MnSCU Retirement Plans

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MnSCU Retirement Plans. Basic Training for Campus HR Administrators. 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 - PowerPoint PPT Presentation

Transcript of MnSCU Retirement Plans

MnSCU Retirement PlansThe Minnesota State Colleges and Universities system is an Equal Opportunity employer and educator.
MnSCU Retirement Plans
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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
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Statutory language
Certifying eligibility/coding processes
SCUPPS SEMA4 data transfers
Minnesota Statutes, Chapter 354C outlines these provisions:
Coverage and eligibility
Additional deductions and contributions as allowed under other law
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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:
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Service is aggregated across all eligible unclassified appointments
Predecessor entity employment counts:
Former State University System, Community College System, or Technical College System
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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”
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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
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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
Bargaining Agreement/Personnel Plan language determines maximum limit
Maximum limit is $2,700 for ee with a $2,700 er match
Only plan at maximum is MnSCU Administrator’s Plan
Different limits in different fiscal years
List is on the HR web site:
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An effective date
An SRP deduction code
Newly eligible are always effective July 1st
Correcting or Changing the SRP deduction code for an employee who is already eligible:
Always the 1st day of the June payroll that generates a paycheck on or after July 1st
Example: this year, June 10th is the first date of the June payroll period paid on July 2nd
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SRP Coding Processes
SRP Eligibility Codes are available on the MnSCU HR web site:
Review currently eligible employees also:
Compare current deduction code with current bargaining unit, change if needed
Run Reconciliation 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
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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
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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
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SRP Coding Processes
All data and new coding must go thru SCUPPS to SEMA4 interface process
Follows normal deadlines
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Under 60 days old
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
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Hyperion Queries:
Also Reconciliation Reports
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
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