MNDCP contribution limits
 

You may contribute as little as $10 per paycheck up to 100% of your includible compensation or the yearly maximum contribution limit set by the IRS, whichever is less.

If you contribute both pre-tax and Roth after-tax dollars, your combined contributions cannot exceed the Annual Maximum Contribution Limits.

The limit also includes any employer matching contributions to your account.

  
Annual Maximum Contribution Limits
Participant Age 2025
Under Age 50 $23,500
Age 50 & Over $31,000
Age 60, 61, 62, 631 $34,750
Catch-Up Provision2 $47,000

 


 

 

 

 

 

1Effective in 2025, the SECURE 2.0 Act increases the
contribution limit for participants age 60, 61, 62 and 63.

Q.   When is the age determined?

A.    A participant's age is determined at the close of the calendar
       year. The increase applies to eligible participants who would
       attain age 60 and would not attain age 64 by the close of the
       calendar year.

       For example, a participant turning age 60 in May 2025 will be
       eligible for the increased contributions as of  January 1, 2025
       because they will attain age 60 in 2025.  A participant turning
       age 64 in June 2025 will not be eligible for the increased
       contributions because they will attain age 64 during 2025.
      The  standard age 50 & Over contribution limit will apply to this
      participant. 
 

Q.   What happens to the age 60-63 contribution limit after the
       participant turns age 64?

A.   The contribution limit reverts to the age 50 & Over limit.

 

2The Catch-Up Provision may allow you to make up for under-utilized contributions in past years and contribute up to twice the Under Age 50 contribution maximum limit if you are within three years of your normal retirement age (the age at which you are eligible for an unreduced pension benefit).

To be eligible for the Catch-Up Provision, you must apply and be approved to contribute up to the Catch-Up limit. To apply or for more information, call 1-800-657-5757, option 3.

How to change your contribution amount
 

You have two options to update your MNDCP contribution amount:

1. Contact the MSRS Service Center at 800.657.5757, option 3

OR

2. Login to your account online and follow these instructions:

  • Select Go to Savings Plans at the top right of the page

    Note: If you have multiple defined contribution plans, you must choose MNDCP

  • Select Contributions & Savings

  • Select Manage Contributions  

  • Select Update My Contributions
    Choose Percentage or Dollar Amount radio button
    Enter the amount you would like to contribute each pay period
    or use the slider to select the amount. And choose if you would
    like to contribute pre-tax or Roth after-tax dollars

  • Select Save Contribution Updates
    To automatically increase your savings annually, select the Yes 
    radio button. If you do not want to automatically increase your
    savings yearly, select the No radio button

  • Select Continue

  • Review the changes and select Submit

  • Select Close to return to your account information

 

Hennepin County Employees

Login to APEX and follow these instructions:

  • Select Deferred Compensation under benefits

  • Select Enroll/Change Deferred Comp