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MMA Retirement Plans

MSRS - General Plan (Click for web site)
Plan Administrator: MN State Retirement System
Plan Type: Defined Benefit
Participation: Mandatory
Contribution Amount: Employee = 5.0% Employer = 5.0%
Deferred Compensation Plan 457 - MNDCP (Click for web site)
Plan Administrator: MN State Retirement System
Participation: Voluntary
Contribution Amount: $10 minimum up to 100% of taxable income not to exceed $17,500 and $23,000 for age 50+. (2013)
Eligible for Voluntary State Matching: * Yes up to $200 per fiscal year. Employees at top step of salary grid may elect either state match or vacation conversion.
Leave Conversion: * Only employees at top step of salary grid may elect to convert up to 40 hours of vacation (1 hour for each 3 hours used in previous fiscal year). All employees may convert up to 40 hours comp time once per fiscal year.
* May be limited to fiscal years covered by bargaining agreement.
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; $23,00 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: No