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MnSCU Retirement Plans

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

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MnSCU Retirement Plans

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  1. MnSCU Retirement Plans Basic Training for Campus HR Administrators

  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

  3. Module 1: Retirement Plan Concepts Acronyms Retirement Plan Terminology Overview of MnSCU Plans Differences Between Defined Benefit Plans and Defined Contribution Plans Resources

  4. The “Alphabet Soup” of Acronyms: TRA: Teachers Retirement Association MSRS: Minnesota State Retirement System IRAP: Individual Retirement Account Plan SRP: Supplemental Retirement Plan PERA: Public Employees Retirement Association

  5. Acronyms continued…. TSA Plan: Tax-Sheltered Annuity Plan (403(b)) MNDCP: Minnesota Deferred Compensation Plan (457) TIAA-CREF: Teachers Insurance Annuity Association-College Retirement Equities Fund (401(a)) DB Plans: Defined Benefit Plans DC Plans: Defined Contribution Plans

  6. Acronyms cont’d • A comprehensive list of common acronyms can be found on the MnSCU Retirement Resources web-site

  7. Retirement Plan Terminology

  8. Retirement Plan Terminology (cont’d.)

  9. Retirement Plan Overview: Mandatory vs. Voluntary Plans

  10. Mandatory Plans… Minnesota State Retirement System (MSRS) Teachers Retirement Association (TRA) Individual Retirement Account Plan (IRAP) Supplemental Retirement Plan (SRP)

  11. Voluntary Plans… • Tax-Sheltered Annuity (TSA), or 403(b) Plan • MnSCU is the Plan Sponsor • Administered by TIAA-CREF • Deferred Compensation, or 457 Plan • The State of Minnesota is the Plan Sponsor • Administered by MSRS

  12. MnSCU Retirement Plans Managed by TIAA-CREF

  13. Defined Benefit (DB) v. Defined Contribution (DC) Plans

  14. Defined Benefit (DB) v. Defined Contribution (DC) Plans cont’d…

  15. Resources…. IRAP/SRP Retirement Administration Manual MnSCU Retirement website TRA and MSRS websites TIAA-CREF website

  16. Module 1: Retirement Plan Concepts Questions?

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