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.

Effective 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.

 

The Catch-Up Provision may allow you make up for under-utilized contributions in past years and contribute up to twice the standard contribution 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.

  
Annual Maximum Contribution Limits
Participant Age 2024 2025
Under Age 50 $23,000 $23,500
Age 50 & Over $30,500 $31,000
Age 60, 61, 62, 63 N/A $34,750
Catch-Up Provision $46,000 $47,000

 


 

 

 

 

 

Note:  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.

How to change your contribution amount

If you need help, contact an MSRS Representative at 800-657-5757, option 3
 

State of Minnesota Employees

Login to the State employee self-service website 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
    Note:  You may enter a dollar amount or % or both
     
  5. Select Save and then select OK to exit


Non State of Minnesota Public Employees

Login to your account online and follow these instructions:

  1. Select Go to Savings Plans
    Note: If you have multiple defined contribution plans, you must choose MNDCP

  2. Select My Contributions under Paycheck Contributions  


Hennepin County Employees

Login to APEX and follow these instructions:

  1. Select Deferred Compensation under benefits

  2. Select Enroll/Change Deferred Comp