PERA is a retirement plan for public employees in Minnesota. Membership is mandatory for all non-temporary employees. PERA deductions are at 6.00% of the employee’s gross pay and the District matches at 6.75% (7.00% effective 01/01/10). The contribution amounts are forwarded to PERA each payday and invested for you. If you have questions regarding your PERA balance, withdrawing funds, or changing beneficiaries, please contact PERA directly at 1(800) 652-9026 or check out their website at www.mnpera.org.

SPTRFA (St Paul Teachers Retirement Fund Association)

SPTRFA is a retirement plan for teachers and other licensed administrators in St Paul Public Schools. Membership is mandatory for licensed employee in all work assignments. SPTRFA deductions are at 5.5% of the employee’s gross pay and the District matches at 8.34%. The contribution amounts are forwarded to SPTRFA each payday and invested for you. If you have questions regarding your SPTRFA balance, withdrawing funds, or changing beneficiaries, please contact SPTRA directly at (651) 642-2550 or check out their website at www.sptrfa.org.

TSA (Tax Sheltered Accounts)

Participation in a TSA is optional. By definition, a TSA is generally a tax-deferred retirement investment plan such as the 403b and 457 plans offered through the District. The terms “403b” and “457” refer to sections of the IRS Code which define the rules by which “pre-tax” investments may be made through payroll deduction. Pre-tax investing allows money to be deducted from your pay without current taxation. The result is that, depending on your W4 tax withholding rate, your investment will be larger than the amount by which your paycheck is reduced. In the long run, this may help maximize your retirement nest egg while minimizing the impact on your current take-home pay. Tax-deferred retirement investment programs are a valuable part of your employee benefits. These voluntary savings plans supplement the mandatory defined-benefit pension plan (such as SPTRFA or PERA) to which you already belong. Together they will help you be prepared for a more comfortable and secure life after you retire.

Any employee may participate in a TSA. Some unions also have negotiated a district match to TSA contributions, so for those employees, the district would match your deduction amount up to a certain maximum amount. (See your collective bargaining agreement to determine if you qualify for a district match.)

The approved vendors for TSA plans with SPPS are:

Fidelity (403b plan)
ING (403b plan)
MN Deferred Comp (457 plan)