To change the contribution amount (per pay period) that is being deducted from your paycheck, you have the following options. There is no need to communicate contribution changes to your employer. MSRS will do that for you.
State of Minnesota employees
Online via the State employee self-service website. Login and follow these instructions:
1. Select Self Service
2. Select the Benefits tile
3. Select the Deferred Compensation tile
4. Select Add Savings Plan and enter a dollar amount or % of gross into the Before-Tax and/or After-Tax (ROTH) box
5. Select Save and then select OK to exit
Contact an MSRS Representative2 at 1-800-657-5757, option 3
Complete the Contribution Change form.
Non State of Minnesota public employees
1. Select Go to Savings Plans
2. If you have multiple plans, select the Minnesota Deferred Compensation Plan link
3. Select My Contributions under Paycheck Contributions on the left navigation menu
- Contact an MSRS Representative2 at 1-800-657-5757, option 3
- Complete the Contribution Change form.
Note regarding lump-sum deferrals
If you are a non-state employee and wish to contribute a lump sum amount of the following examples of pay, please contact your Human Resources/Payroll Representative. The normal contribution amount MNDCP keeps on file is intended for the ongoing amount per pay period that is being deducted from your paycheck. It is not intended for one-time contributions.
- Severance (sick or vacation)
- Overtime payments
- Retro pay
- Achievement awards
- PTO (paid time off) pay
- Any one-time change in your deferral amount
1 Access to the voice response system and/or any website may be limited or unavailable during periods of peak demand, market volatility, systems upgrades/maintenance or other reasons.
2 Representatives of Empower Financial Services, Inc. are not registered investment advisors & cannot offer financial, legal or tax advice. Please consult your financial planner, attorney and/or tax advisor as needed.