The Mille Lacs Band of Ojibwe in Minnesota is one of the few tribes nationwide to offer a pension program for its members.
Band executive Melanie Benjamin announced the program earlier this month. She said she wanted to make sure the tribe provides for the future of its members when they retire.
"When I get to be an old person, I want to know I'm going to be taken care of," Benjamin told The Minneapolis Star Tribune.
To start off, the tribe will invest 5 percent of its annual net revenue to fund the program. That means retired tribal members will get $1,500 annually a year.
Depending on how the tribe invests the money, the payments could grow. Younger people will earn interest over time to increase their pension.
Get the Story:Pension plans put Ojibwe band 'on the cutting edge' (The Minneapolis Star Tribune 1/29)
pwlat Relevant Links:
Mille Lacs Band of Ojibwe - http://www.millelacsojibwe.org Related Stories:
Mille Lacs Band starts pension program for members (01/11)
Mille Lacs Ojibwe Band marks 150 years after treaty (2/22)
