Welcome to the Minnesota State
Retirement System (MSRS) website! We administer ten different
retirement plans which provide retirement, survivor, and disability
benefit coverage for Minnesota state employees as well as employees
of the Metropolitan Council and many non-faculty employees at the
University of Minnesota. MSRS covers over 50,000 active employees
and currently pays monthly benefits to over 20,000 retirees,
survivors, and disabled employees. In addition, we administer the
State of Minnesota Deferred Compensation Plan and the Health Care
Important notice to new retirees
Your first benefit payment may be delayed
First retirement benefit payments are currently taking up to two weeks longer to process.
Generally, new retirees receive their first benefit payment 4 to 6 weeks after they retire.
However, due to the high volume of retirement applications MSRS has received over the past few months,
first payments are taking up to 8 weeks to process
Please be assured that we are working as quickly as possible to process your request.
We apologize for this delay and any inconvenience it may cause.
Your first benefit payment will be larger because it includes all retroactive payments back to your benefit start
date. You will receive a Benefit Authorization
letter to notify you when the first payment will be made and
the amount you can expect to receive.
Study: Public pensions give boost to Minnesota's economy
Benefits paid by state and local pension plans support a significant amount of
economic activity in Minnesota, according to the new study, "Pensionomics 2014" from the National
Institute on Retirement Security. Pension benefits received by retirees are spent in the local
community. This spending ripples through the economy, as one person's spending becomes another
person's income. In 2012, expenditures stemming from state and local pensions supported 46,581
Minnesota jobs that paid $2.2 billion in wages and salaries, resulting in $7.0 billion in total
economic output and generating $1.2 billion in federal, state, and local tax revenues in our state.
See the Minnesota fact sheet HERE
. Read the full national report
Pension systems reject 'dubious' research by privatization advocate
The retirement systems have issued the following response to a new report from the Center of
the American Experiment,
which was covered by the Star Tribune:
A new report from Kim Crockett at the Center of the American Experiment ("Keeping the
Promise: Securing Retirement Benefits for Current and Future Public Employees") is based on very outdated
numbers on the financial status of the three statewide public retirement funds.
As of June 30, 2014, the assets for the three funds - the Minnesota State Retirement System (MSRS),
Public Employee Retirement Association (PERA), and the Teachers Retirement Association (TRA) - have
grown by $23 billion over the past five years. For the fiscal year that just ended, pension fund assets
posted an 18.6 percent return on investment, far surpassing the 8.5 percent target rate.
MSRS retirement plan contribution rates to increase
The contribution rates for the state's major retirement plans administered by MSRS will increase
the first full pay period of July 2014.
Early retirement reduction factors to change July 2014
New early retirement factors for members covered by the MSRS General Employees Retirement Plan
will begin July 1, 2014. This change means lower benefits for members who retire before
full retirement age, which is age 66 (or age 65 if hired before July 1, 1989).
To learn more, please review this FAQ
2014 MSRS Seminar Dates Announced
For more information, click on the following.
Funding levels of plans improve; more proactive steps necessary
MSRS' financial position improved during 2013. Investment returns of 14.2 percent gave the retirement
funds MSRS administers a much needed boost in their funding levels. While the financial picture
has improved, the MSRS Board of Directors is committed to reaching full funding of the retirement
plans. To do this, the Board is recommending contribution rate increases for two retirement
plans - the General Employees Retirement Plan and the Correctional Employees Retirement Plan.
The Board realizes that contribution rate increases may not be popular, but are necessary for
the plans to reach full funding.
Are pensions the cause of city fiscal woes? New report says no
The bankruptcy of Detroit has focused attention on the financial outlook for cities and
the role that pensions may play in determining their future. Chicago is frequently cited as the poster child
of a city where substantial pension commitments and lack of funding have led to serious financial problems.