MSRS - General Plan (Click for web site)

Plan Administrator:

MN State Retirement System

Plan Type:

Defined Benefit

Participation:

Mandatory for classified employees

Contribution Amount:

Employee = 4.50% Employer = 4.50% for FY08
Employee = 4.75% Employer = 4.75% for FY09
Employee = 5.00% Employer = 5.00% for FY10

Unclassified employees participate in the DCR Plan. They have a choice of either IRAP or TRA as their primary retirement fund and must participate in the SRP after two fiscal years of full time employment.

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 $16,500 in 2007; $22,000 for age 50+ But limited to those employees who do not participate in the SRP

Eligible for Voluntary State Matching:

Yes, as per applicable bargaining agreement 

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. (1)

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 $16,500 in 2007; $22,000 for age 50+

Eligible for Voluntary State Matching:

No

Leave Conversion:

No