Learn more about your total compensation from the City
Your pay from the City includes more than your hourly wage or annual salary. The City offers employees a comprehensive benefits program that includes compensation for pension, health insurance and more.
Usually employees receive total compensation statements in the fall to give a complete picture of the dollar value of those benefits, but the total compensation statements will not be produced this year because resources have been devoted to the COMET upgrade.
To find the total value of your benefits, here are the tools:
1. Your paycheck stub in COMET
Use the new COMET system to view your paycheck stub and see the dollar amounts the City pays toward benefits, including:
To see this information:
- Log into COMET’s HR system.
- Under “Payroll and Compensation,” click “View Paycheck.”
- Click “View Paycheck” for the most recent check.
- Read through the “employer paid benefits” section.
Look under “hours and earnings” to see your sick leave and vacation leave earnings.
Watch this tutorial to learn more about the information you can find on your paycheck in COMET.
2. Benefits summary in COMET
You can use the new COMET system to review your benefit information. For a summary of your benefits:
- Log into COMET’s HR system.
- Under “Benefits,” click “Benefits Summary.”
Your summary will show benefit plans available to you, the plan description, and your coverage and participation status. Use the benefits summary to verify your current coverage and start to evaluate the decisions you’ll make for your 2016 coverage during open enrollment in November.
Sample benefits summary:
Note that this benefits summary is a sample, your benefits summary will be customized for you.
Note that the MNDCP and the MNDCP-R are the pre-tax and after-tax savings options through the Minnesota State Deferred Compensation Plan.
3. Employee benefit resource guide
This new resource guide describes available benefits and instructions to access them. The tool was developed through work of the Benefits and Labor Management Committee to help employees access benefits resources available to them.
4. HRA/VEBA account balance at wageworks.com
The City deposits money in the HRA/VEBA accounts of all employees enrolled in the City of Minneapolis medical plan. The monthly amounts are:
- $90 for single coverage.
- $190 for family coverage.
Unused funds in your HRA/VEBA account are carried over from year to year to save for future health care expenses while earning tax-free interest. Check your account balance at wwww.wageworks.com.
Generally, HRA/VEBA accounts can be used to pay for health care expenses incurred by enrolled employees, their spouses and their eligible dependents. Search the eligible expense list to see expenses an HRA typically covers.
5. Pension account information with PERA at mnpera.org
The majority of City employees are required by State law to participate in pension plans administered by the Public Employees Retirement Association (PERA). These plans provide pension, disability and survivor benefits that are based on your earnings history and covered service (with the City and with other public employers). You and the City both contribute a percentage of your pay to fund future benefits. Use MY PERA at mnpera.org to receive a retirement estimate and check your total service credits.
6. Deferred compensation balance at msrs.state.mn.us
If you participate in the Minnesota State Deferred Compensation Plan (MNDCP), you can check your account balance at msrs.state.mn.us/mndcp.
Published Sep 22, 2015