How to Change your Contribution Amount
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:
- Select Other Payroll
- Select Input Deferred Cmp/TSA Deductn under the Savings Plans tab
- Click Add Savings Plan
- Make change and click Save
Contact an MSRS Representative2 at 1-800-657-5757, option 3
Other Minnesota public employees:
- Select Defined Contribution Plans from the left navigation menu
- Select the Minnesota Deferred Compensation Plan link
- Under Paycheck Contributions on the left navigation menu, select My contributions
- Contact an MSRS Representative2 at 1-800-657-5757, option 3
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 GWFS Equities, Inc. are not registered investment advisors and cannot offer financial, legal or tax advice. Please consult with your financial planner, attorney and/or tax advisor as needed.