Get Active Edition Winter 2011 - Teachers Retirement Association - Minnesotatra

Retired Teacher Salary in Minnesota Annual SalaryMonthly PayTop Earners$62,192$5,18275th Percentile$55,800$4,650Average$49,518$4,12625th Percentile$32,800$2,733

You must meet both age 62 AND 30 years of service to have your benefit calculated with the lower reduction factors. Are there other reductions applied to my benefit calculation if I retire early? Benefit reductions are being phased in for members who do not qualify for the 62 and 30 provision.

Eligible (vested) after three years of service. Full retirement benefit: Typically at age 66. Reduced retirement benefit: age 55 or later, assuming you have 3 years of service.

from every paycheck for your retirement. The current employee contribution rate is 7.5 percent. Your TRA contributions are pretax, reducing your current taxable income. Your TRA paycheck deductions are determined by Minnesota law and subject to change.

TRA members contribute 7.5% of their covered salary to TRA. The member contribution rate is scheduled to increase from 7.50% to 7.75% of member pay on July 1, 2023. July 1, 2021, the employer contribution increased from 8.13% to 8.34%.

Your annual retirement benefit is a percentage of your highest average annual salary over five successive years of formula service credit. One year of formula service credit is a full year of teaching service during which the maximum deductions are withheld.

Eligible (vested) after three years of service. Full retirement benefit: Typically at age 66. Reduced retirement benefit: age 55 or later, assuming you have 3 years of service.

Retirement Eligibility Normal retirement age for TRA members first hired prior to July 1, 1989, is age 65 with less than 30 years of allowable service, and age 62 with 30 years or more of allowable service. For TRA members first hired July 1, 1989, or after, the TRA normal retirement age is 66.