MNDCP Deferral Change News

Minnesota law requires MSRS to conduct a recordkeeper selection process every five years. Voya Financial was selected as the recordkeeping vendor for the Minnesota Deferred Compensation Plan (MNDCP) and Health Care Savings Plan (HCSP) effective July 1, 2025,

This change will provide you with an enhanced retirement plan experience, including more robust tools and resources to help manage your savings.

Why Voya®
Voya Financial is a leading provider of retirement services, known for its commitment to helping individuals pursue financial wellness. By choosing Voya as our recordkeeper, we are ensuring that you have access to top-tier resources and support for your retirement planning.

To learn more about the recordkeeper change see Changes coming to your MSRS-administered plans.
 

In order to transfer account records and assets to the new recordkeeper, there will be a "blackout period" from June 17 through June 30.

During this time, account changes, including MNDCP salary deferral deduction amounts, cannot be made.

No, The only thing changing within Self-Service at this time is that you will no longer be able to change your MNDCP salary deferral amount. You will continue to use Self-Service: 

• To select an optional match and convert unused vacation or compensatory time to MNDCP. 
• For payroll, open enrollment and other activities.

There are several ways you benefit from being able to change your salary deferral amount on the MSRS website.

Comprehensive online access

The MSRS website (account online) provides access to all of your MSRS retirement plan information.  You can:

• Manage your MNDCP, HCSP, and State of MN pension plan in one place
• View account balances, statements and other plan information
• Update your MNDCP and HCSP investments and beneficiary elections
• Change your MNDCP salary deferral election (starting July 1, 2025)

Access to wide range of retirement educational resources
MNDCP plan participants have access to a wide range of retirement educational resources such as Voya's innovative MyOrangeMoney tool. Whether retirement is five years away or forty, MyOrangeMoney can help participants understand how close they are to being retirement ready.

What is MyOrangeMoney?
MyOrangeMoney helps MNDCP plan participants get a clear picture of their monthly income needs in retirement and their current progress toward meeting their goal. Its interactive technology enables participants to visualize retirement savings goals and track progress in real-time, making it easier to plan and adjust MNDCP salary deferrals as needed.

Benefits of using retirement educational tools?
Plan participants who digitally engage are saving more vs. those who don’t login to their account or engage. Participants who use MyOrangeMoney and other retirement tools save 34% more than those who do not.

MMB and MSRS will communicate information about the payroll deduction/salary deferral change.

• MMB website: www.mn.gov/mmb
• MSRS will email information and several reminders to you at your work email address during June & July

Communications specifically about the recordkeeper transition

• A Transition Guide was mailed to all plan participants the week of May 12
• Detailed transition news can be found on the MSRS website

Here are some important things to know about changing your salary deferral amount on the MSRS website:

• Timing: You can make your salary deferral elections online at any time. 
   
• Types of elections: You have the option to defer a whole dollar amount or a whole percentage of your eligible compensation. The following limits apply to both pre-tax and/or Roth after-tax contributions: 
  • Dollar amount: minimum of $10 with a maximum contribution up to the annual IRS contribution limit.
  • Percentage: minimum 1% with a maximum of 80% of your eligible compensation up to the annual IRS contribution limit.
     
• Modification: You can update or cancel your salary deferral election on the MSRS website at any time. Any changes will take effect within the next two State of MN payroll periods.

You can update your MNDCP salary deferral amount on the MMB Self-Service website until 3 p.m. on June 17, 2025.

No changes can be made after 3 p.m. on June 17 through July 1.

Starting July 1, 2025, you have two options to update your MNDCP salary deferral amount: