MnSCU Retirement Plans

1. MnSCU Retirement Plans Basic Training for Campus HR Administrators

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

3. Objectives: Forms Completion & Processing Identification of different forms and their purpose Location of Forms Resources

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

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

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

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

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

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}

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

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

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 Form http://www.hr.mnscu.edu/retirement/campus_resources/documents/IRAP_LOA_purchase.pdf • TRA Leave of Absence Report form http://www.tra.state.mn.us/images/PDF/TRA-1500-w.pdf • PERA Request Cost to Purchase Form http://www.hr.mnscu.edu/retirement/campus_resources/index_campusresource.html

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 Form http://www.tra.state.mn.us/images/PDF/TRA-1500-w.pdf • PERA Member Information Change Report http://www.hr.mnscu.edu/retirement/campus_resources/index_campusresource.html

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

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

16. Reporting Forms for Funds • Termination of Employment • PERA: To be used only when employees retire and plan on collecting an annuity http://www.hr.mnscu.edu/retirement/campus_resources/index_campusresource.html

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

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 at http://www.mmb.state.mn.us/payroll-other

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

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!

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.

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

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

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

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

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 mnscuadmin@tiaa-cref.org e-mail address • TIAA-CREF processes upon receipt • Received forms are matched against funds received • Monthly MnSCU Adjustment Logs

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

28. Forms for Actions to be Taken • TSA deduction form on retirement resources web page • MnDCP form on their web site: • Participant enrollment form

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

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

31. Module 5:Forms Completion & Processing Questions?