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| Unclassified Employees Retirement Plan | |
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The Unclassified Plan is a defined contribution plan which covers many of the Governor's appointed staff,
legislative staff, elected officials who first were elected after July 1, 1997, and others as described
in Minnesota Statutes, 352D.02.
Under a defined contribution plan, you and your employer make contributions to the account and you also receive investment gains or losses. Your employee deduction to the Unclassified Plan is 4 percent of your gross salary. The employer contributes an amount equal to 6 percent of your gross salary to your retirement account. Both contributions are credited to your account each month. The percentage rates are set by law and are subject to change. Employees may elect to be covered by the General Employees Retirement Plan (General Plan) instead of the Unclassified Employees Retirement Plan (Unclassified Plan) within one year of employment. You can also transfer your Unclassified Plan service to the General Plan if you have 10 or more years of service. For more information about converting to the General Plan click on Converting to the General Plan. If you leave employment before age 55, you are immediately eligible to receive a benefit, or you can leave the money in your account and apply for monthly benefits any time after you reach age 55. If you terminate service after age 55, you can elect a lump-sum, monthly benefits, or a combination of the two. Monthly benefits are determined by taking the value in your account and computing benefits over your expected lifetime. If you elect monthly benefits from MSRS, they are payable for life. Employees covered by the Unclassified Plan also contribute to Social Security. For information regarding your account, go to Account Online. |
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60 Empire Drive, Suite 300, St. Paul, MN 55103-3000
Telephone: (651) 296-2761, Toll Free: (800) 657-5757, Fax: (651) 297-5238
E-Mail: msrs@state.mn.us
An Equal Opportunity Employer