Minnesota State Retirement System Contributions update

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 6.25%. PeopleSoft will be updated to reflect this reduction, so no action is required on your part. The first paycheck that will be affected by this change will be July 26, 2023. You can learn more on the MSRS’s General Plan or Unclassified Plan.