| Plan | MSRS | TRA | PERA | IRAP/401(a) | SRP 401(a) | 457 Def. Comp | 403(b) TSA |
| Plan Type | Defined Benefit |
Defined Benefit |
Defined Benefit |
Defined Contribution |
Defined Contribution |
Deferred Compensation |
Tax Sheltered Annuity |
| Employees Eligible |
AFSCME |
MSCF |
Classified TC Employees (Grandfathered in pre-merger) |
MnSCU Admin. |
Unclassified |
All employees covered by a DB or DC Plan |
All employees for both after tax and pre-tax (Roth) options |
| Contribution Amount |
Eff. 7-1-08: |
Eff. 7-1-07: |
Eff. 1-1-2007: Eff. 1-1-2008: |
Employer matches at a rate of 6% gross compensation Employee contributes 4.5% for faculty, other unclassified, and MnSCU Administrators. |
Employee Contribution =5% on gross comp in excess of $6000 but limited to maximum set by bargaining unit Employer’s Contribution=100% of EE Contribution up to $2700. (M.S. 356.24) Eligible after 2 full years of full time employment |
100% of Taxable income not to exceed $15,500 in 2007; $20,500 for age 50+. Catch-up provision limit of $31,000 for 2007 |
100% of Taxable income not to exceed $15,500 in 2007; $20,500 for age 50+ |
| Eligible for voluntary State-matching contribution |
N/A |
N/A |
N/A |
N/A |
MSCF |
AFSCME |
N/A |