Retirement/ 403(b)/ Resignation Planning
TRA and PERA
Teachers Retirement Association (TRA):
- Teachers, Guidance Counselors, Deans, Social Workers, Speech Therapists and Nurses
For more information, see the TRA website: Minnesota TRA
Public Employee Retirement Association (PERA):
- Paraprofessionals, Custodians, and Cooks
For more information, see the PERA website: Minnesota PERA
Please view your contract for information on TRA and PERA.
ISD 885 offers a 403(b) plan for all employees of ISD 885. A 403(b) plan is a tax-deferred retirement program that permits an employee to reduce his or her compensation on a pre-tax basis (a “deferral”) and have the deferral deposited into a 403(b) account that the employee sets up with a 403(b) vendor.
District employees must work with an approved vendor (company) that has signed the necessary agreements in order to sell such products in our school district. Employees may use any agent or broker as long as the agent or broker is licensed to sell for the companies on the list or willing to participate with one of the vendor groups. You may contact the companies directly to identify agents that service clients in our geographic area. Brokers or agents may not enroll ISD 885 employees in 403b plans marketed by an entity not listed here. ISD 885 does not endorse any particular company, agent, or broker, nor the specific financial products they market. Please review the District 403b Universal Availability Notice.
Once your account is set up with the approved 403b Vendor or if you need to make any changes to your existing 403b elections, complete the Salary Reduction Agreement form and send it to your Benefits Coordinator, Michelle Hayes, at firstname.lastname@example.org.
If you are considering retirement or resignation, you are encouraged to contact Douglas Birk, Director of Administrative Services, or Michelle Hayes, Benefits Coordinator to discuss applicable contractual provisions and/or retiree benefits.
Employees must complete the retirement/resignation form and submit the completed form to their building principal or program/department director.