The Teachers Retirement Association serves as the administrator of a multi-employer, cost sharing defined benefit fund. The Teachers Retirement Association administers a Basic Plan (without social security coverage) and a Coordinated Plan (with social security coverage) in accordance with Minnesota Statutes Chapters 354 and 356. Its members include teachers employed in Minnesota's public elementary and secondary schools, charter schools, the Minnesota State Colleges and Universities (MnSCU) system, and all other state educational institutions, with the exception of teachers employed by the cities of Minneapolis, St. Paul, Duluth, and the University of Minnesota.
At June 30, 2002, the Teachers Retirement Association's total net assets held in trust for pension benefits was approximately $14 billion. In fiscal year 2002, the fund provided retirement coverage for 71,690 active members, 34,974 retired members, and 8,680 deferred members (members who no longer contribute but are eligible for future annual benefits). The Teachers Retirement Association provides retirement counseling, benefit-package seminars, newsletters and pamphlets, and an interactive website (minnesotatra.org). The website offers members the ability to self-calculate future retirement benefits, and is also updated regularly with the latest news of TRA events and other benefit provision changes.