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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

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Mnscu retirement plans

MnSCU Retirement Plans

Basic Training for Campus HR Administrators


Planned modules
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


Objectives srp eligibility and coding
Objectives: SRP Eligibility and Coding

Statutory language

Discussion of coverage

Who is eligible?

Bargaining Contract/ Personnel Plans contribution limits

Certifying eligibility/coding processes

Resources/reports to help determine eligibility

SCUPPS  SEMA4 data transfers

Contribution adjustments

Resources


Mnscu retirement plans1

Minnesota State Colleges & Universities

Retirement Plans

Mandatory Plans

Voluntary Plans

Participation is determined

Open to all employees

by bargaining unit/employee unit

403(b) Tax

Defined Benefit

457(b) Deferred

Defined Contribution

Sheltered

Compensation Plan

Annuity Plan

TSA

Minnesota

Teachers

401(a)

State

Retirement

Individual

Retirement

Association

Retirement

System

TRA

Account Plan

IRAP

MSRS

401(a)

Supplemental

Retirement

Plan

SRP

MnSCU Retirement Plans


Srp statutory origins
SRP: Statutory Origins

  • Why do we have SRP?

  • Minnesota Statutes, Chapter 354C outlines these provisions:

    • Coverage and eligibility

    • Salary deductions and matching employer contributions

    • Additional deductions and contributions as allowed under other law


Srp coverage
SRP Coverage

  • SRP is a MnSCU-specific retirement plan

  • Coverage by SRP (mandatory plan):

    • Unclassified position (Administrator, IFO, MSCF, MSUAASF, unclassified MAPE/MMA, or unclassified in Commissioners Plan)

    • Same as eligibility for IRAP; see classification list at:

      http://www.hr.mnscu.edu/Classification/UnclassifiedCodes.html

  • Unclassified “rule 10” positions are not covered by SRP


Srp eligibility
SRP Eligibility

  • Service is aggregated across all MnSCU institutions

  • Service is aggregated across all eligible unclassified appointments

  • Predecessor entity employment counts:

    • Former State University System, Community College System, or Technical College System


Srp eligibility cont d
SRP Eligibility (cont’d.)

  • Completed two fiscal years of full-time, unclassified eligible service within MnSCU

    • Exclusive of summer session for faculty

    • Faculty must have 1.0 FTE or greater

    • Administrators and professional employees must have an assignment of at least ten months at 100% time within the fiscal year

  • Unpaid leaves don’t count (with exception of unpaid military leave)

  • “Once in, always in”

  • Does not need to be consecutive service


  • Srp eligibility cont d1
    SRP Eligibility (cont’d.)

    • Retirees are not eligible for SRP coverage

    • Retirees for this purpose are defined as those who are currently drawing an annuity from a defined benefit plan or those who have started a distribution from their defined contribution plan


    Srp contribution limits
    SRP Contribution Limits

    • Statutory language (minimum; M.S.354C)

      • 5% ee contribution after $6,000 in paid salary per fiscal year  contribution continues until $15,000 is paid in fiscal year

        • “paid” vs. “earned” concept

      • 5% er match

      • $15,000-$6,000 = $9,000 salary payment

      • $9,000 @ 5% = $450

    • Statutory language (maximum)

      • $2,700 (M.S.356.24)


    Srp contribution limits1
    SRP Contribution limits

    • Bargaining Agreement/Personnel Plan language determines maximum limit

    • Maximum limit is $2,700 for ee with a $2,700 er match

    • Only plan at maximum is MnSCU Administrator’s Plan

    • Different limits in different fiscal years

    • List is on the HR web site:

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



    Srp coding processes
    SRP Coding Processes

    On each Job Record, there must be:

    • An effective date

    • An SRP eligibility code,

      • And, if eligibility is yes, then

    • An SRP deduction code


    Srp coding processes1
    SRP Coding Processes

    Effective Date Tips:

    • Newly eligible are always effective July 1st

    • Correcting or Changing the SRP deduction code for an employee who is already eligible:

      • Always the 1st day of the June payroll that generates a paycheck on or after July 1st

      • Example: this year, June 10th is the first date of the June payroll period paid on July 2nd


    Srp coding processes2
    SRP Coding Processes

    • SRP Eligibility Codes are available on the MnSCU HR web site:

      http://www.hr.mnscu.edu/retirement/campus_resources/documents/SRP_Eligibility%20_Codes.pdf

    • SRP Deduction Codes are available on the MnSCU HR web site:

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


    Srp coding processes3
    SRP Coding Processes

    • Review currently eligible employees also:

      • Compare current deduction code with current bargaining unit, change if needed

      • Run Reconciliation Reports in Hyperion

    • Subsequent unclassified job assignments (e.g., switch from faculty to administration, MAPE to faculty, etc.)

      • Use deduction code for the bargaining unit of the active assignment on October 1

      • Any movement after 10/1 does not change SRP


    Srp coding processes4
    SRP Coding Processes

    • Multiple active part-time assignments in different unclassified bargaining units

      • If both assignments are in the bargaining unit, use deduction code for the bargaining unit that has the greater SRP contribution limit

      • If one or more assignments are in a single bargaining unit, and the remaining assignments are as 218, use the deduction code for the bargaining unit position


    Srp coding processes5
    SRP Coding Processes

    SRP Decision Making Flowchart

    http://www.hr.mnscu.edu/retirement/campus_resources/documents/SRP%20Flowchart.pdf


    Srp coding processes6
    SRP Coding Processes

    Special Issues for MAPE, MMA and Commissioner’s Plan employees:

    • Deferred Compensation Plan employer match or SRP coverage –

      • cannot have both

    • Change Salary Authority fields in SEMA4

    • Must be changed on both employee Job Data panel and in Position Management

    • SEMA4: On Demand Reports > Payroll > FIHU1650 MnSCU_DC_Match_Supp


    Srp coding processes7
    SRP Coding Processes

    • All data and new coding must go thru SCUPPS to SEMA4 interface process

    • Follows normal deadlines

    • Be certain to run and review the HR7010 report


    Srp contribution adjustments
    SRP Contribution Adjustments

    • Missed Deductions must be made up:

      • Under 60 days old

      • Over 60 days old; ER must pay for ER and EE contributions plus interest

      • Under 60 days old, but no future paychecks

      • All forms are on the MnSCU HR web site

    • If not paying by electronic fund transfer,

      • Remittance Voucher form that should be sent with the check, on the MnSCU HR web site


    Srp resources
    SRP Resources

    • SRP Step by Step Process, on the web

    • Hyperion Queries:

      • Links within the Step by Step Process

      • Also Reconciliation Reports


    Srp resources1
    SRP Resources

    • Expand Institutional FTE on Job Panel in SCUPPS, shows multiple institutions

    • Run the multi-campus report

    • “Welcome to SRP” letter to newly eligible employees, on the MnSCU HR web site


    Module 4 srp eligibility coding
    Module 4: SRP: Eligibility & Coding

    Questions?


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