HR Update

Minnesota State Retirement System (MSRS) Updates

Due to recent Minnesota state legislation, a $34 million appropriation to the Minnesota State Retirement System (MSRS) pension plan will reduce employee contributions from 6% to 5.5% for two years (July 1, 2023–June 30, 2025). Employer contributions will remain at 6.25%. 

The first paycheck affected by this change will be July 26, 2023. 

Additionally, the vesting period will change from five years to three years for any Civil Service or Labor-represented employees who are active as of July 1, 2023, or hired after this date.

Learn more on the MSRS website (under “General Plan/Unclassified Plan”) and contact MSRS directly with any questions.

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