Your Benefits
Retirement Plan-Administrators Plan
** 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).
| 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. |
