MGEC Retirement Plans

A summary of the available MGEC Retirement Plans

MSRS - General Plan

Plan Administrator MN State Retirement System
Plan Type Defined Benefit
Participation Mandatory
Contribution Amount

Employee = 6.0 %

Employer = 6.0%

Deferred Compensation Plan 457 - MNDCP

Plan Administrator MN State Retirement System
Participation Voluntary
Contribution Amount

$10 minimum up to 100% of taxable income not to exceed $19,500; $26,000 for age 50+

Eligible for Voluntary State Matching

* Yes up to $300 per fiscal year

Leave Conversion * Yes. May convert up to 40 hours comp time once per fiscal year
* May be limited to fiscal years covered by bargaining agreement.
Changing Contributions (Instructions for adding, changing, or stopping contributions to your Deferred Compensation (457) Plan in Self Service.)

Tax Sheltered Annuity 403(b) - (TSA)

Plan Administrator TIAA
Participation Voluntary
Contribution Amount Up to 100% of taxable income not to exceed $19,500 per calendar year; $26,000 for age 50+
Eligible for Voluntary State Matching No
Leave Conversion No
Changing Contributions (Instructions for adding, changing, or stopping contributions to your Tax-Sheltered Annuity (403b) in Self Service.)
How to Enroll in TSA

For more specific informaiton, forms and other information avaliable for current employees log in here.