MSUAASF Retirement Plans
A summary of the available MSUAASF Retirement Plans
IRAP/401(a) - Individual Retirement Account Plan |
|
| Plan Administrator | TIAA |
| Plan Type | Defined Contribution |
| Participation | Mandatory ** |
| Contribution Amount |
Employee = 7.5 % Employer = 6.0% |
| ** Employee elects either IRAP or TRA. (See Instructions & Explanation) | |
MN Teachers Retirement Association - TRA |
|
| Plan Administrator | Teachers Retirement Association |
| Plan Type | Defined Contribution |
| Participation | Mandatory ** |
| Contribution Amount |
Employee = 7.5% Employer = 7.92% |
| ** Employee elects either IRAP or TRA. (See Instructions & Explanation) | |
Supplemental Retirement Plan 401(a) - SRP |
|
| Plan Administrator | TIAA |
| Plan Type | Defined Contribution |
| Participation | Mandatory |
| Contribution Amount |
Employee contribution = 5% on gross salary in excess of $6,000 but limited to maximum set by bargaining agreement (currently $2,200 per fiscal year). Employer's contribution = 100% of Employee contribution. |
Deferred Compensation Plan 457(b) - MNDCP |
|
| Plan Administrator | MN State Retirement System |
| Participation | Voluntary |
| Contribution Amount | Minimum $10 up to 100% of taxable income not to exceed $19,500; $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 Deferred Compensation (457) Plan in Self Service.) | |
| * May be limited to fiscal years covered by personnel plan. | |
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 |
|
| * May be limited to fiscal years covered by personnel plan. | |
For more specific informaiton, forms and other information avaliable for current employees log in here.
