Assessing the Health of Minnesota’s Pension Plans

Updated : Oct 19, 2019 in Articles

Assessing the Health of Minnesota’s Pension Plans

1 Comment

  • Sen. Rosen, as a Retired Hennepin County Detention Deputy covered under the PERA Correctional Plan I appreciate your work to keep our pensions healthy. That being said, your stated goal was to "have the pensions stabilized at 90%."

    The Correctional Plan is funded at 95.7%. Your plan calls for us to take a 1% cut in our COLA and yet the underfunded MSRS State Corrections Plan only takes a 1/2% cut in their COLA. Their plan pays out a benefit of 2.4% for high 5, ours 1.9% per high 5.

    I also will point out that if the Correctional plan falls below the 90% mark we already lose the 2.5% COLA. When this bill is reintroduced please exclude the very healthy PERA Correctional Plan.

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