Retirement

Unclassified Retirement Plans: for IFO, MSUAASF & Administrators

Unclassified employees (.25 FTE and above) participate in either the Individual Retirement Account Plan (IRAP) or Teacher Retirement Association (TRA). Full-time employees also participate in the Supplemental Retirement Plan after completion of two years of employment. New employees have one year to review the provisions of the IRAP and TRA plans to determine retirement plan choice. Start by watching the Choosing IRAP or TRA Video.

• Minnesota Teacher's Retirement Association (TRA)
  • TRA is a defined benefit plan (401(a)), which upon retirement, provides you with a monthly benefit for your life based on a formula that includes your final high-five average salary, years of allowable teaching service and age at retirement. TRA requires a minimum of three years participation for vesting (part-time employment is pro-rated service credit) and provides a guaranteed lifetime annuity.

• TIAA - Individual Retirement Account Plan (IRAP)
  • IRAP is a defined contribution plan in which retirement benefits are based on the dollar amount in your account at retirement. Your account, which includes your contributions, employer contributions, and investment earnings, is yours beginning on the date of your first contribution. You make all the investment decisions, and you can change the investment funds as often as allowed by the fund managers.
    
    
• Supplemental Retirement
  • Participation in SRP is mandatory following two years of full-time covered service regardless of whether you participate in IRAP or TRA. SRP is a defined contribution plan with the same investment vendors as IRAP plan. The employee contributes 5% of salary after the first $6,000 up to a maximum set by your collective bargaining agreement.
    
    
• TIAA Representatives
  • The best way for participants to schedule meetings with TIAA consultants is by registering at tiaa.org/schedulenow or by calling 800-732-8353 (Monday-Friday, 7:00 a.m. to 9:00 p.m. CST).
  • Virtual Consultant: Reggie Wheeler

Classified Retirement Plans: for AFSCME, MAPE, MMA, Commissioner's Plan, Managerial Plan

• Minnesota State Retirement System (MSRS)
  • Classified employees participate in the Minnesota State Retirement System (MSRS) General Plan which is a defined benefit plan with all investments managed by the State Board of Investment. MSRS requires a minimum of three years participation for vesting and provides a guaranteed lifetime annuity to eligible retirees.
  • MSRS General Plan and Optional Retirement Informational Video
• MSRS Representative: Cody Anderson
  • Email: cody.anderson@msrs.us
  • Phone: 218.349.5444

Optional Retirement Plans: for all employees

• TIAA - Tax Sheltered Annuity (403b)
  • A tax sheltered annuity program is a voluntary retirement savings program available to employees of educational institutions. Tax sheltered annuities are often referred to as 403b’s-- the IRS code section that regulates this type of plan. This plan allows a Roth option for contributions. This program is managed by TIAA-CREF. There is a minimum of $10 per paycheck.
  • Tax Sheltered Annuity Universal Availability Notice

• MSRS - Deferred Compensation Plan (457)
  • The State of Minnesota Deferred Compensation Plan is a voluntary plan that allows employees to place a portion of earnings into a tax-deferred investment program under section 457 of the Internal Revenue Code. This program is managed by the Minnesota State Retirement System (MSRS). There is a minimum contribution of $10 per paycheck.
  • Deferred Compensation Informational Video

Detailed Instructions for setting up or changing Optional Retirement Account Contributions

The State of Minnesota and all affiliated retirement plan providers offer various online educational opportunities where employees can learn more about retirement. Take advantage of one or more of the seminars and/or webinars linked below.

• Minnesota Management & Budget (MMB)
• Minnesota State Retirement System (MSRS)
  • Mandatory plan offered: General Pension Plan
  • Optional plan offered: Deferred Compensation Plan (457)
  • Webinars
• TIAA
  • Mandatory plans offered: Individual Retirement Account Plan (IRAP), Supplemental Retirement Plan (SRP)
  • Optional plans offered: Tax Sheltered Annuity (403b)
  • Webinars
• Teacher’s Retirement Association (TRA)
  • Mandatory plan offered: TRA
  • Webinars

Minnesota State University Moorhead has achieved its educational excellence through the efforts of many passionate, loyal and hard-working faculty and staff. Emeritus status is awarded to recognize and honor the meritorious service of retiring MSUM employees.

Emeritus & Emerita Recommendation Form

Eligibility

To be eligible for Emeriti Status, the employee must meet the following criteria:

1. Permanent retirement from full-time employment in higher education.
2. Complete employment in the position of good standing.
3. Established a record of distinguished and exemplary service while employed at the University.
4. Employment in at Minnesota State University Moorhead for at least 15 years.

Nomination Process

1. Upon retirement, the department supervisor/Director/Dean will nominate eligible staff, faculty members, and administrators by forwarding a recommendation to the appropriate Vice President for review and recommendation to the President.
2. The President, in consultation with the Office of Human Resources, will determine whether the retiring employee has met the qualifications to be awarded Emeritus/Emerita status.

Distinguished retiring employees who are determined to have met these criteria are informed in writing by the Office of the President and are granted the following benefits:

1. Important University communications, including invitations to special University events and to the fall opening dinner, will be mailed to the individual. This does not include the Advocate which is available online.
2. The individual’s faculty ID card may continue to be used at Livingston Lord Library to borrow books and materials.
3. The individual’s faculty ID card can also be used in purchasing tickets for plays, concerts, and athletic events at faculty rates.
4. The individual may continue to use the MSUM email account.
5. The individual will also receive a complimentary Special Parking Permit for designated lots. To receive the permit, the individual will need to register for it with the Key/Card Access Office located in the Public Safety building.
6. The individual may use self-purchased University letterhead stationery imprinted with the individual’s name and Emeritus/Emerita status.

Emeriti Suspension or Termination

The University reserves the right to suspend or terminate some or all benefits when warranted, whether from individuals or from all emeriti. In this case, emeriti will be notified of the action and the reason for the action and may appeal to the President or designee. The decision of the President is final.