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

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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

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Page 1: MnSCU Retirement  Plans

The Minnesota State Colleges and Universities system is an Equal Opportunity employer and educator.

MnSCU Retirement Plans

Basic Training for Campus HR Administrators

Page 2: MnSCU Retirement  Plans

Slide 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

Page 3: MnSCU Retirement  Plans

Slide 3

Objectives: Forms Completion & Processing

• Identification of different forms and their purpose

• Location of Forms

• Resources

Page 4: MnSCU Retirement  Plans

Slide 4

Three Major Purposes for Retirement Forms

• Information collection– Either for MnSCU or one of the retirement

funds

– Allows MnSCU to administer the retirement benefit

– Allows funds to administer their plans

• Reporting to the Various Funds– Changes in Employee Status; results

• Actions to be Taken

Page 5: MnSCU Retirement  Plans

Slide 5

Information Collection Forms• Retirement Checklist for New Hires

– Provides HR Office with the information necessary to administer the retirement function

– On the MnSCU HR Campus Retirement Resources web page

Page 6: MnSCU Retirement  Plans

Slide 6

Information Collection Forms

• Notification of Right to Elect TRA– Provided by campus HR to all newly eligible

unclassified employees, non-administrators

• Notification of Right to Elect MSRS– Available only to certain administrators

• MSRS Election Form for MnSCU Administrators– Used only for administrators who have a right

to elect MSRS

• All on the MnSCU Retirement web page

Page 7: MnSCU Retirement  Plans

Slide 7

Information Collection Forms

• Enrollment Forms– MSRS and TRA through election forms

– IRAP, SRP and TSA through TIAA-CREF, MnSCU dedicated web site

• “How to Enroll On-Line” Handout

– MnDCP Enrollment Form is online at:

http://www.mndcplan.com/Forms.htm

• TSA and MnDCP participants must also complete deduction information in Employee Self Service

Page 8: MnSCU Retirement  Plans

Slide 8

Information Collection Forms

• Beneficiary Designations– IRAP, SRP, TSA: Online or on the MnSCU web

page at:

http://www.hr.mnscu.edu/retirement/campus_resources/tiaa_cref/tiaa-crefBeneficiaryInfo.pdf

Access through the DCRP Link at the

Bottom of the Campus Retirement Resources

Web page

Page 9: MnSCU Retirement  Plans

Slide 9

Information Collection Forms

• MnDCP Beneficiary form is online at

http://www.mndcplan.com/Forms.htm

• MSRS Beneficiary; Account on-line or their forms page of web site

http://www.msrs.state.mn.us/form/index.htmls

• TRA Beneficiary: Member Account on-line

• PERA Beneficiary: On their web site at http://www.mnpera.org/index.asp?Type=B_BASIC&SEC={42096B93-56FB-41D9-A5C0-12B0C623058D}

Page 10: MnSCU Retirement  Plans

Slide 10

Information Collection Forms

• Investment Choices and Changes for DCR Plan is on-line through TIAA-CREF MnSCU dedicated web site

• Investment Choices for MnDCP is part of the enrollment form, Changes through Account On-Line

Page 11: MnSCU Retirement  Plans

Slide 11

Reporting Forms for Funds

• Notification to retirement funds that an employee’s status has changed

• Different funds have different rules, usually set in statute, for when an employee on unpaid leave may purchase their missed contributions to the fund

• Some funds have time limits on the reporting requirements, TRA has the ability to assess fines for late reporting

Page 12: MnSCU Retirement  Plans

Slide 12

Reporting Forms for Funds

• Voluntary Unpaid Leave Reporting– Up to 1,044 hours in a fiscal year, continue to

earn vacation, keep insurance, etc.

– IRAP Leave of Absence Purchase Formhttp://www.hr.mnscu.edu/retirement/campus_resources/documents/IRAP_LOA_purchase.pdf

– TRA Leave of Absence Report formhttp://www.tra.state.mn.us/images/PDF/TRA-1500-w.pdf

– PERA Request Cost to Purchase Formhttp://www.hr.mnscu.edu/retirement/campus_resources/index_campusresource.html

Page 13: MnSCU Retirement  Plans

Slide 13

Reporting Forms for Funds

• Leaves of Absence– IRAP Leave of Absence Purchase Form

http://www.hr.mnscu.edu/retirement/campus_resources/documents/IRAP_LOA_purchase.pdf

– TRA Leave of Absence Report Formhttp://www.tra.state.mn.us/images/PDF/TRA-1500-w.pdf

– PERA Member Information Change Reporthttp://www.hr.mnscu.edu/retirement/campus_resources/index_campusresource.html

Page 14: MnSCU Retirement  Plans

Slide 14

Reporting Forms for Funds

• Phased Retirees and Part Time Teacher Program Participants– IRAP: Phased Retirement Contribution Form

on the Campus Retirement Resources page

– TRA: Phased Retirees and Part Time Teacher Program Participants; 2 forms – TRA 7500 and TRA 7510

http://www.tra.state.mn.us/EMPLOYER%20INFO/EmployerInfoNew.htm

Page 15: MnSCU Retirement  Plans

Slide 15

Reporting Forms for Funds

• Sabbaticals– IRAP: Same reporting form as used for

Phased Retirees, on the campus retirement resources web page

– TRA: Same reporting form as used for other leaves of absence, TRA 1500 form on their employer web page

• Extended Leave of Absence; 3 to 5 years– TRA: Form TRA 1501 on their employer web

page

Page 16: MnSCU Retirement  Plans

Slide 16

Reporting Forms for Funds

• Termination of Employment– PERA: To be used only when employees retire

and plan on collecting an annuityhttp://www.hr.mnscu.edu/retirement/campus_resources/index_campusresource.html

Page 17: MnSCU Retirement  Plans

Slide 17

Forms for Actions to be Taken

• Kinds of Actions to be Taken are:– Liquidation of Accumulated Hours

– Transfers of Money that has been deducted through payroll from one retirement fund to another retirement fund

– Additional Deductions that need to be taken through payroll or paid directly to the retirement fund

– Rollovers of retirement funds to TIAA-CREF

– Disbursements

Page 18: MnSCU Retirement  Plans

Slide 18

Forms for Actions to be Taken

• Liquidation of Accumulated Hours– MnSCU Administrators may convert vacation

hours, within limits, to a cash contribution to either their TSA or to the MnDCP

http://www.hr.mnscu.edu/Forms/retirementforms/VacConvForm0408.pdf

– All other employees who are eligible to liquidate vacation or comp time to their MnDCP account must complete the option selection, if needed, and the amounts to be liquidated on line in employee self serve

• Optional hard copy form available athttp://www.mmb.state.mn.us/payroll-other

Page 19: MnSCU Retirement  Plans

Slide 19

Forms for Actions to be Taken• Transfers of Money that has been deducted

through payroll from one retirement fund to another retirement fund

• Used when an employee had payroll deductions for one retirement fund when he/she should have been covered by another retirement fund

• Transfers can be from and to IRAP, TRA, MSRS

• As rates change, new worksheets are added (the percentage for deductions is a formula in the form – watch the dates!)

• Forms are on the Campus Retirement Resources web page

Page 20: MnSCU Retirement  Plans

Slide 20

Forms for Actions to be Taken

• Adjustment Worksheets include more than one retirement fund where the money can be transferred: Make certain that you delete the cells in columns you do not need!

Page 21: MnSCU Retirement  Plans

Slide 21

Forms for Actions to be Taken

• Additional Deductions that need to be taken through payroll or paid directly to the retirement fund, due to:

• Missed Deductions, or

• Lump Sum Amounts for Terminating Employees

• Missed Deductions for TRA, MSRS or PERA may be reported directly to these funds via letter or memo. They will either enter additional deductions into SEMA4 or send a billing to the college/university for a direct payment.

Page 22: MnSCU Retirement  Plans

Slide 22

Forms for Actions to be Taken

• Missed Deductions for IRAP and SRP

• Law requires that missed deductions for over 60 days are paid by the employer, both employee and employer contributions, plus interest

• 60 days is counted from the date of the paycheck where the deductions were missed

Page 23: MnSCU Retirement  Plans

Slide 23

Forms for Actions to be Taken

• Forms are available on the Campus Retirement Resources web page

• Adjustment Processing Instructions are also on the web site

Page 24: MnSCU Retirement  Plans

Slide 24

Forms for Actions to be Taken

• Forms for Deductions Missing for 60 days or more will compute interest once you have entered the date the form was completed; all dates must be mm/dd/yyyy

Page 25: MnSCU Retirement  Plans

Slide 25

Forms for Actions to be Taken

• Completed forms for deductions more than 60 days old also serve as the invoice to make the payment to TIAA-CREF

• Follow normal business office procedures to generate a payment to TIAA-CREF

• Payments may be made through electronic fund transfer or by check

• Checks should be pulled and mailed with the Remittance Voucher, either IRAP or SRP; available on retirement web page

Page 26: MnSCU Retirement  Plans

Slide 26

Forms for Actions to be Taken

• Send adjustment forms, missed deduction forms under 60 days old and missed deduction forms over 60 days old to TIAA-CREF via [email protected]

e-mail address

• TIAA-CREF processes upon receipt

• Received forms are matched against funds received

• Monthly MnSCU Adjustment Logs

Page 27: MnSCU Retirement  Plans

Slide 27

Forms for Actions to be Taken

• Employees who have terminated employment but are still receiving pay, such as severance or vacation liquidation payments, are unable to enter TSA or MnDCP deductions through self service

• These deductions must be entered by the vendors

• Limits on ability to make lump sum contributions – see SEMA4 Bulletin dated 1/25/2008

Page 28: MnSCU Retirement  Plans

Slide 28

Forms for Actions to be Taken

• TSA deduction form on retirement resources web page

• MnDCP form on their web site: – Participant enrollment form

Page 29: MnSCU Retirement  Plans

Slide 29

Forms for Actions to be Taken

• Form for Employees who wish to rollover other eligible funds to TIAA-CREF:– From the Campus Retirement Resources

page, select Link to the Defined Contribution Retirement Plan, then select Rollover Form

Page 30: MnSCU Retirement  Plans

Slide 30

Forms for Actions to be Taken

• Disbursement Forms– Advise employees to obtain forms directly

from TIAA-CREF MnSCU service center for IRAP, SRP or TSA funds

– Employees may submit forms from other fund sources

– Employer signature will be provided at the OOC – send or fax entire form

Page 31: MnSCU Retirement  Plans

Slide 31

Module 5: Forms Completion & Processing

Questions?