SECURE Act 2.0 updates

The SECURE Act 2.0 is now law. The legislation is intended to provide changes to retirement plans that help strengthen Americans' financial readiness for retirement. MSRS will provide updates throughout the year regarding SECURE Act 2.0 provisions and implementation timelines. For more information and to view a recording of our recent SECURE 2.0 webinar, visit the MSRS employer website.

Why MNDCP

Since 1971, MSRS has provided a deferred compensation plan to Minnesota public employers and their employees. MSRS is a not-for-profit public entity focused on educating your employees, not selling investment products.

The Minnesota Deferred Compensation 457(b) Plan, or MNDCP, provides employees a low-cost, convenient way to save for retirement through payroll deduction. Moreover, there's no cost to employers who use the MNDCP.

MSRS, as MNDCP administrator, responsibilities:

• Maintain a competitively priced retirement plan
• Select the investment options - 
  The State Board of Investment (SBI) is responsible for the investment management of all funds for the State of Minnesota, including MNDCP assets.
• Act as the trustee of your employees' MNDCP account assets
• Provide payroll software to receive your employees' MNDCP contributions 
• Comply with all IRS regulations
• Maintain governing Plan document
• Provide retirement plan education to your employees'

Quick Links

>  MNDCP deferral feedback
>  HCSP contract language 
>  Employer forms

How do employees change their MNDCP contribution amount?

Employees should contact MSRS directly to start, stop or change their contribution amount. 

Employees have several options.  

How do employers know when employees change their MNDCP contribution amount

Each week, MSRS will communicate all employee contribution changes directly to employer contacts on file.

Learn more