Early Retirement Reduction Factors To Change - July 2014

( PENSION ) New early retirement factors for members covered by the MSRS General Employees Retirement Plan will begin July 1, 2014. This change means lower benefits for members who retire before full retirement age, which is age 66 (or age 65 if hired before July 1, 1989). 

Pension Funds Receive Boost with 14% Investment Return

( PENSION )  Good news for the state's public pension funds. The annual investment return for MSRS reached 14.2% for fiscal year 2013, which ended June 30. The return exceeds the 8% long-term assumption. After last year's 2.4% return, it is a much needed boost in moving the pension funds toward full funding. "We are encouraged by how our funds have rebounded due to strong investment returns in three out of the last four years and the impact this has had on the Plan's funding ratio,"...

Governor Signs 2013 Omnibus Retirement Bill

( PENSION ) Governor Mark Dayton signed this year's Omnibus Retirement Bill into law on Thursday, May 23. The following provisions of the law impact MSRS: Article 2: MSRS Administrative Provisions Summary: 1) Merges the Elective State Officers Plan with the Legislators Plan (both plans were closed to new members in 1997). 2) Clarifies current disability provisions including the process MSRS uses to determine eligibility for disability benefits. 3) Authorizes the MSRS Board...

Website Enhancement: You will be Prompted to Change Your Password

Starting April 3, 2013, when you log in to your MNDCP, HCSP, MSRS Unclassified Retirement Plan, or Hennepin County Supplemental Plan you will be prompted to change your password. This change is intended to prevent others from accessing your account information. The new password must be 8 to 20 characters in length and must include both numeric and alphabetical characters. The password can be any combination of numbers and letters, is not case sensitive, and does not allow special...

Pre-Tax or Roth Atfer-Tax Decision Tree

( MNDCP ) - Answer the questions and follow the path to help make an informed decision as to which type of plan contribution - traditional pre-tax or Roth after-tax - is right for you. Click here to answer the questions.    

Legislation to Improve Funding

( PENSION ) A look at the financial picture and proposed legislation for the 2013 session to improve retirement plan funding of the Judges Retirement Plan and State Patrol Retirement Plan .

How Much Should You Save Calculator

( MNDCP ) - Your retirement income will most likely come from your pension benefit and social security. Will this be enough or will you need to rely on other retirement savings, like your MNDCP account? Use this calculator to determine how much you need to save each month to meet your retirement savings goal. Click here for the calculator. 

Important Tax Time Reminders

Form 1099-R will be postmarked and mailed to you by January 31, 2013.   Form 1099-R will be postmarked and mailed to you by January 31, 2013 . This form reports taxable income you received during 2012 from a retirement plan administered by MSRS including your Minnesota Deferred Compensation Plan (MNDCP), State of Minnesota pension plan, Unclassified Retirement Plan, and Hennepin County 1% Supplemental Plan. The form also reports any federal or state income taxes...

2013 Pension Benefit Increase

( PENSION ) ? Minnesota State Retirement System (MSRS) retirees and other benefit recipients will receive a 2% increase in their monthly benefits effective January 2013. Retirees covered under the State Patrol Retirement Plan will receive a 1.5% increase. The post-retirement benefit increase occurs annually in January. The increase is prorated the first year after retirement and is based on the number of full months you were retired during the previous fiscal year (which ends June...

2013 Contribution Limits For Defined Contribution Plans

(MNDCP) - The Internal Revenue Service announced cost-of-living adjustments for calendar year 2013. MNDCP participants may contribute the lesser of 100% of their includible compensation or the 2013 maximum contribution limit.      2013 Annual Maximum Contribution Limits Participant Age Maximum Limit Under Age 50 $17,500 Age 50 &...