Minnesota State offers a mix of mandatory and voluntary retirement plans. All mandatory contributions are invested on a pre-tax basis. We encourage you to review the full array of benefits and to become actively involved in planning for your future.
Minnesota State sponsors a Defined Contribution Retirement Plan (under Section 401(a) of the IRS code) as well as a Tax-Sheltered Annuity Plan (403(b)). Under Minnesota Statutes, the Minnesota State Board of Investment (SBI) is charged with selecting and monitoring all of the funds in the DCR and TSA array.
An Advisory Committee comprised of faculty and unclassified staff advises the system on the administration of these plans at quarterly meetings. The System Investment Committee, composed of the Vice Chancellor/CFO for Finance and the Vice Chancellor of Human Resources, reviews all funds in the Plan on a quarterly basis with a consultant from Hewitt EnnisKnupp, a nationally known firm that specializes in such fund analysis.
The System Investment Committee, along with the consultant from Hewitt EnnisKnupp, has developed a set of Investment Guidelines that is used in the quarterly fund analysis.