PERA Benefits in Minnesota: What It Is and What You Can Expect
PERA stands for Public Employees Retirement Association. Many states set up these associations to help their public and government employees retire with a pension. The problem is, with PERA retirement in Minnesota, there are loopholes to avoid paying that pension, even though employees have paid into it all their lives. You should expect certain things of your PERA fund, and you should be able to claim your pension without legal assistance.
Your Contributions Are Your Money
PERA funds are one part your money, one part your employer’s. You contribute a percentage out of every paycheck, and the city, county, or state employer removes that percentage from your checks and places it in special holding accounts and/or investment accounts. Sometimes a match of funds is made, making your retirement fund part yours, part the employer’s. However, it is technically all yours and you should get the total amount the day you retire.
Even though you are working for city, county, or a state branch of government, there are still loopholes that can rob you of your pension. This is akin to taking everything you put into it away from you and robbing you of the hard-earned money you made plus your retirement funds. These loopholes are meant to punish those who steal from the government and commit other heinous crimes while on the job, but they can be used against innocent workers too. If your PERA retirement in Minnesota is threatened because your immediate boss is trying to fire you and make you lose your pension, hire an employment lawyer right away.