MnSCU Retirement Plans Basic Training for Campus HR Administrators

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1 MnSCU Retirement Plans Basic Training for Campus HR Administrators The Minnesota State Colleges and Universities system is an Equal Opportunity employer and educator.

2 Planned Modules: Module 1: Retirement Plan Concepts Module 2: Eligibility for Primary Plans Module 3: Reporting in SCUPPS Module 4: SRP: Eligibility and Coding Module 5: Forms Completion & Processing Module 6: Phased Retirement Programs Module 7: Voluntary Retirement Programs Module 8: Retirement Plan Distributions Slide 2

3 Slide 3 Objectives: SRP Eligibility and Coding Statutory language Discussion of coverage Who is eligible? Bargaining Contract/ Personnel Plans contribution limits Certifying eligibility/coding processes Resources/reports to help determine eligibility SCUPPS SEMA4 data transfers Contribution adjustments Resources

4 MnSCU Retirement Plans Minnesota State Colleges & Universities Retirement Plans Mandatory Plans Participation is determined by bargaining unit/employee unit Voluntary Plans Open to all employees Defined Benefit Defined Contribution 457(b) Deferred Compensation Plan 403(b) Tax Sheltered Annuity Plan TSA Minnesota State Retirement System MSRS Teachers Retirement Association TRA 401(a) Individual Retirement Account Plan IRAP 401(a) Supplemental Retirement Plan SRP Slide 4

5 SRP: Statutory Origins Why do we have SRP? Minnesota Statutes, Chapter 354C outlines these provisions: Coverage and eligibility Salary deductions and matching employer contributions Additional deductions and contributions as allowed under other law Slide 5

6 SRP Coverage SRP is a MnSCU-specific retirement plan Coverage by SRP (mandatory plan): Unclassified position (Administrator, IFO, MSCF, MSUAASF, unclassified MAPE/MMA, or unclassified in Commissioners Plan) Same as eligibility for IRAP; see classification list at: Unclassified rule 10 positions are not covered by SRP Slide 6

7 SRP Eligibility Service is aggregated across all MnSCU institutions Service is aggregated across all eligible unclassified appointments Predecessor entity employment counts: Former State University System, Community College System, or Technical College System Slide 7

8 SRP Eligibility (cont d.) Slide 8 Completed two fiscal years of full-time, unclassified eligible service within MnSCU Exclusive of summer session for faculty Faculty must have 1.0 FTE or greater Administrators and professional employees must have an assignment of at least ten months at 100% time within the fiscal year Unpaid leaves don t count (with exception of unpaid military leave) Once in, always in Does not need to be consecutive service

9 SRP Eligibility (cont d.) Retirees are not eligible for SRP coverage Retirees for this purpose are defined as those who are currently drawing an annuity from a defined benefit plan or those who have started a distribution from their defined contribution plan Slide 9

10 SRP Contribution Limits Statutory language (minimum; M.S.354C) 5% ee contribution after $6,000 in paid salary per fiscal year contribution continues until $15,000 is paid in fiscal year paid vs. earned concept 5% er match $15,000-$6,000 = $9,000 salary payment 5% = $450 Statutory language (maximum) Up to $2,700 (M.S ) Actual amount is in contract or salary plan Slide 10

11 SRP Contribution limits Bargaining Agreement/Personnel Plan determines actual limit per fiscal year Maximum limit is up to $2,700 for ee with a $2,700 er match Only plan currently at maximum is MnSCU Administrator s Plan Different limits in different fiscal years List is on the HR web site: Slide 11

12 SRP Contribution limits (FY2009) Unit: Contract/Plan Salary limit MSCF (unit 210) $56,000 $2,500 IFO (unit 209) $51,000 $2,250 MSUAASF (unit 211 $50,000 $2,200 Administrators (unit 220) Unclassified MAPE (unit 214) Unclassified MMA (unit 216) Unclassified Commissioners Plan (unit 217) $60,000 $2,700 $40,000 $1,700 $40,000 $1,700 $40,000 $1,700 Contribution Amt. Slide 12

13 SRP Coding Processes On each Job Record, there must be: An effective date An SRP eligibility code, And, if eligibility is yes, then An SRP deduction code Slide 13

14 SRP Coding Processes Effective Date Tips: Newly eligible are always effective July 1 st Correcting or Changing the SRP deduction code for an employee who is already eligible: Always the 1 st day of the June payroll that generates a paycheck on or after July 1 st Example: this year, June 10 th is the first date of the June payroll period paid on July 2 nd Slide 14

15 SRP Coding Processes SRP Eligibility Codes are available on the MnSCU HR web site: SRP Deduction Codes are available on the MnSCU HR web site: Slide 15

16 SRP Coding Processes Review currently eligible employees also: Compare current deduction code with current bargaining unit, change if needed Run Retirement Reports in Hyperion Subsequent unclassified job assignments (e.g., switch from faculty to administration, MAPE to faculty, etc.) Use deduction code for the bargaining unit of the active assignment on October 1 Any movement after 10/1 does not change SRP Slide 16

17 SRP Coding Processes Multiple active part-time assignments in different unclassified bargaining units If both assignments are in the bargaining unit, use deduction code for the bargaining unit that has the greater SRP contribution limit If one or more assignments are in a single bargaining unit, and the remaining assignments are as 218, use the deduction code for the bargaining unit position Slide 17

18 SRP Coding Processes SRP Decision Making Flowchart Slide 18

19 Slide 19 SRP Coding Processes Special Issues for MAPE, MMA and Commissioner s Plan employees: Deferred Compensation Plan employer match or SRP coverage cannot have both Change Salary Authority fields in SEMA4 Must be changed on both employee Job Data panel and in Position Management SEMA4: On Demand Reports > Payroll > FIHU1650 MnSCU_DC_Match_Supp

20 SRP Coding Processes All data and new coding must go thru SCUPPS to SEMA4 interface process Follows normal deadlines Be certain to run and review the HR7010 report Slide 20

21 SRP Contribution Adjustments Missed Deductions must be made up: Under 60 days old goes through payroll Over 60 days old; ER must pay for ER and EE contributions plus interest Under 60 days old, but no future paychecks All forms are on the MnSCU HR web site If not paying by electronic fund transfer, Remittance Voucher form that should be sent with the check, on the MnSCU HR web site Slide 21

22 SRP Resources SRP Step by Step Process, on the web Hyperion Queries: Links within the Step by Step Process Also SRP Reports in the HR Retirement Folder Slide 22

23 SRP Resources Expand Institutional FTE on Job Panel in SCUPPS, shows multiple institutions Run the multi-campus report Welcome to SRP letter to newly eligible employees, on the MnSCU HR web site Slide 23

24 Module 4: SRP: Eligibility & Coding Questions? Slide 24

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