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 that will be 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.
Employee contributions to Minnesota State Retirement System (MSRS) reduced for two years and the vesting period changed from five to three years.