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.

The Catch-Up Provision may allow you to 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).

For more information or to apply for the Catch-Up Provision, Contact Us.

  
Annual Maximum Contribution Limits

Participant Age 2019  2020 
Under Age 50 $19,000 $19,500
Age 50 & Over $25,000 $26,000
Catch-Up Provision $38,000 $39,000


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

You have the following options to change the amount you contribute to your MNDCP account per pay period.

State of Minnesota Employees:
  1. Select Other Payroll
  2. Select Input Deferred Cmp/TSA Deductn under the Savings Plans tab
  3. Click Add Savings Plan
  4. Make change and click Save
  • Contact an MSRS Representative2 at 800-657-5757, option 3

Other Minnesota Public Employees:
  • LOGIN to your account online1
  1.  Select Defined Contribution Plans from the left navigation menu
  2.  Under Paycheck Contributions on the left navigation menu, select Change Paycheck Contribution
  • Contact an MSRS Representative2 at 800-657-5757, option 3
     
Hennepin County Employees:
  • LOGIN to APEX and make the changes under the Benefits tile > Deferred Compensation > Enroll/Change Deferred Comp

 

1Access to any website may be limited or unavailable during periods of peak demand, market volatility, systems upgrades/maintenance or other reasons.
2Representatives 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.