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 = 4.0% 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 (currently $2,300). 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 $15,500 in 2007; $20,500 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:	Up to 100% of taxable income not to exceed $15,500 in 2007; $20,500 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.