21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
The Hennepin Minnesota Retirement Benefits Plan is a comprehensive retirement program offered to employees of Hennepin County, Minnesota. This plan provides valuable financial security and benefits to individuals who dedicate their careers to serving the community. It is designed to ensure a comfortable and worry-free retirement for the county's employees, giving them peace of mind for their post-work years. The Hennepin Minnesota Retirement Benefits Plan offers various types of retirement benefits, including pensions, retirement savings plans, and healthcare coverage. These options aim to cater to the diverse needs and preferences of employees throughout their retirement journey. One type of retirement benefit available under the Hennepin Minnesota Retirement Benefits Plan is the pension plan. This traditional defined benefit plan guarantees a specific monthly income to retirees based on their years of service and salary history. The pension plan ensures a stable and predictable source of income during retirement, providing financial security for the long term. Apart from the pension plan, the Hennepin Minnesota Retirement Benefits Plan also offers retirement savings plans. These plans allow employees to contribute a portion of their salary, which is then invested for growth over time. The county may match a portion of the employee's contributions, further enhancing their retirement savings. Furthermore, health care coverage is a critical component of the Hennepin Minnesota Retirement Benefits Plan. Retirees can enjoy comprehensive healthcare benefits, including medical, dental, and vision coverage. These benefits help retirees mitigate the rising costs of healthcare services and ensure their well-being in retirement. Employees who participate in the Hennepin Minnesota Retirement Benefits Plan also gain access to additional perks, such as life insurance coverage and disability benefits. These additional benefits provide further protection and support for employees and their families, ensuring financial security even in unexpected situations. Overall, the Hennepin Minnesota Retirement Benefits Plan is an extensive program that caters to the unique needs of Hennepin County employees. With options like the pension plan, retirement savings plans, healthcare coverage, and additional benefits, employees can confidently plan for a comfortable and secure retirement. The county's commitment to its employees' well-being extends beyond their years of service, ensuring a smooth transition into their golden years.
The Hennepin Minnesota Retirement Benefits Plan is a comprehensive retirement program offered to employees of Hennepin County, Minnesota. This plan provides valuable financial security and benefits to individuals who dedicate their careers to serving the community. It is designed to ensure a comfortable and worry-free retirement for the county's employees, giving them peace of mind for their post-work years. The Hennepin Minnesota Retirement Benefits Plan offers various types of retirement benefits, including pensions, retirement savings plans, and healthcare coverage. These options aim to cater to the diverse needs and preferences of employees throughout their retirement journey. One type of retirement benefit available under the Hennepin Minnesota Retirement Benefits Plan is the pension plan. This traditional defined benefit plan guarantees a specific monthly income to retirees based on their years of service and salary history. The pension plan ensures a stable and predictable source of income during retirement, providing financial security for the long term. Apart from the pension plan, the Hennepin Minnesota Retirement Benefits Plan also offers retirement savings plans. These plans allow employees to contribute a portion of their salary, which is then invested for growth over time. The county may match a portion of the employee's contributions, further enhancing their retirement savings. Furthermore, health care coverage is a critical component of the Hennepin Minnesota Retirement Benefits Plan. Retirees can enjoy comprehensive healthcare benefits, including medical, dental, and vision coverage. These benefits help retirees mitigate the rising costs of healthcare services and ensure their well-being in retirement. Employees who participate in the Hennepin Minnesota Retirement Benefits Plan also gain access to additional perks, such as life insurance coverage and disability benefits. These additional benefits provide further protection and support for employees and their families, ensuring financial security even in unexpected situations. Overall, the Hennepin Minnesota Retirement Benefits Plan is an extensive program that caters to the unique needs of Hennepin County employees. With options like the pension plan, retirement savings plans, healthcare coverage, and additional benefits, employees can confidently plan for a comfortable and secure retirement. The county's commitment to its employees' well-being extends beyond their years of service, ensuring a smooth transition into their golden years.