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Administrators' Retirement Plans

** Only employees with prior state employment may elect MSRS as their mandatory retirement plan. All others are required to participate in the Individual Retirement Account Plan (IRAP).

IRAP/401(a) - Individual Retirement Account Plan (Click for web site)
Plan Administrator: TIAA-CREF (Click for web site)
Plan Type: Defined Contribution
Participation: Mandatory **
Contribution Amount: Employee = 4.5% Employer = 6.0%
MSRS - Unclassified Plan (Click for web site)
Plan Administrator: MN State Retirement System
Plan Type: Defined Benefit
Participation: Mandatory **
Contribution Amount: Employee = 5.0% Employer = 6.0%
Supplemental Retirement Plan 401(a) - SRP (Click for web site)
Plan Administrator: TIAA-CREF (Click for web site)
Plan Type: Defined Contribution
Participation: Mandatory *
Contribution Amount: Employee contribution = 5% on gross salary in excess of $6,000 but limited to maximum set by personnel plan. Employer's contribution = 100% of Employee contribution.
* Mandatory after 2 fiscal years of full time employment
Deferred Compensation Plan 457(b) - MNDCP (Click for web site)
Plan Administrator: MN State Retirement System
Participation: Voluntary
Contribution Amount: Minimum $10 up to 100% of taxable income not to exceed $17,500 and $23,500 for age 50+
Eligible for Voluntary State Matching: No
Leave Conversion: * May convert up to 5 days of vacation (1 day of vacation for each 3 days used in previous fiscal year) once per fiscal year to either Deferred Compensation or Tax Sheltered Annuity.
* May be limited to fiscal years covered by personnel plan.
Tax Sheltered Annuity 403(b) - (TSA) (Click for web site)
Plan Administrator: TIAA-CREF (click for web site)
Participation: Voluntary
Contribution Amount: 100% of Taxable income not to exceed $17,500 in 2012; $23,000 for age 50+; (2013) special catch-up of $15,000 for those with 15+ years of service
Eligible for Voluntary State Matching: No
Leave Conversion: * May convert up to 5 days of vacation (1 day of vacation for each 3 days used in previous fiscal year) once per fiscal year to either Deferred Compensation or Tax Sheltered Annuity.
* May be limited to fiscal years covered by personnel plan.