Retirement

 
 

If you are five years or less from your target retirement date, you will find a wealth of resources here to help you through this final stage. 

 

 

PERA

The Public Employee Retirement Association has different eligibility rules for each retirement fund type:
  • The Coordinated Plan, created in 1968, provides retirement and other benefits in addition to those supplied by Social Security.
  • The Public Employees Police and Fire Fund, established in 1959 for police officers and fire fighters not covered by a local relief association, now encompasses all paid Minnesota police officers and firefighters hired since 1980. Legislation in 1999 also merged members of the former Police and Fire Consolidation Plan of PERA into the Police and Fire Plan.
  • The Local Government Correctional Service Retirement Fund was created in 1999 for correctional officers serving in county and regional adult and juvenile corrections facilities. Participants must be responsible for the security, custody and control of the facilities and their inmates.

PERA Forms

 

Phased Retirement

St Louis County participates in the phased retirement option (PRO) program adopted by the Minnesota State Legislature. Under the law, St. Louis County department heads may choose to offer a PRO appointment to employees who meet certain age and other eligibility requirements.

Phased Retirement Brochure

St. Louis County Phased Retirement Form

PERA Phased Retirement Form

Deferred Compensation

What is Deferred Comp?
The purpose of a deferred compensation plan is to produce tax delays and/or tax savings on monies you set aside for retirement.  You will have a choice between a standard deferred compensation herein called a 457 account or a 457 Roth account or you can even have both.

A standard 457 allows you to set aside a part of your salary and postpone paying taxes on that salary until after retirement. This may prove to be advantageous for two reasons:

  1. It is likely that your income will be lower after retirement, and therefore, you may be in a lower tax bracket.
  2. Pre-tax deposits allow you to accumulate more money over time than after-tax deposits.
A Roth 457 account is funded with salary that has already been taxed.  This may prove to be advantageous for two reasons:
  1. No taxes are due on withdrawals from the account taken during retirement.
  2. The growth in the account is not taxable.

Deferred compensation was intended by congress to be a retirement plan as opposed to a short-term savings plan. Hence, your funds may not be withdrawn until you have separated service from your employer unless approved for an emergency withdrawal or you are eligible to secure a loan on part of your balance.

 

Am I eligible to participate?  
Any permanent County/ARC employee or elected official may participate in a deferred compensation plan. Enrollment takes place provided that an agreement to defer compensation not yet earned is completed and turned in to payroll prior to the first day of the coverage month.

 

How do I get enrolled in Deferred Compensation?  
You simply contact your provider of choice.  You have four providers to choose from.  You can ask your coworkers if they have a recommendation and you can consult the Deferred Compensation Provider Comparison document for assistance.  

 

How much can I contribute to my 457 accounts each year?
A 457(b) plan’s annual contributions and other additions (excluding earnings) to a participant’s account cannot exceed the lesser of:

  1. 100% of the participant's includible compensation, or

  2. the 457(b) elective deferral limit

Increases to the general annual contribution limit:

  • 457(b) plans of state and local governments may allow catch-up contributions for participants who are aged 50 or older.

  • Special 457(b) catch-up contributions allow a participant for 3 years prior to the normal retirement age (as specified in the plan) to contribute the lesser of:

    • Twice the annual 457(b) limit , or

    • The basic annual limit plus the amount of the basic limit not used in prior years (only allowed if not using age 50 or over catch-up contributions)
       

Can I move my 457 balance from one provider to another?
Yes.  For details see  the Transfer Window Instructions.

 

Can I increase my 457 contribution for one pay period and then have it resume at my previous amount thereafter? 
Yes.  Use the One Time Deferral Form

 

I have left employment and would like to begin withdrawals from my 457 account(s).  What are the steps I need to take? 
Follow the Withdrawing Funds Instructions.

 

How can I learn more about Deferred Compensation? 
See the St. Louis County Deferred Comp Plan Document

Deferred Compensation Providers and Forms

Retirement Meetings and Workshops

PERA (Public Employees Retirement Association) Meeting

St. Louis County staff do not have access to your PERA record. You will want to contact Bryan (218-520-0140) or Kristen (218-520-0141) to schedule a meeting in Duluth if you want to…

  • Discuss any details about your future PERA retirement benefit
  • Make application to begin collecting a PERA monthly benefit

 


 

Pre-Retirement Meeting

Pre-Retirement meetings are for employees 2 to 12 months from their retirement date. At this meeting you will get the following information:

  • an overview of the retirement process and where to begin
  • choosing the optimal day in your chosen retirement month
  • disbursement of unused paid leave time
  • status of other benefits upon retirement
  • insurance continuation options

Schedule a Pre-Retirement Meeting

 


 

Retirement Refresher Meeting

Retirement refresher meetings are for employees 2 to 12 months from their retirement date who have already had a pre-retirement meeting more than a year prior.  At this meeting you will get the following information:

  • an overview of the retirement process and where to begin
  • updated quote of unused paid leave time
  • current insurance continuation rates
  • answers to your retirement questions
 

 

Final Retirement Meeting (Mandatory)

This meeting should take place one to four weeks prior to last day on payroll. During this meeting you will:

  • complete election form to continue/cancel/change insurance plans
  • go over payment details for any post-retirement insurance plans
  • learn how to access health care savings plan funds

Schedule a Final Retirement Meeting

 


 

Workshops

Upcoming and Recent PERA Retirement Workshops (Tailored to all state PERA retirees)

St. Louis County offers a retirement workshop each spring and fall for St. Louis County employee who are 1-5 years from retirement. Please see quarterly training catalog . (Tailored to St. Louis County Retirees) 

 


 

Contact

Beth Menor
Sr. HR Advisor - Benefits
218-725-5056
Email

Sandy Kohn
Information Specialist 
218-720-1552
Email

All contacts