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

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