Employees may direct a portion of their earnings into both pre-and post-tax investment programs. Taxes on money placed in pre-tax programs and on the earnings of the accounts are deferred until withdrawal. There are two different programs, as well as IRS limitations on the amount of income you may defer. Contact the Human Resources office for additional information.
The state's Deferred Compensation Plan (a 457 plan) is administered by the Minnesota State Retirement System (MSRS). Classified employees of AFSCME, MNA, MGEC, Managerial Plan, Commissioner's Plan, MAPE, and MMA may receive a matching contribution from the State. Please refer to your union contract or salary plan for matching limitations.
In addition to the state's Deferred Compensation program, the System also sponsors a 403(b) Tax Sheltered Annuity (TSA) program, which is also a Defined Contribution Plan that is managed by TIAA-CREF. The investment choices for the TSA program are the same as those offered in the IRAP and SRP funds. Both a pre-tax plan and a post-tax (Roth) option are available.Application forms and materials for both plans can be obtained from Human Resources