We have scheduled spring webinars for the Planning for Retirement presentation. We scheduled them at a variety of times: some after school and some in the morning during spring break weeks.
These one-hour presentations are geared toward TRA members over age 50. Get answers to the questions you have about your pension and the decisions you will have to make. Learn about the benefit formula, beneficiary designation, plan options, acceleration, and much more! Register now!
Active members: You've got your ballots and candidate profiles. Now it's time to vote! Follow the instructions you got in the mail to cast your vote electronically or by mail. You can also review profiles of the six candidates running for two active member board seats HERE.
The 2014 TRA 1099-R tax forms are available by logging into your online account. Click on MyTRA Login in the top right-hand corner of this webpage.
You will receive a printed copy of your 1099-R tax form by January 31.
We are pleased to present the Comprehensive Annual Financial Report (CAFR) of the Teachers Retirement Association (TRA) for the fiscal year ended June 30, 2014, our 83rd year of service.
The independent Office of the Legislative Auditor has issued an unqualified (clean) opinion on TRA’s financial statements for the year ended June 30, 2014.
Readers are encouraged to refer to the Management Discussion and Analysis on pages 15-19 for an overview of additions to and deductions from the TRA Fund and additional financial reporting detail for the fiscal year.
A Star Tribune article earlier this week alluded to a provision impacting pensioners that made its way into the U.S. Congress’ omnibus budget bill. This provision does not impact TRA or other public funds. The provision would allow private, multi-employer pension funds that are underfunded to reduce benefits to certain retirees as a solvency effort.
Public funds are regulated differently than ERISA, or private, pension plans to which the provision would apply. In addition, the bill would need to be signed by the President to take effect.
The National Association of State Retirement Administrators and the National Council on Teacher Retirement put out a joint statement on the action in Washington. You can read the statement here.
Benefit recipients will receive letters later this week or early next week. These letters explain your new monthly payment.
A full 2.0 percent increase is given to members with benefit effective dates on or before 7/1/2013. Partial increases are given to members with benefit effective dates between 7/2/2013 and 6/1/2014.
To learn more about the partial (prorated) increase -- refer to our website.
Click on MyTRA to view your annual statement of benefits, including leaves you have taken, salary reported by your employer and much more.
JULY 30 — Benefits paid by state and local pension plans support a significant amount of economic activity in Minnesota, according to the new study, "Pensionomics 2014" from the National Institute on Retirement Security. Pension benefits received by retirees are spent in the local community. This spending ripples through the economy, as one person’s spending becomes another person’s income. In 2012, expenditures stemming from state and local pensions supported 46,581 Minnesota jobs that paid $2.2 billion in wages and salaries, resulting in $7.0 billion in total economic output and generating $1.2 billion in federal, state, and local tax revenues in our state.
JULY 25 — The progressive nonpartisan think tank Minnesota 2020 has an excellent article up on its website that dismantles the recent report by the Center of the American Experiment. Minnesota 2020 publisher John Van Hecke writes: "Minnesota’s pension problem is not the problem that conservative policy advocates assert. Rather, our problem is that Minnesota would be better off if more Minnesotans had pensions." Further, he says, "CAE’s report misleads Minnesotans, insinuating that state policymakers simultaneously cause and ignore pension problems." Read Van Hecke's piece HERE.
Detroit’s bankruptcy and Chicago’s pension problems have prompted a wave of speculation about city finances. What are the facts? The underlying problems in financially troubled cities have been decades in the making: population loss, declining tax bases, and other patterns of fiscal mismanagement.
New research from the Center for State & Local Government Excellence finds that:
Read the report HERE.
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