Saving for retirement
Deferred compensation plan
The Minnesota State Retirement System (MSRS) deferred compensation plan allows eligible employees to accumulate additional retirement savings on a tax-favored basis through automatic payroll deductions.
Most City employees are automatically enrolled in Public Employees Retirement Association (PERA). This retirement plan provides pension, disability, and survivor benefits. You and your employer both contribute a percentage of your pay to fund future benefits. Contribution percentages are determined by Minnesota law. Closed pension plans and supplemental union pension plans may also be available.
Health care savings plan
The health care savings plan (HCSP) allows eligible employees to save money, tax-free, to pay for eligible health care expenses. Eligibility and contribution amounts are determined by your employee group.