
supporting documentation include:
- Copy of the bill or receipt
- Credit card statement
showing where the charges were incurred
- Copy of bank statement ONLY
if it states where the funds were deposited
- COBRA letter
- Copy of the original letter
stating the insurance premium amount
Important! Reimbursements are paid
directly to you; MSRS never pays the plan provider.
Reimbursement types & schedule
- Reimbursement of Monthly
Insurance Premiums: refers to ongoing reimbursements of medical, dental,
and long-term care insurance. These reimbursements are automatically paid
to you the last Friday of each month.
- One-time expenses: refers to
the expenses that are incurred time to time including co-pays,
deductibles, medical supplies, eye glasses, over-the-counter drugs, etc. A
full list of eligible items is found under Eligible Expenses. We ask that you
accumulate $75 or more before you request reimbursement. The maximum
annual reimbursement must not exceed $19,000, plus premiums, per year.
These claims are paid weekly. In most cases, claims received by Monday are
paid to you that Friday (exceptions may apply).
Payment methods
- Check
- Direct deposit to your
financial institution. Important! We strongly encourage you to use this
method. To set up, you will need to complete a direct deposit form which
is available on Online Forms. If you are already
receiving an MSRS pension benefit which is directly deposited into your
bank, the reimbursement will automatically go into the same bank account.
Requesting changes to your reimbursement
of monthly insurance premium
|
If: |
Then
you must: |
|
Insurance
premium is increasing |
Complete
a new Reimbursement Claim form and provide documentation of the expense |
|
Insurance
premium is decreasing; same insurance provider |
Call
our office to request change |
|
Changing
provider (premium is increasing or decreasing) |
Complete
a new Reimbursement Claim form and provide documentation of the expense |
Time
frame to deplete the balance in this account
There is
no time restriction on when you must begin taking money out of this account or
how long you have to take the money out of the account.
Dependents
Q. May employees request reimbursements for dependent medical costs?
A. Yes.
Dependents may also include spouse, children, grandparents and grandchildren if
they meet the IRS definition of a dependent.
Q May medical reimbursement be made for a domestic partner?
A. No.
Federal law does not recognize domestic partner status.
Death
Benefits
If
there is a surviving spouse or legal dependents
If you
die before your account is exhausted, your spouse and legal dependents continue
to use the account for tax-free health care reimbursements. Current
Federal Law does not define a domestic partner to be a qualified legal
dependent, however, they may be named as a designated beneficiary. For tax
purposes, a new account must be set-up in the surviving spouse's name prior to
disbursement. A Death Certificate must be received before setting up the
spouse's account.
If
there is no surviving spouse or legal dependents
If you
have no spouse or legal dependents, the designed beneficiary, or if none, the
estate, will receive a lump sum life insurance benefit. The amount of the life
insurance benefit is based on the HCSP account balance upon your death.
|
Account Balance |
Insurance Value |
|
Less than $500 |
$0 |
|
$500 - $2,499 |
$2,500 |
|
$2,500 - $4,999 |
$5,000 |
|
$5,000 - $7,499 |
$7,500 |
|
$7,500 - $9,999 |
$10,000 |
|
$10,000 - $14,999 |
$15,000 |
|
$15,000 - $19,999 |
$20,000 |
|
$20,000 - $24,999 |
$25,000 |
|
$25,000 - $29,999 |
$30,000 |
|
$30,000 - $34,999 |
$35,000 |
|
$35,000 - $39,999 |
$40,000 |
|
$40,000 - $44,999 |
$45,000 |
|
$45,000 - $49,999 |
$50,000 |
|
$50,000 or more |
$50,000 |
|
The proposed tier schedule
shown above is subject to change. |
Reimbursement
of participant's unpaid medical bills
When the
participant dies, the family, beneficiary or estate may use the remaining
balance to cover any health care expenses incurred by the participant before
their death but not previously reimbursed by this account.
To
request reimbursement, the party who was responsible for paying the medical
bills should submit a Reimbursement Claim form along with documentation of the
expense.
Refunds
Q If an employee leaves public
employment, may the account balance be refunded in cash?
A. No. Reimbursement may only be paid for
documented health care expenses and may be claimed any time after termination.
Loans
Q. Are there any provisions for loans or
emergency withdrawals?
A. No.
Transfers
Q. May the employee's Health Care Savings Plan
account balances be transferred to another health care plan?
A. No. Federal rules involved in the creation of
another health care plan may be different than the criteria established for the
Health Care Savings Plan.
Fees
Q. What is the administrative fee for services?
A. We deduct the HCSP administrative fee from your account.
The annual fee is 0.65 percent. This fee is prorated and deducted monthly from
your account balance. For example, if you have an account value of $10,000, we
would deduct $5.42 per month from your account. The maximum annual fee is $140
or $11.67 per month. All fees are subject to change.
Telephone:
651-296-2761, Toll Free: 800-657-5757, Fax: 651-297-5238 E-Mail: msrs@state.mn.us
Retirement
Benefits by year of birth
No
matter what your full retirement age (also called "normal retirement
age") is, you may start receiving benefits as early as age 62.
If you retire early
You can retire at any time between age 62 and full
retirement age. However, if you start benefits early, your benefits are reduced
a fraction of a percent for each month before your full retirement age.
The
chart below lists age 62 reduction amounts and includes examples based on an
estimated monthly benefit of $1000 at full retirement age.
Note: If your birthday is on January 1st, we figure your
benefit as if your birthday was in the previous year.
Full Retirement and Age 62 Benefit By Year Of Birth
|
||||||
|
Year
of Birth 1. |
Full
(normal) Retirement Age |
Months
between age 62 and full retirement age |
At Age 62 |
|||
|
A
$1000 retirement benefit would be reduced to |
The
retirement benefit is reduced by 3. |
A
$500 spouse's benefit would be reduced to |
The
spouse's benefit is reduced by 4. |
|||
|
65 |
36 |
$800 |
20.00% |
$375 |
25.00% |
|
|
65 and 2 months |
38 |
$791 |
20.83% |
$370 |
25.83% |
|
|
65 and 4 months |
40 |
$783 |
21.67% |
$366 |
26.67% |
|
|
65 and 6 months |
42 |
$775 |
22.50% |
$362 |
27.50% |
|
|
65 and 8 months |
44 |
$766 |
23.33% |
$358 |
28.33% |
|
|
65 and 10 months |
46 |
$758 |
24.17% |
$354 |
29.17% |
|
|
66 |
48 |
$750 |
25.00% |
$350 |
30.00% |
|
|
66 and 2 months |
50 |
$741 |
25.83% |
$345 |
30.83% |
|
|
66 and 4 months |
52 |
$733 |
26.67% |
$341 |
31.67% |
|
|
66 and 6 months |
54 |
$725 |
27.50% |
$337 |
32.50% |
|
|
66 and 8 months |
56 |
$716 |
28.33% |
$333 |
33.33% |
|
|
66 and 10 months |
58 |
$708 |
29.17% |
$329 |
34.17% |
|
|
67 |
60 |
$700 |
30.00% |
$325 |
35.00% |
|
Pros and Cons
As a general rule, early or late retirement will
give you about the same total Social Security benefits over your lifetime.
However, if you retire early, the monthly benefit amounts will be smaller to
take into account the longer period you will receive them.
There are advantages and disadvantages to taking
your benefit before your full retirement age. The advantage is that you collect
benefits for a longer period of time. The disadvantage is your benefit is
permanently reduced. Each person's situation is different, so
- check out our "Break-Even Age"
calculator to find out whether early retirement is better for you,
- keep in mind that there are other things to
consider when making the correct decision about your retirement benefits
and
- contact Social Security before you decide when
to retire.
Note: If you delay your benefits until
after full retirement age, you also may be eligible for delayed retirement
credits that would increase your monthly benefit.
Who is Eligible for
Medicare?
Generally, you are eligible for Medicare
if you or your spouse worked for at least 10 years in Medicare-covered
employment and you are 65 years or older and a citizen or permanent resident of
the United States. If you aren’t yet 65, you might also qualify for coverage if
you have a disability or with End-Stage Renal disease (permanent kidney failure
requiring dialysis or transplant). Here
are some simple guidelines.
You can get Part A at age 65 without
having to pay premiums if:
- You already get retirement
benefits from Social Security or the Railroad Retirement Board.
- You are eligible to get
Social Security or Railroad benefits but haven't yet filed for them.
- You or your spouse had
Medicare-covered government employment.
If you are under 65, you can get Part A
without having to pay premiums if you have:
- Received Social Security or
Railroad Retirement Board disability benefits for 24 months.
- End-Stage Renal Disease and
meet certain requirements.
While you don’t have to pay a premium
for Part A if you meet one of those conditions, you must pay for Part B if you
want it. The Part B monthly premium in 2008 is $96.40. (Note: The Part B
premium may be higher if your income is above a certain amount. For more
information, see our FAQ: Medicare Part B Monthly Premiums in 2008. It is
deducted from your Social Security, Railroad Retirement, or Civil Service
Retirement check. If you don’t get any of the above payments, Medicare sends
you a bill for your Part B premium every 3 months.
Note: You will be eligible for Medicare
when you turn 65 even if you are not eligible for Social Security retirement
benefits. For more information, please visit our retirement age FAQ.
If you have questions about your
eligibility for Medicare Part A or Part B, or if you want to apply for
Medicare, please call Social Security at 1-800-772-1213 or visit or call your
local Social Security office. TTY users should call 1-800-325-0778. You can
also get information about buying Part A as well as Part B if you don’t qualify
for premium-free Part A.
122A.46 EXTENDED
LEAVES OF ABSENCE – STATE LAW
Subdivision 1. Teachers
defined. As used in this section, the term "teachers" shall
have the meaning given it in section 122A.15, subdivision 1. The term "teachers"
also includes any teacher in the classifications included in the professional
state residential instructional unit, under section 179A.10, subdivision 2, clause (16).
Subd. 1a. Appointing authority. For purposes of teachers included in the
professional state residential instructional unit, the term "school
board" includes the appointing authority as defined in section 43A.02, subdivision 5.
Subd. 2. Leave of absence. The board of any district may grant an extended
leave of absence without salary to any full- or part-time elementary or
secondary teacher who has been employed by the district for at least five years
and has at least ten years of allowable service, as defined in section 354.05, subdivision 13, or the bylaws of the
appropriate retirement association or ten years of full-time teaching service in
Minnesota public elementary and secondary schools. The duration of an extended
leave of absence under this section must be determined by mutual agreement of
the board and the teacher at the time the leave is granted and shall be at
least three but no more than five years. An extended leave of absence under
this section shall be taken by mutual consent of the board and the teacher. If
the school board denies a teacher's request, it must provide reasonable
justification for the denial.
Subd. 3. Reinstatement. Except as provided in subdivisions 7 and 8, a
teacher on an extended leave of absence pursuant to this section shall have the
right to be reinstated to a position for which the teacher is licensed at the
beginning of any school year which immediately follows a year of the extended
leave of absence, unless the teacher fails to give the required notice of
intention to return or is discharged or placed on unrequested leave of absence
or the contract is terminated pursuant to section 122A.40 or 122A.41 while the teacher is on the
extended leave. The board is not obligated to reinstate any teacher who is on
an extended leave of absence pursuant to this section, unless the teacher
advised the board of the intention to return before February 1 in the school
year preceding the school year in which the teacher wishes to return or by
February 1 in the calendar year in which the leave is scheduled to terminate.
Subd. 4. Seniority and continuing contract rights. Any teacher who is
reinstated to a teaching position after an extended leave of absence pursuant
to this section shall retain seniority and continuing contract rights in the
employing district as though the teacher had been teaching in the district
during the period of the extended leave. This subdivision shall not be
construed to require a board to reinstate a teacher to any particular position
or to include the years spent on the extended leave of absence in the
determination of a teacher's salary upon return to teaching in this district.
Subd. 5. Salary. The years spent by a teacher on an extended leave of absence
pursuant to this section shall not be included in the determination of salary
upon return to teaching in the district. The credits earned by a teacher on an
extended leave of absence pursuant to this section shall not be included in the
determination of salary upon return to teaching in the district for a period
equal to the time of the extended leave of absence.
Subd. 6. School board authority. Nothing within the provisions of this
section shall be construed to limit the authority of a school board to grant
any teacher a leave of absence which is not subject to the provisions of this
section and sections 354.094 and 354A.091.
Subd. 7. Employment in another district. A school board shall not be
obligated to reinstate a teacher who takes a full-time or part-time position as
a teacher in another
Subd. 8. Superintendent. A school board shall not be obligated to reinstate
a superintendent on an extended leave of absence pursuant to this section to a
position in the district.
Subd. 9. Benefits. A teacher on an extended leave of absence shall receive
all of the health, accident, medical, surgical and hospitalization insurance or
benefits, for both the teacher and the teacher's dependents, for which the
teacher would otherwise be eligible if not on an extended leave. A teacher
shall receive the coverage if such coverage is available from the school
district's insurer, if the teacher requests the coverage, and if the teacher
either (a) reimburses the district for the full amount of the premium necessary
to maintain the coverage within one month preceding the district's payment of
the premium, or (b) if the district is wholly or partially self-insured, pays
the district, according to a schedule agreed upon by the teacher and the school
board, an amount determined by the school board to be the amount that would be
charged for the coverage chosen by the teacher if the school board purchased all
health, accident, medical, surgical and hospitalization coverage for its
teachers from an insurer. A school district may enter into an agreement with
the exclusive bargaining representative of the teachers in the district where
the
district agrees, for an individual teacher, to pay all or a portion of the
premium for such coverage. Any such agreement must include a sunset of
eligibility to qualify for the payment.
471.61 INSURANCE CONTINUATION – STATE LAW
GROUP
INSURANCE, PROTECTION FOR OFFICERS, EMPLOYEES, RETIRED OFFICERS AND EMPLOYEES.
Subd.
2b. Insurance continuation. A unit of local government must allow a
former employee and the employee's dependents to continue to participate
indefinitely in the employer-sponsored hospital, medical, and dental insurance
group that the employee participated in immediately before retirement, under
the following conditions:
(a) The continuation requirement of this
subdivision applies only to a former employee who is receiving a disability
benefit or an annuity from a
(b) Until the former employee reaches age 65,
the former employee and dependents must be pooled in the same group as active employees for purposes of establishing
premiums and coverage for hospital,
medical, and dental insurance.
(c) A former employee may receive dependent
coverage only if the employee received dependent coverage immediately before leaving employment. This subdivision
does not require dependent coverage to
continue after the death of the former employee. For purposes of this subdivision, "dependent" has the same meaning for
former employees as it does for active employees in the unit of local
government.
(d) Coverage for a former employee and
dependents may not discriminate on the basis of evidence of insurability or preexisting conditions
unless identical conditions are imposed on active employees in the group that the employee left.
(e) The former employee must pay the entire
premium for continuation coverage, except as otherwise provided in a collective bargaining agreement or personnel
policy. A unit of local government may discontinue
coverage if a former employee fails to pay the premium within the deadline
provided for payment of premiums under
federal law governing insurance continuation.
(f) An employer must notify an employee before
termination of employment of the options available under this subdivision, and of the deadline for electing to
continue to participate.
(g) A former employee must notify the employer
of intent to participate within the deadline provided for notice of insurance
continuation under federal law. A former employee who does not elect to continue participation does not have a right to
reenter the employer's group insurance program.
(h) A former employee who initially selects
dependent coverage may later drop dependent coverage while retaining individual coverage. A former employee may
not drop individual coverage and retain dependent
coverage.
(i) This subdivision does not limit rights
granted to former employees under other state or federal law, or under collective bargaining agreements or
personnel plans.
(j) Unless otherwise provided by a collective
bargaining agreement, if retired employees were not permitted to remain in the active employee group prior to
August 1, 1992, a public employer may assess
active employees through payroll deduction for all or part of the additional premium
costs from the inclusion of retired
employees in the active employee group. This paragraph does not apply to
employees covered by section179A.03.subdivision 7.
(k) Notwithstanding section 179A.20.sudvision 2a,
insurance continuation under this subdivision may be provided for in a collective bargaining agreement or
personnel policy.
Subd. 3. Payroll deductions. A like payroll
deduction and remittance shall be made upon the written order of any such
officer or employee who are, or become, subscribers under a contract with a
nonprofit hospital service plan corporation as defined by law.
Subd.
4.[Repealed, 1965 c 780 s 9]
Subd.
5. Provision of long-term care insurance. Any political subdivision, or
any two or more political subdivisions acting jointly, may contract with an
insurance company licensed to do business in this state for the voluntary
purchase of long-term care insurance by the employees and their dependents of
the political subdivision or subdivisions. The coverage may be through a group
policy or through individual coverage.
EDUCATION MINNESOTA
If you have questions please schedule a meeting
with a TRA counselor or attend a TRA Preparing for Retirement workshop:
60 Empire Drive
St
651.296.2409
800.657.3669
800.627.3529 (TTY)
www.tra.state.mn.us
|
St. Paul Office |
|
7:30 am to 4:30 pm |
|
St. Cloud Area Office |
|
7:30 am to 5:00 pm |
|
Mankato Office |
|
Contact
TRA for available |
|
Detroit Lakes Office |
|
7:30
am to 5:00 pm |
Congratulations
on your upcoming retirement!
|
Disclaimer: Visit with a TRA Counselor before making
any decisions. The information provided
is an excerpt from the TRA website: http://www.tra.state.mn.us/FORMSPUB/PlanRetireBro.htm |
Introduction
Retirement is an event that most of us
look forward to during our working careers. Since a financially secure and
happy retirement takes planning, we would like to assist you by providing
information about the benefits you have earned as a member of the Teachers
Retirement Association (TRA).
As you may know, your retirement plan is
a defined benefit plan that has been providing pension coverage to teachers
since 1931. At present, over 77,000
To fund these benefits, TRA has almost
$20 billion in assets. Revenue comes from three sources: employee contributions,
employer contributions and investment earnings. The greatest source of revenue
has been investment earnings that have historically accounted for about
three-quarters of TRA total revenue.
Counseling
Services
A sound retirement requires planning,
saving, prudent investing and wise financial management. Maintaining
communication with TRA throughout your career will give you a smooth and
informed transition into retirement. To facilitate this communication effort,
we offer group information workshops in several locations throughout the state.
Preparing for
Retirement is tailored just for you if you are planning to retire
within the next two years. Areas covered include personalized estimates of your
pension benefit and an opportunity to explore your retirement plan options.
Positive feedback from those who have
attended these workshops indicates that members learn not only from the formal
presentations, but also from each other during the question and answer period.
One-on-one pre-retirement counseling is
offered for those members who prefer the privacy of a 45-minute confidential
interview with one of our retirement counselors. During your session, you may
receive an estimate of benefits payable from TRA upon retirement, disability or
death.
For your convenience, you may schedule
an individual appointment at our
An appointment
must be scheduled in order to attend a workshop or individual counseling
session.
You may reserve your spot by going to
www.tra.state.mn.us, and logging on to your member account. You may also contact TRA by
calling 800-657-3669 and pressing “1” to connect with our appointment desk.
If you make a reservation for the
Preparing for Retirement workshop, please have the following information
available so an individual retirement estimate can be prepared: contract
salary, amount of service credit with another Minnesota public retirement
system, anticipated retirement date, and the date of birth of your spouse (if
applicable).
Once your appointment has been
scheduled, a confirmation letter, including a map and directions, will be
mailed to your home address.
Retirement
Eligibility
If you are age 55 or older and vested in
our retirement system, you are eligible to apply for a retirement benefit.
The vesting requirement for members who
have performed TRA-covered service after May 15, 1989, is three years of
allowable service credit. If you were employed before July 1, 1989, and have at
least 30 years of allowable service credit, you may apply for retirement
regardless of your age.
In some situations, an early retirement
reduction factor may be applied when calculating your retirement benefit if you
retire prior to reaching normal retirement age.
Marriage
Dissolution
Since TRA is a government pension plan,
your account must be divided under the terms of state law rather than the
federal law known as ERISA (Employee Retirement Income Security Act, 1974).
TRA publication, Marriage Dissolution: Dividing TRA Benefits,
should be used as a guide to better understand how TRA pension benefits may be
divided as a settlement of property. The booklet includes a suggested method
for the division of property, a summary of the options available to plan
participants, and a summary of the effect these options have on the division of
benefits.
It is very important that a certified
copy of your entire marriage dissolution decree is filed with our office upon
its execution or prior to filing for retirement benefits.
Refund
Repayment
If you are a TRA member who previously
received a refund, you may repay TRA refunds after accumulating two years of
allowable service credit with TRA or another
Paying with Tax-Sheltered Dollars
You may repay a refund by using your own
funds, transferring funds from a Roth IRA, or by transferring tax-sheltered
funds from a traditional IRA account or another qualified pension plan. An
eligible pension plan includes a plan qualified under Section 401(a) of the
Internal Revenue Code, including a 401(k) plan, profit-sharing plan, defined
benefit plan, stock bonus plan, and money purchase plan; a section 403(a)
annuity plan, a section 403(b) tax-sheltered annuity; and an eligible section
457(b) plan maintained by a governmental employer (governmental 457 plan).
Combined Service
Annuity
A combined service annuity is a
retirement benefit based upon allowable service earned in two or more of the
If repaying a refund and the two years
of subsequent service was not with TRA, you would need to repay your refund
within six months of resignation from the other
Retirement Plan
Options
TRA offers six retirement plan options
that provide a guaranteed benefit. A retirement benefit is an annuity that is
payable monthly for your lifetime. An annuity is a guaranteed sum of money that
is paid at regular intervals. The amount payable under each plan varies
depending on the amount of beneficiary or survivor protection provided.
As you prepare for your retirement,
choose the retirement plan that most effectively meets your needs, taking into
consideration survivor coverage, your individual sources of income and the
amount payable under each plan.
By law, a married member must choose at
least a 50 percent optional joint annuity for their spouse, unless the spouse
completes a notarized form waiving the right to an optional joint annuity (see Survivorship plans).
You have two months following your
initial payment date to change the choice of a retirement annuity plan.
No Refund
This retirement plan offers monthly
benefit payments that are guaranteed for your lifetime. The payments are the
highest payments available to you because this plan does not provide survivor
coverage. The payments cease upon your death.
The benefits payable to a designated
beneficiary are:
§ If you die before the expiration
of two months following your initial payment date, your designated beneficiary
is paid a lump sum amount equal to your contributions and interest less any
monthly benefit payments you have received.
§ If you die after the expiration
of two months following your initial payment date, your designated beneficiary
is paid any uncashed annuity payment due for the month that death occurs. If
you had already cashed or electronically deposited the annuity payment for the
month in which death occurs, nothing more is payable.
Guaranteed Refund
This plan offers monthly benefit
payments that are guaranteed for your lifetime. The payments may cease upon
your death depending on whether you have recovered your accumulated
contributions and interest by the date of death. The benefits payable to your
designated beneficiary are:
§ If you die before receiving
benefit payments in an amount equal to your accumulated contributions and
interest, the same monthly amount is paid to your designated beneficiary until
these savings are depleted.
§ If you die after your accumulated
contributions and interest are depleted, your designated beneficiary is paid
any uncashed annuity payment for the month that death occurs. If you had
already cashed or electronically deposited the annuity payment for the month in
which death occurs, nothing more is payable.
The period of protection for a
beneficiary is usually four to ten years following the effective date of
retirement depending on your length of service and age at retirement.
15-Years Guaranteed
Benefits are payable monthly for your
lifetime with the guarantee that payments will be made for at least 15 years.
The benefits payable to your designated beneficiary are:
§ If you die before receiving
payments for the guaranteed 15 years, your designated beneficiary is paid the
same monthly amount for the remaining years of the guarantee period.
§ If you die after receiving
annuity payments for at least 15 years, your designated beneficiary is paid any
uncashed annuity payment for the month that death occurs. If you had already
cashed or electronically deposited the annuity payment for the month in which
death occurs, nothing more is payable.
Beneficiary
Designations
For the No Refund plan, Guaranteed
Refund plan and the 15-Years Guaranteed plan, you may designate one or more
primary and one or more contingent beneficiaries. You may designate a person,
organization, trust or your estate as your beneficiary. If your designated
beneficiary(ies) die before you or if you do not designate a beneficiary, the
amount is paid to your estate.
Benefits are payable monthly and are
guaranteed for your lifetime. The amount payable is dependent on your survivor
protection selection and the age of your designated optional joint annuitant
(OJA). We use the term, optional joint annuitant, instead of beneficiary, since
the monthly benefit amount is calculated based on your age and the age of your
survivor. If you die before your OJA, your joint annuitant is paid an amount
equal to a percentage of your monthly payment: 100 percent, 75 percent or
50 percent survivorship. By law, a married member must choose a
survivorship plan, which provides coverage to the spouse after the member’s
death, unless the spouse waives the right to this type of annuity.
You may designate more than one OJA. In
the event of your death, your joint annuitant will continue to receive monthly
benefits for life. All payments will then cease upon the death of your OJA.
Optional
Joint Annuitant Who is Not Your Spouse
You may designate any person as your
OJA. If you choose someone other than your spouse, your spouse will need to
complete and file a waiver of benefits form. Also, if you designate someone
other than your spouse, the Internal Revenue Service (IRS) has restrictions on
the age difference between the member and the person designated as the OJA.
These age restrictions apply to the 100 percent and the 75 percent
survivorship plans. The IRS has provided a formula and chart for reference;
therefore, if you are contemplating designating someone who is not your spouse
and is younger than you, please call our office to verify that your designation
is in compliance with federal regulations.
Bounceback Feature
The three survivor plans contain a
bounceback feature that permits your monthly payment to be increased to the
greater No Refund Plan amount if your optional joint annuitant predeceases you.
Cost of Survivor Protection
At common retirement ages of 58, 62 or
65, with a joint annuitant who is three or less years younger than a TRA
retiree, the so-called cost of the 100 percent guaranteed lifetime beneficiary
protection of the 100 percent survivorship plan is approximately 10 to 15
percent of the No Refund plan benefit amount; the 75 percent
survivorship plan about 8 to 12 percent; and the 50 percent
survivorship plan about 6 to 8 percent.
Pension Maximization
Choosing the retirement plan option that
is right for you is one of the important decisions you will need to make when
you retire. TRA offers six retirement plan options that provide a guaranteed
benefit for your lifetime. Three of the six plans are referred to as
survivorship plans. While all six plans guarantee monthly annuity benefits for
your lifetime, survivorship plans also provide lifetime payments to your
optional joint annuitant (OJA) after your death. If you choose one of the
survivorship plans, your OJA will receive a lifetime monthly payment of
50 percent, 75 percent or 100 percent of the benefit amount you
were receiving prior to your death, depending upon the plan you choose when you
retire.
The other three plans (No Refund, Guaranteed
Refund and 15-Years Guaranteed) are single life plans and are described in the
previous section.
The monthly retirement amount payable
under each plan varies depending upon the amount of survivor protection the
plan provides. Monthly retirement amounts range from the No Refund plan that
provides you with the highest monthly benefit since it does not provide a
benefit to a beneficiary after your death; to the 100 percent survivorship
plan that provides you with the lowest monthly benefit since your OJA will
receive 100 percent of your monthly benefit after your death.
An insurance agent or financial planner
may try to convince you to choose the No Refund plan, which provides a higher
monthly payment to you for your lifetime, but does not provide any payments to
your survivor. They may encourage you to take the highest benefit payment up
front and purchase a separate life insurance policy that would provide
protection for a survivor. This type of insurance arrangement is referred to as
“pension maximization.”
Generally, financial experts agree that
there are very few circumstances when you would be better off choosing the No
Refund plan and purchasing separate coverage for your survivor. Remember, if an
insurance policy is purchased at the time of your retirement, the cost of most
life insurance policies is very high. Also, it may be difficult to pass the
medical examination necessary to qualify for the insurance because of health
reasons.
In addition, assuming your insurance
proceeds are tied to investment returns, the annuity paid to your survivor may
not provide the adequate lifetime level of income that was originally planned
and projected. By contrast, TRA provides your surviving OJA with the security
and peace of mind of guaranteed lifetime payments that include annual,
permanent increases.
Before deciding whether to purchase a
life insurance policy for purposes of pension maximization, TRA suggests you
weigh the pros and cons of this decision by consulting with your physician,
accountant and tax advisor, as well as a TRA customer service representative.
Accelerated
Annuity
If you retire before age 62, 65 or your
Social Security normal retirement age, you may elect to receive an accelerated
(greater) monthly retirement annuity amount until age 62, 65 or Social Security
normal retirement age, instead of a regular monthly retirement annuity.
This type of annuity is meant to pay a
larger benefit during the years before you qualify for Social Security or
before other investment payments begin. An accelerated annuity is the sum of
two separate annuities:
1.
an
annuity payable for your lifetime (lifetime portion)
and
2.
an
annuity payable from your retirement date until you reach the acceleration age
(accelerated/temporary portion)
At the acceleration age, payment of the
accelerated/temporary portion of the annuity ends, but you continue to receive
the lifetime annuity payment amount.
Example: If you, at age 58, were
eligible for a No Refund plan benefit of $1,000 a month and you elected an
accelerated benefit to age 62, you would receive $1,543 each month until your
62nd birthday and $800 a month after age 62 for life, plus any Post Fund
increases on this amount.
The more you choose to accelerate, the
less the lifetime annuity portion will be.
The amount by which the regular lifetime
annuity is accelerated or increased is subject to a maximum amount as
prescribed by law. You may choose to receive the maximum amount of acceleration
or any lesser amount. If a lesser amount is chosen, the amount available for
payment after the acceleration age is greater.
If you elect an accelerated annuity, you
have up to two months following your initial payment date during which you may
cancel or change your election.
If you die before reaching the age of
acceleration, the accelerated/temporary annuity amount continues to be payable
to a designated beneficiary until the date when you would have reached the
accelerated age you chose. If there is no surviving designated beneficiary,
payment would be commuted and paid in a lump sum to your estate.
It is important to note that the
survivor benefits available after the age of acceleration and any Post Fund
adjustments that may occur after these ages will be less as a result of
electing an accelerated rather than a regular life annuity. A Post Fund
increase is applied to the accelerated/temporary portion of the annuity until
you reach the age of acceleration. For the lifetime annuity, all Post Fund
increases are accumulated until the last required payment is made.
Post
Fund Adjustment Example
If the amount of an accelerated annuity
to the age of acceleration is $1,000 per month and a 2.5 percent Post Fund
increase is granted, the amount will increase by $25 to $1,025 per month until
you reach the applicable age. After the age of acceleration, the 2.5 percent
increase is applied only to the lifetime annuity portion.
Therefore, we recommend that you
thoroughly acquaint yourself with the pros and cons of the accelerated annuity
before electing this type of annuity.
Accelerated Annuity Chart (available
online)
Social Security
Administration Definition of
|
Year of birth |
NRA |
|
1937
and prior |
65 |
|
1938 |
65 and
2 months |
|
1939 |
65 and
4 months |
|
1940 |
65 and
6 months |
|
1941 |
65 and
8 months |
|
1942 |
65 and
10 months |
|
1943 -
1954 |
66 |
|
1955 |
66 and
2 months |
|
1956 |
66 and
4 months |
|
1957 |
66 and
6 months |
|
1958 |
66 and
8 months |
|
1959 |
66 and
10 months |
|
1960
and later |
67
years |
To apply for monthly retirement
benefits, a member must terminate teaching service. Termination of teaching
service means the withdrawal of a member from active teaching service by
resignation or the termination of the member’s teaching contract by the employer.
A member is not considered to have terminated employment if, before the age of
62, and before the effective date of retirement, they have entered into a
contract to resume teaching service with a TRA-eligible employer.
Return-to-Work
Agreement
If you are age 62 or older, you are
allowed to begin receiving a retirement annuity from TRA even though you have
entered into an agreement to return to teaching service. Such an agreement must
be mutually agreed upon by you and your employer, and include your termination
and reemployment dates. A copy of the agreement must be filed with your TRA
Application for Retirement prior to your accrual date. Members age 62 and older
who return to work under this provision will not earn additional service credit
with TRA. Earnings are still subject to the TRA reemployment earnings limit.
This return-to-work provision does not apply to members employed by the
Effective Date
of Retirement
The effective date of retirement is the
first or sixteenth day of the month, whichever is earlier, following the latest
of:
1.
The
last date of teaching service.
2.
The
date of resignation.
3.
The
date your application for retirement is filed with TRA.
4.
July
1, for all school principals and other administrators who receive a full
contract salary for performance of a full year’s contract duties, regardless of
the date of resignation and/or completion of the full year’s contract duties.
To ensure that your effective date of
retirement is the earliest possible date following your last day of teaching
service, the effective date of your resignation from teaching service and final
day of teaching service should be the same date.
The effective date of retirement must
occur for a retirement plan to take effect. If you die before this date, active
member survivor benefits are payable, not the benefits provided by the
retirement plan you selected.
Cancellation or
Changes
You have two months following your
initial payment date to:
1.
Cancel
your application for retirement.
2.
Change
the choice of your retirement annuity plan.
3.
Change
the choice of your accelerated annuity option.
4.
Change
the choice of your optional joint annuitant.
Changes will not alter your effective
date of retirement if your written request is received within the two month
period. If you cancel your application for retirement, you must repay TRA for
any monthly benefit payments you received.
First Retirement
Payment
Processing of your first retirement
payment is largely dependent upon TRA receiving all of the necessary retirement
forms in a timely manner. Retirement application forms and supporting documents
are accepted up to 120 days in advance of your termination of teaching service.
If all required retirement forms and
supporting information are received on a timely basis, you should receive your
first retirement check within 30 to 60 days of your effective date of
retirement.
When you apply for retirement benefits,
a preliminary estimate is calculated and is used to determine your initial
benefit payment.
After you have retired, TRA payroll
staff will review your account to verify that all salary and service credit has
been received from your employer. If we discover that salary or service credit
information is missing or needs to be adjusted, TRA will work with your
employer to obtain a resolution.
Once all salary and service credit data
has been verified, a new calculation of benefits will be produced. If this new
calculation varies from your initial preliminary retirement estimate, you will
be notified and the amount of your monthly benefit payment will be adjusted.
You will then continue to receive the
adjusted monthly benefit each month until you become eligible to receive the
January 1 Post Fund adjustment, if any.
Basing your initial benefit payment on
this preliminary estimate allows TRA to more quickly complete your retirement
application request and pay initial benefits to you.
You may apply for retirement benefits
online or by contacting TRA and requesting a Retirement Annuity Application,
TRA-4000.
If you do not receive acknowledgment
within two weeks that your retirement application has been received, it is
important that you contact our office.
Your first payment will include
retirement benefits retroactive to your effective date of retirement. For
example, if your effective date of retirement is June 16 and if the first
payment is issued to you during the first week of August, this payment would
include two and one-half months of benefits. Subsequent payments are issued
during the first week of each month for that month.
If you apply for a combined service
annuity (see page 6), an exchange of your account
information must be made with other public pension fund(s). Since the exchange
of information may take additional time to complete, the earlier your
retirement documentation is received by both pension funds, the less chance
there will be a delay in processing your initial benefit payment.
Annual
Adjustments
Under legislation passed in 2008, a
funding ratio below 80 percent triggers a merger of the Post Retirement Fund
with its participating active member funds. The actual merger will occur on
June 30, 2009, when retired teacher assets and liabilities in the Post Fund
will be transferred and combined with the TRA Active Member Fund. Going
forward, the combined active member/retired member TRA Fund will be able to
finance benefit obligations over a longer period of time. Under law, the target
date for full funding of the TRA Fund is June 30, 2037.
Since the merger occurred, TRA benefit
recipients will be paid a fixed 2.5 percent increase annually on January 1 of
every year regardless of the underlying inflation or investment performance.
The first benefit increase payable under the new law will be January 1, 2010.
Since your pension check cannot be
forwarded by the U.S. Postal Service, it is very important to notify us in
advance of permanent or temporary address changes. Please let us know at least
30 days before the date that a temporary address is to begin and 30 days
before the date on which you plan to return to your permanent address.
If you have access to the internet, you
can update your mailing address online through our web site at www.tra.state.mn.us.
Even if monthly benefit payments are
electronically deposited directly to a bank or credit union, we need your
current address to send our quarterly TRIB newsletter, 1099-R annuity income
tax statements and other informational material.
Electronic
Direct Deposit
Retirement annuity payments can be
electronically deposited in banks, savings and loan associations, credit
unions, or other financial institutions associated with the National Automated
Clearing-house Association or a successor. Electronic direct deposit is
convenient and provides protection against theft and the uncertainties of
postal delivery. It also ensures safe, accurate and timely direct deposit of
payments to your account on the first banking day of the month.
A Direct Deposit Agreement has been
incorporated into the Retirement Annuity Application so you may elect to have
your first payment and all subsequent payments directly deposited. Direct
deposit may be made to an individual account or to a joint account with your
spouse or any other person. You may also choose to sign up for direct deposit
of your benefits at any time in the future. An initial request or a change to
your current designation can be made by accessing your member account online,
or by contacting our office and requesting a Direct Deposit Agreement form,
TRA-4400.
Reemployment
Earnings Limit
If you resume service for a TRA-covered
employer after retirement, you may be subject to an annual earnings limitation.
For members who are under full
retirement age for the entire calendar year, as defined by the Social Security
Administration, the earnings limitation is $46,000. If you are under full
retirement age and are retired for only a portion of the year, the earnings
limitation amount will be prorated ($46,000 x # of months retired during the
calendar year ÷ 12).
Members who have reached full retirement
age are not subject to the earnings limitation. In the calendar year that you
reach full retirement age, you can earn $46,000 between January 1 through the
month prior to reaching full retirement age.
If you earn over the limit applicable to
you, then beginning in April of the next calendar year, $1 in benefits will be
deducted for each $2 above the limit. The pension offset amounts are redirected
to a separate earnings limitation savings account (ELSA) for later
distribution.
At any age, you are eligible for a
refund of your earnings limitation savings account, plus 6 percent
interest, one year after the last deferred amount was redirected to your ELSA
account. An Earnings Limitation Savings Account Refund application must be
filed with TRA. When completing the application, you may elect to have all or
any portion of your ELSA refund payment rolled over to a traditional IRA, Roth
IRA or an eligible employer plan.
Income from teaching service includes,
but is not limited to, all income for services performed as a teacher,
administrator, consultant or an independent contractor for a TRA-covered
employer. Income earned while employed in a position not covered by TRA (e.g.,
discount store, etc.) is not subject to the earnings limitation.
Social Security deductions (both the Old
Age Survivor Disability Insurance and Medicare portions) are required for all
TRA retirees (regardless of age) who resume teaching service. TRA deductions
are no longer withheld.
Disability
Information
If you are applying for early retirement
benefits due to poor health, please inform your TRA retirement counselor of
your condition and ask about the possibility of applying for total and
permanent disability benefits. It may be beneficial to apply for both
retirement and disability benefits to avoid loss of benefits if disability
benefits are not approved. In most instances, the amount of a disability benefit
exceeds an early retirement benefit.
The forms necessary to make application
are available from our office, but the decision to apply for disability
benefits should be made in consultation with your personal licensed physician,
chiropractor, or psychologist.
TRA retirement benefits are taxable by
the federal government as ordinary income, however, the portion of a retirement
benefit that represents your cost paid toward the benefit is not taxable.
Effective January 1, 1983, TRA contributions
withheld from your pay are not subject to federal income tax at the time of
withholding and are tax- sheltered. Your cost of a retirement benefit for
federal income tax purposes is the total contributions made by payroll
deduction through December 31, 1982, plus all payments made directly by you to
TRA for military service, certain leaves of absence, shortages, repayment of
refunds and all interest charges related to these payments. Federal income tax
laws exclude this cost from taxation.
Retirement benefits are subject to
taxation under the Simplified Method. Under this rule, the age and plan choice
are used to determine the portion of each benefit payment which is excluded
from taxable income. This tax-free amount is excluded until the entire cost has
been recovered tax-free. All subsequent benefit payments and all
post-retirement benefit increases are taxable as ordinary income.
Any portion of retirement benefit income
that represents your cost to purchase the benefit is not subject to
Retirees who are non-Minnesota residents
are not subject to
Tax Withholding
A federal and state withholding form
will be part of your application for retirement. These tax forms should be
filled out and returned to our office with your completed retirement
application. Before your first retirement check is issued, you will receive a
letter informing you of the amount of your benefit that is not taxable.
If the federal withholding form is not
returned to our office and the taxable portion of your retirement benefit is
greater than $1,520 per month, federal income taxes will be automatically
withheld as if you were married and claiming three withholding allowances. If
you elect not to have federal and state income tax withheld from your
retirement benefit, or sufficient taxes are not withheld, you may be
responsible for quarterly payments of estimated tax. Monetary penalties may
apply if insufficient income taxes are paid during the year.
Tax Reporting
Each year, by January 31, you will
receive a form 1099-R showing the total amount of your annuity payments, the
total federal and state income tax withheld, and the taxable portion of the
annuity for the preceding calendar year. The 1099-R also reports the remaining
cost to be recovered tax-free.
Online Member
Account
As mentioned throughout this booklet,
many functions are now available to you by logging in to your online account.
The first thing you will need to do is complete the online registration process.
To register, go to www.tra.state.mn.us, choose Member Login and complete the registration
process. Now enter your User ID and password to log in to your account.
You will then receive a navigation
screen that displays all of the functions available to you according to your
account status. Web site capabilities available to active members are different
from those available to retirees or benefit recipients. If you have more than
one account with TRA – let’s say you are a retired or active teacher and a
beneficiary on another member’s account – you will be asked to choose the
account you wish to access. Once you select the account you wish to view, you
will be directed to the appropriate navigation screen.
It’s that easy. We encourage you to take
the time to explore the capabilities available to you through your TRA online
account.
Retirement
Checklist
The following section provides a list of
events, in chronological order, that need to take place to ensure that the
retirement process runs smoothly. A space has been included next to each step
so you can fill in the date on which each task was completed.
One to
five years prior to retirement
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_______ |
Attend a “Preparing for Retirement” group workshop. |
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_______ |
Contact your financial planner to
review the status of other retirement investments and to discuss federal and
state taxability. |
|
_______ |
Contact any other |
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Contact the Social Security
Administration to determine your options. |
|
_______ |
Review your health insurance options
(through school district or supplemental insurance providers). |
|
_______ |
Determine cost and effect of repaying amounts previously refunded from
TRA, if any. |
|
_______ |
Review impact of any marriage dissolutions for possible
division of pension benefits. |
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Review
salary that is reported to TRA by your employer(s). Salary, for TRA purposes,
means periodic compensation before deductions for deferred compensation,
supplemental retirement plans, or other voluntary salary reduction programs. |
Up to
one year prior to retirement
|
_______ |
Review the benefit estimate provided
by TRA and the retirement forms and instructions. |
|
_______ |
Review the retirement application
process of other retirement funds if you are claiming a combined service annuity. |
|
_______ |
Contact your employer to determine
requirements for submitting your resignation notice. Resignation should be
effective on the last day of work and your notice must include 1) date the
resignation letter was written, 2) the date you are resigning, and 3) your
signature. |
|
_______ |
Determine
your effective date of retirement. |
6
months prior to retirement
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Review and gather documents required
to file your Retirement Annuity Application. §
Certified copy of optional joint annuitant’s birth certificate for
Survivorship Plans §
Original or certified copy of marriage certificate for Survivorship
Plans §
Original or certified copy of name change by court order, if any |
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Review TRA retirement options: §
Decide which of the six life plan retirement options offered
by TRA best fits your needs. §
Accelerated annuity (retire before age 62 or 65 and elect to
receive a greater accelerated monthly retirement annuity
amount to either age 62 or 65 instead of a regular monthly retirement
annuity) §
Accelerate at less than maximum acceleration §
Lump sum refund §
Disability benefit, if retiring for
health reasons |
|
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Review
the information concerning earnings limitations after retirement. |
4
months prior to retirement
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Submit your Retirement Annuity
Application (TRA-4000) to TRA or apply online at: www.tra.state.mn.us. You may apply for
retirement no earlier than 120 days prior to termination of teaching service.
The sooner you submit all necessary retirement forms, the sooner TRA will be
able to process your retirement application. Submit the necessary documentation with your
application. Original documents will be returned to you after review. §
If age 62 or over and have entered into a return-to-work agreement, a copy of the
agreement must be filed with your application. §
If married and choosing a plan other than a survivorship plan or an optional joint
annuitant other than your spouse, submit a notarized copy of the Spousal
Waiver of Survivorship Benefits form. |
After
retirement
|
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Receive
your first payment within 30 to 60 days of
your effective date of retirement provided all necessary supporting documents
are received. |
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Changes of plan, acceleration, and
election of optional joint annuitant or cancellation of your retirement are
accepted within two months of the initial payment date. |
|
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If you
have not done so already, consider having your pension benefits electronically deposited
each month.You may initiate a direct deposit request or change your
designation online or by contacting TRA and requesting form TRA-4400. |
|
_______ |
Submit address changes to TRA online or
by contacting TRA directly. |
|
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Regularly
review tax withholding elections. Changes may be
made online or by contacting TRA and requesting form TRA-4900. |
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American Association of Retired Persons (AARP) |
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612-858-9040 |
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Education |
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800-642-4624 |
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Internal Revenue Service (IRS) |
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800-424-1040 |
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Medicare |
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1-800-MEDICARE
(800-633-4227) |
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Minnesota Department of Revenue |
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651-296-3781 |
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800-657-5757 |
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National Council on Teacher Retirement (NCTR) |
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512-335-0055 |
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Public Employees Retirement Association (PERA) |
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800-652-9026 |
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Retired Educators Association of MN (REAM) |
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651-771-9787 |
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Social Security Administration - Personal Earnings and
Benefit Estimate Statement |
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800-772-1213 |
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*Disclaimer: Visit with a TRA Counselor before making any
decisions. The information provided is
an excerpt from the TRA website: http://www.tra.state.mn.us/MEMBERINFO/A-servcredit.htm#csa
Service credit impacts your eligibility
for benefits and the amount of your benefits.
As defined by Minnesota Statutes:
§ 1 day of service credit is earned
when a member works at least 5 hours per day
§ 1 year of service credit is
earned when a member works at least 5 hours per day for 170 or more days during
the fiscal year (July 1 - June 30)
§ A member cannot earn more than 1
year of service credit for any given fiscal year.
§ A member cannot earn more than 1
day of service credit when working more than 5 hours in a day.
Paid sick leave, vacation days and all
required paid attendance days and hours (such as workshops) are counted toward
service credit.
Service credit for less than full-time
teaching service is calculated as equivalent days unless you qualify for the
Part-Time Teacher program and elect to purchase full-time service credit.
Vesting requirements
As a
If you performed TRA-covered service
after May 15, 1989, you are vested after only three years of teaching service,
and are eligible for normal or early retirement benefits, disability benefits
and joint and survivor benefits. Most benefits increase in value with
additional service credit beyond the required minimum.
If you performed TRA-covered service
after June 30, 1987, but not after May 15, 1989, you are vested after five
years of service and if you have not performed TRA-covered service since June
30, 1987, the vesting requirement is 10 years.
You may be eligible for a combined
service annuity upon retirement if you have met the vesting requirements and
have at least one-half year of allowable service credit with one or more of the
other
Current contribution rates
Teachers contribute 5.5 percent of their
eligible salary to TRA by tax-exempt payroll deduction and employers contribute
5.5 percent of eligible salary at the same time. Contribution rates are
determined by statute and subject to change by the Minnesota Legislature.
Combined Service Annuity (CSA)
A combined service annuity is a
retirement benefit based upon allowable service earned in two or more of the
Application for a combined service
annuity must be made to each retirement fund individually and the effective
dates of your retirement with each of the public pension funds must be within a
one year period.
Allowable service earned in any fund
listed here may be used with TRA allowable service to qualify for combined
service:
§
§
§
§
· State Employees Retirement Fund
· Legislator's Retirement Plan
· Correctional Employees Retirement
Program
· Unclassified Employees Retirement
Plan
· State Patrol Retirement Fund
· Judges Retirement Fund
·
§ Public Employees Retirement
Association
· Public Employees Retirement Fund
· Public Employees Police and Fire
Fund
· Public Employees Local Government
Correctional Service Retirement Plan
As of May 16, 2004, provisions to
purchase prior service for family or parental leave of
absence/break-in-service, Peace Corps or Volunteers in Service to America
(VISTA) service, or service performed at an educational institution established
by another governmental jurisdiction, a private or parochial school, a charter
school, the University of Minnesota, or a non-profit community-based
corporation or developmental achievement center have expired. The purchase
provision for Prior Military Service expired on May 16, 2007.
|
*Disclaimer: Visit with a TRA Counselor before making
any decisions. The information
provided is an excerpt from the TRA website: http://www.tra.state.mn.us/MEMBERINFO/A-Leaves.htm |
All leaves of absence must be authorized
by the governing board of a public school, state university or college. Certain
leaves are eligible periods of service for the Teachers Retirement Association.
Members may purchase service credit for
extended, family, legislative, medical, military, parental, union and voluntary
(state employees only) leaves of absence. Purchase of service is required for
all sabbatical leaves.
§ All
leaves must be reported by your employer when approved, whether paid or unpaid.
§ The
employer must:
§ Certify all leaves, except
extended leaves, to TRA by submitting the Leave of Absence Report (TRA-1500). This can be done through the Employer Login link on the TRA web site at
www.tra.state.mn.us. If unable to access the Employer Login, the form can be
found under the Employer Information section of the web site. Extended leaves
should be submitted using the Extended Leave of Absence Report form (TRA-1501).
§ Submit a demographic record
reporting the leave within 14 calendar days after the date of the end of the
payroll cycle in which the leave was granted.
§ Unrequested leaves should be
reported on the demographic record, but do not require a leave form.
The member will receive a confirmation letter, indicating
that an employer has submitted a leave of absence report.
Not all leaves of absence qualify for TRA service
(whether paid or unpaid), and not all payments qualify as salary. For example,
salary would not include severance pay. Severance includes (but is not limited
to) any payment to an employee to terminate employment and any payment that is
not clearly for the performance of services.
The employer may choose to grant a leave with pay even if
it does not fall under one of the TRA categories that allow the purchase of
service credit. If so, we need to know that the earnings reported for a member
do not mean that they have earned any service credit.
If the leave is for only part of the school year, service
credit is reported for the part of the year that the member actually performs
teaching service, including paid sick leave and vacation days. The service
credit earned is the ratio of the number of full days of teaching service to
170 days (except for sabbatical leave).
To be eligible to purchase service credit for the period
of the leave of absence, the member must retain the right to full reinstatement
both during and at the end of the leave, with the exception of a superintendent
on an extended leave of absence. The termination date for all leaves is the
date of the last normal teaching service day covered by the leave.
Members have the option to purchase
service credit with personal funds or to transfer funds on a pre-tax basis from
a traditional IRA or other qualified pension plans. An eligible pension plan
includes a plan qualified under section 401(a) of the Internal Revenue Code,
including a 401(k) plan, profit-sharing plan, defined benefit plan, stock bonus
plan, and money purchase plan; a section 403(a) annuity plan, a section 403(b)
tax-sheltered annuity; and an eligible section 457(b) plan maintained by a
governmental employer (governmental 457 plan).
Since a leave of absence maintains a
continuing employer/employee relationship with no termination of teaching
service, members are not eligible to receive a refund of member contributions
if they are on any authorized leave of absence. If placed on an unrequested
leave of absence (layoff), members are entitled to a refund of member
contributions plus interest. If vested with three or more years of service
credit, members are eligible to receive a monthly lifetime annuity in the
future that may have a greater value than taking a current refund.
EXTENDED
LEAVE
M.S.
354.094, 122A.46, 124D.10 and 136F.43
Description
This type of leave is an unpaid leave
granted by an employer for an extended period of time. Not available for
chancellors or vice-chancellors.
Requirements
Payment must include both the member and
employer contributions based on the salary received during the year immediately
preceding the leave and the appropriate contribution rates in effect for each
year of the extended leave. The employer may pay any portion of the employer
share of the contributions, but is not obligated to do so. The employer may
also agree to pay any portion of the member contributions. If the employer
agrees to pay member contributions, a copy of the agreement executed between
the employer and the member must be submitted to TRA. Payment must be received
no later than June 30 of each year of the extended leave or before the member’s
date of retirement, whichever is earlier. 2007 legislation allows payment in
the year following the Extended Leave of Absence of the employer and employee
contributions including compounded interest at a monthly rate of 0.71 percent.
If payment is made after this date, it will be based on the full actuarial
cost. A more detailed explanation of qualifications and other reporting requirements is outlined below.*
Payment
Information
Payment must include both the member and
employer contributions based on the salary received during the year immediately
preceding the leave and the appropriate contribution rates in effect for each
year of the extended leave. The employer may pay any portion of the employer
share of the contributions, but is not obligated to do so. The employer may
also agree to pay any portion of the member contributions. If the employer
agrees to pay member contributions, a copy of the agreement executed between
the employer and the member must be submitted to TRA. Payment must be received
no later than June 30 of each year of the extended leave or before the member’s
date of retirement, whichever is earlier.
Extended Leave
Qualifications
M.S.
354.094, 122A.46, 124D.10 and 136F.43
General
extended leave qualifications
1.
The
right to full reinstatement both during and after the leave is required, unless
the member is a superintendent.
2.
The member must have 10 years of
allowable service in any of the three state teacher retirement funds. This does
not include Public Employees Retirement Association (PERA) or Minnesota State
Retirement System (MSRS) service – ONLY service with TRA, St. Paul Teachers
Retirement Fund Association (SPTRFA), or Duluth Teachers Retirement Fund
Association (DTRFA).
a)
K-12 Special Rule: The member must have 10 years of
allowable service credit or 10 full-time years of service credit (allowable or
forfeited).
b)
Members must have at least 5 years of employment in the
district that is granting the leave.
The leave must be granted for at least 3 years, but not
more than 5 years.
Charter
school extended leave qualifications
1.
The right to full reinstatement
both during and after the leave is required, unless the member is a
superintendent.
2.
The
leave can be granted for a maximum of 5 years (no minimum requirement).
Extended Leave
Employee Contribution Payments
MN Laws (2003), 1st Special Session, Chapter 12
An employer may agree to pay for all or
a portion of the employee retirement contributions for members on an extended
leave of absence. This provision reads as follows: “The employer may enter into
an agreement with the exclusive bargaining representative of the teachers in
the district under which, for an individual teacher, all or a portion of the
employee’s contribution is paid by the employer. Any such agreement must
include a sunset of eligibility to qualify for the payment and must not be a
part of the collective bargaining agreement.”
The law also requires that, “Any school
district paying the employee’s retirement contributions under this section
shall forward to the applicable retirement association or retirement fund a
copy of the agreement executed by the school district and the employee.”
M.S. 354.096
Description
Family leave may be granted under United
States Code, title 42, Section 12631, and may be used in conjunction with
medical or parental leave.
Requirements
Purchase is allowed for up to 12 weeks
of service credit to cover the period of the leave. Members are required to
return to public service after the leave period for which allowable service
credit is purchased to be eligible to purchase service credit for a subsequent
authorized family leave.
Payment
Information
Payment, without interest, for both the
member and the employer contributions is based on average full-time monthly
salary on the date the leave commenced and is calculated using the rates in
effect during the time of the leave. 2007 legislation allows payment by June 30
of the year of the Family Leave of Absence, without interest. Or payment may be
made in the year following the leave of absence consisting of the employer and
employee contributions and including compounded interest at a monthly rate of 0.71
percent through the end of the month in which payment is received. If payment
is made after June 30 of the year following the leave, it will be based on the
full actuarial cost. Payment must be made on or before the member’s effective
date of retirement.
M.S. 354.095
Description: Medical leave
may be granted in the case of illness or injury.
Requirements: Purchase is
allowed for up to one year of service credit to cover the number of days on
leave without pay. Members should be advised to check into TRA disability
eligibility, but may not receive a disability benefit and purchase service
credit for the same period of time.
Payment
Information: Payment must include both member and employer contributions
based on average full-time monthly salary on the date the leave commenced. 2007
legislation allows payment by June 30 of the year of the Medical Leave of
Absence without interest. Or payment may be made in the year following the
leave of absence consisting of the employer and employee contributions and
including compounded interest at a monthly rate of 0.71 percent through the end
of the month in which payment is received. If payment is made after June 30 of
the year following the leave, it will be based on the full actuarial cost.
Payment must be made on or before the member’s effective date of retirement.
M.S. 354.53
Description
Military leave may be granted for
purposes of entering the military service.
Requirements
Purchase is allowed, up to 5 years, to
cover the period of military service if the member was discharged under
honorable conditions and must upon release from active duty: 1) return to
teaching service within a reasonable length of time; or 2) enroll full-time in
an accredited educational institution within a reasonable length of time. The
period of educational enrollment cannot exceed two years and the member must
resume teaching by the beginning of the next school year following completion
of studies.
Payment
Information
Payment must include both member and
employer contributions based on the salary that the member would have received
if they had continued to provide teaching service. If the member pays the
member contributions, the employer must pay the employer contributions, plus
interest on member and employer contributions at the annual rate of 8.5 percent
from the end of each fiscal year of the leave to the end of the month in which
payment is received. Payment must be made during the period which begins with
the date that the teacher returns to teaching and which has a duration of 3
times the length of the military service period, not to exceed 5 years. If
service was less than 1 year, payment may be made within 1 year from date of
discharge.
Description
Leave may be granted by an employer for
reasons other than sabbatical, medical, parental, family, extended,
legislative, union or military purposes.
Requirements
Although an authorized “other” leave of
absence protects the employer/employee relationship and employment
reinstatement privileges, state statute does not provide for the purchase of
retirement service credit for the period of an “other” leave. Paid and unpaid
“other” leaves must be reported to TRA.
Payment
Information
Purchase not permitted.
Description:
The law allows the State of
Requirements
To be eligible to receive service credit
and credited salary for pension purposes, payment must be made to TRA equal to
the member and employer contribution rates for the salary that would have been
earned had the member not been on a voluntary unpaid leave of absence.
Payment
Information
The member may purchase service credit
and salary for the number of hours on voluntary unpaid leave by paying a lump
sum. Payment must include both member and employer contributions based on the
average full-time monthly salary on the date the leave commenced. If the member
pays the member contributions for the period of the leave, the employer must
pay the employer contributions. The employer may, at its discretion, pay member
and employer contributions for the period of leave.
LOCAL ORGANIZATION DATA |
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Phone: 952-431-4046 800-591-0880 Fax: 952-891-6492 |
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President: |
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