MnSCU Retirement Plans

Plan

MSRS

TRA

PERA

IRAP/
401(a)

SRP
401(a)

457
Def. Comp.

403(b)
TSA

Employees
Eligible

AFSCME
MAPE-Classified
MMA-Classified
Manager's
Commissioner's
MGEC

MSCF
IFO
MSUAASF
Unclassified:
- MAPE
- MMA
(or IRAP)

Classified TC
Employees
(Grandfathered in pre-merger)

MnSCU Administrators
MSCF
IFO
MSUAASF
Unclassified:
- MAPE
- MMA
(or TRA)

Unclassified
employees with more than 2 years of
Full-Time service

All employees covered by a DB or DC Plan

All employees

Contribution
Amount

Employee=4.0%
Employer=4.0%

Eff. 7-1-06:
Employee=5.5%
Employer=5%

Effective 1/1/06:
Employee=5.5%
Employer=6.0%

Effective 1/1/07:
Employee=5.75%
Employer=6.25%

Effective 1/1/08:
Employee=6.0%
Employer=6.5%

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 $2,700 (M.S. 356.24)

Eligible after 2 full years of employment

100% of taxable income not to exceed $15,000 in 2006; $20,000 for age 50+

100% of
taxable
income not to exceed
$15,000 in 2006; $20,000 for age 50+

Eligible for voluntary State-matching
contribution

N/A

N/A

N/A

N/A

MSCF
IFO
MSUAASF
Unclassifieds (up to limits set in bargaining agreement)

AFSCME
MAPE
MMA
Manager's
Commissioner's
MGEC

N/A